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.
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Critics also point out that the province’s growing interest on debt …