The province’s nominal debt will rise from $440 billion in 2021/22 to $504 billion in 2023/24.
ontario government spending
Ontario's debt interest costs will rise by 21 per cent.
Between 2000 and 2019, New York's average per-person GDP growth more than doubled Ontario's growth rate.
According to government forecasts, Ontario’s debt will climb to $502 billion in 2023/24.
According to the budget, debt interest payments will total $13.1 billion in 2021/22.
By fiscal year 2023/24, Ontario's provincial net debt will eclipse $503 billion.
High spending levels increase government debt, which raises the spectre of future higher taxes and creates uncertainty for potential investors.
Within two fiscal years of Chretien's 1995 budget, federal finances had moved from large deficits to surpluses.