Ontario taxpayers will be on the hook for more than half a trillion dollars in debt by 2027, according to the Ford government’s latest provincial budget, raising questions about how the province plans to address the ballooning financial burden.
Finance Minister Peter Bethlenfalvy’s 2025-26 fiscal blueprint laid out the province’s medium-term projections, which showed Ontario’s net debt is expected to reach $501.7 billion in just two years.
The record-setting amount, if fully realized, also means the Ford government would be responsible for adding nearly $150 billion in debt since taking office in 2018, leading to criticism from fiscal hawks and the opposition alike.
“So much for fiscal prudence,” said Nicolas Gagnon with the Canadian Taxpayers Federation, who said the Ford government’s policies have added to the “burden” paid for future taxpayers.
“Just this year alone, the debt itself is costing approximately $1,000 per Ontario taxpayer,” Gagnon added.
Critics also point out that the province’s growing interest on debt payments — $51 billion between 2025 and 2028 — will also squeeze the government’s ability to pay for basic services.
“We are spending a significant amount of money — the fourth biggest line item in the budget on interest expense — and that will only continue to get worse as the government continues to outspend its revenues,” said Liberal Finance Critic Stephanie Bowman.
In a brief interview at Queen’s Park, Premier Doug Ford appeared somewhat unfazed, suggesting he’s unwilling to trim the provincial budget, especially during a time of economic uncertainty.
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“I don’t like debt,” Ford told Global News. “We have two choices in a budget: we can start cutting and slashing, which I don’t like doing, I never will, and I believe in reinvesting into our infrastructure, into our health care, hospitals and schools.”
The Progressive Conservative government’s spending, however, comes in sharp…
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