In 2017/18, Ontario’s net debt reached $308 billion.
ontario government debt
The FAO projects a deficit of $12 billion due to higher spending and weak revenue growth.
At the end of this year, Ontario will have run 10 operating deficits in 11 years.
Between 2007/08 and 2018/19, Ontario’s debt has grown from $157 billion to $325 billion.
This year, the government expects to add $16.8 billion to the province’s net debt.
Next year Ontario’s debt burden per person is projected to surpass Quebec’s.
If Toronto’s housing market continues to cool there would be substantial negative implications for provincial revenues.
The Wynne government’s fiscal plan calls for an average of $11.8 billion annually in new debt between now and 2019/20.
Provincial Finance Minister Charles Sousa tells an upbeat story about a booming Ontario, but reality is more complicated. The province’s finances remain a mess.