TORONTO — Ontario has the worst provincial balance sheet in Canada, according to a new report from the province’s Financial Accountability Office, prompting criticism from the Canadian Taxpayers Federation over the Ford government’s spending and borrowing levels.The report found Ontario’s net financial worth stood at negative $19,667 per person in the 2024-25 fiscal year, the lowest among all provinces and more than double the national average of negative $8,973 per person.Net financial worth measures the difference between a government’s financial assets and liabilities and is considered another indicator of debt levels.The Canadian Taxpayers Federation said the findings show the province’s fiscal position is deteriorating under Premier Doug Ford’s government.“Ford can no longer say his government is being responsible with taxpayer money when the facts show his government has the worst balance sheet in Canada,” said Noah Jarvis, the federation’s Ontario director.Jarvis said increased spending and borrowing are contributing to higher debt-servicing costs for taxpayers..According to the report, Ontario has the fourth-highest per-person debt interest payments in the country. Debt interest costs are projected to reach $1,061 per person in the 2026 budget.The Ford government plans to increase program spending by $5.8 billion this year while borrowing an additional $25.8 billion.The federation is calling on the province to reduce spending in an effort to improve Ontario’s financial position.“Ontario is falling behind the rest of Canada, but the Ford government keeps spending and borrowing,” Jarvis said. “Ford needs to fix the province’s books by cutting spending because Ontarians can’t afford even more debt.”
