The province holds $380.4 billion in debt—or nearly $26,000 per Ontarian.
ontario government debt
The government plans to increase spending by 8.6 per cent.
Between 2018 and 2024, the Ford government will increase debt by a forecasted average of $20.7 billion annually.
Governments often spend money today but promise more discipline in the future.
The province’s net debt will reach a projected $428.7 billion this year.
Ontario’s per-person government debt is 66.6 per cent higher than the weighted average of all other provinces.
According to forecasts, the province’s net debt will eclipse $468 billion by 2024/25.
Annual debt growth has increased substantially since 2018 when the Ford government took office.
Between 2018/19 and 2022/23, the Ontario government expects a 6 per cent increase in inflation-adjusted per-person spending.