Top Canadian provinces with the highest debt

We all know Canada's in debt — but how much do you, dear reader, know about each province's individual debt?Or more specifically, which provinces are the most indebted?Make your guesses now, because the Western Standard has compiled a list using data from the 2024 to 2025 fiscal year (the most recent data) ranking each Canadian province from least to most in debt.As the Fraser Institute put it in their 2025 debt report, government debt has "re-emerged as key fiscal challenges facing Canadian governments."The report states debt has nearly doubled overall in Canada when comparing $1.21 trillion in 2007-2008 to $2.30 trillion in 2024-2025..To preface, the following estimates are based on net debt — the total debt minus financial assets each province holds, to show how much each province actually owes.Here is where this key issue has accumulated the most in Canada...10. Prince Edward Island, or for short, PEI.At the lowest level of provincial debt (not including federal debt) is PEI, which may be a bit of a surprise for some readers. The province has $3 billion in debt in the 2024-2025 year, in comparison to $1.9 billion in 2007-2008.It also has the lowest population of all the provinces, estimated at around 182,000 people..9. New Brunswick (NB)Their debt burden is at $12.5 billion, while their population is estimated at 868,630 people.8. SaskatchewanThis province (finally a western one) has accumulated $16 billion in debt, when compared to its debt in 2007-2008, where it was $8.5 billion, the increase is significant, as it almost doubled..7. Newfoundland and Labrador (NL)Their debt is sitting around $18.5 billion a heavy debt for a population of just over 500,000 people.6. Nova ScotiaThe province's net debt is $19.8 billion, a small increase from its 2007-2008 debt of $17.5 billion..5. ManitobaManitoba comes in lower on the list, with $34.5 billion in debt — a crazy increase from their $15.2 billion in 2007-2008.4. AlbertaAlberta had net debt in 2024-2025 year of $36.6 billion — this is a significant change from 2007-2008, where its net debt was noting; instead, a surplus of $50.6 billion. Alberta is the only province that was not in debt in 2007-2008..3. British Columbia (BC)This province had a debt of $88.7 billion, quite an increase — since its 2007-2008 debt was around $34.5 billion. 2. QuebecA big one — Quebec has got $235.8 billion in provincial net debt as of the 2024-2025 year..1. OntarioLast but certainly not least, since this province is in first place — Ontario takes the cake (and the debt) with $428.1 billion in provincial net debt, almost doubling its 2007-2008 figure of $231 billion.What has contributed the most to the debt?Interest payments, because a province's revenue has to be directed more toward these payments, meaning in the future, there will be less money available to cut taxes. "The federal and provincial governments must develop long-term plans to meaningfully address the growing debt problem in Canada," stated the Fraser Institute report.

Top Canadian provinces with the highest debt

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