Ontario’s annual debt interest bill is $17.4 billion, equivalent to about $1,071 for every resident

TORONTO, ON: The Canadian Taxpayers Federation hosted a press conference in Toronto calling on Premier Doug Ford to cut spending instead of adding billions to the debt after the Ontario government’s 2026 Fall Economic Statement shows spending is billions of dollars over budget.

“Ford is being irresponsible by ratcheting up government spending and piling up more debt on the backs of taxpayers,” said Noah Jarvis, CTF Ontario Director. “Taxpayers are already paying massive debt interest costs and Ford’s increased spending is making that problem worse.”

Noah Jarvis

Read his commentaries

The Ford government plans on spending $247.3 billion in 2026-27, according to the Fall Economic Statement. That’s $3.1 billion more than what the Ford government planned on spending in the 2026 budget.

Ford increased spending by $81.6 billion since being elected in 2018, a 50 per cent increase.

The Ford government plans on borrowing $28.8 billion this year. That will increase total government debt to $483.8 billion by the end of the year.

Debt interest charges are costing taxpayers $17.4 billion this year. That’s about the equivalent of $1,071 for every Ontarian.

“Ford likes to claim his government is responsible with taxpayer money, but this budget update tells a different story,” Jarvis said. “Ford needs to immediately reverse course and cut spending because this is the wrong time to saddle taxpayers with more debt and larger interest charges.”

For more information or to schedule interviews, please contact:

Noah Jarvis
CTF Ontario Director
Phone: 647.523.1450
Email: [email protected]

📢 For press release submissions and distributions, click here.