A new report from the Canadian Taxpayers Federation paints a stark picture of Ontario’s mounting debt, showing it has nearly tripled over the past two decades while interest charges continue to climb. A concurrent Leger poll finds 75% of Ontarians are worried about the cost of servicing the provincial debt.“For two decades, premiers spent beyond the province’s means and irresponsibly borrowed heavily,” said Noah Jarvis, CTF Ontario Director. “Ontario’s debt has nearly tripled in 20 years and is on track to surpass $500 billion.”The report finds government debt has grown from $154 billion to $459 billion this year, a 200% increase. If debt had only risen with inflation and population growth, it would be $182 billion lower today. Rising spending has been the main driver, with total government outlays climbing 164% between 2006-07 and 2025-26, from $101.5 billion to $267.9 billion, compared with 51.5% inflation over the same period.Debt interest charges have surged from $8.8 billion to $16.2 billion in 20 years, adding roughly $300 per person annually. .The Financial Accountability Office of Ontario projects interest costs will rise about 6% per year through at least 2030.“Regardless of the party in power, the past 20 years have been marked by continuous overspending and rapid debt growth,” Jarvis said. “Instead of saddling Ontarians with rising debt and higher interest costs, Queen’s Park needs to listen to taxpayers and chart a course to end government borrowing and reduce the debt.”
