According to forecasts, by 2023/24, Ontario's annual government debt interest costs will hit $15.5 billion.
ontario government debt
The provincial net debt could hit $390 billion by 2023-24.
Over the next five years, net debt is expected to climb at an annual average rate of $9.6 billion per year.
Ontario increased its top rate to 20.53 per cent.
Neither the McGuinty or Wynne governments balanced the budget.
Ontario’s “share” of the federal deficit this year will be approximately $7.1 billion.
In 2017/18, Ontario’s net debt reached $308 billion.
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.