Ontario’s net debt increased from $373.6 billion in 2020/21 to $380.4 billion in 2021/22.
The province holds $380.4 billion in debt—or nearly $26,000 per Ontarian.
The government plans to increase spending by 8.6 per cent.
Government-sector workers in the province enjoy a 10.3 per cent wage premium over their private-sector counterparts.
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.
The province's net debt has climbed from $338 billion in 2018 to more than $400 billion.
The government projects a budget deficit of $21.5 billion for 2021-22.