ontario debt
Ontario will acquire approximately $50 billion in new debt between now and 2020/21.
Ontario’s cumulative deficit from 2009 to the end of last year was approximately $81.9 billion—50 per cent more than projected in 2009.
Ontario has seen its net debt increase by $126.5 billion since 2008/09.
Ontarians are already burdened by a $300 billion provincial net debt that has ballooned over the past decade.
Provincial net debt has increased by approximately $160 billion since 2003/04.
This year’s operating deficit will be “only” $5.7 billion in 2015/16, down from the $8.5 billion projected in last April’s budget.
From 2015 to 2018, interest on Ontario's debt will grow from $11.2 billion to $13.1 billion—an increase of nearly 17 per cent.
There is very little to feel reassured about when it comes to Ontario finance minister Charles Sousa’s latest budget.