Premier Doug Ford recorded highest level of per-person debt in Ontario's history

TORONTO, March 24, 2026 /CNW/ - With the Ontario provincial budget set to be tabled this week, a new study published by the Fraser Institute finds per-person net debt in Ontario reached record highs under Premier Doug Ford at $29,628 in 2020, and has remained historically high since.

"Ontario's provincial debt has risen substantially in the last few decades, and Premier Ford needs to improve his management of provincial finances to avoid burdening future Ontarians," said Jake Fuss, director of fiscal studies at the Fraser Institute and co-author of Ontario Premiers and Government Debt, 1980 to 2024.

The study examines the level of provincial debt in Ontario from 1980 to 2024 and measures the changes in inflation-adjusted net debt per person by each of the province's premiers during this period.

From 2018/19 to 2024/25, Premier Ford oversaw a $104 billion (32.2 per cent) increase in provincial net debt (total debt minus financial assets). However, inflation plus population growth have grown by a combined 37.9 per cent during the same period, exceeding the growth rate of provincial debt. While the dollar value of debt has increased during his tenure, high inflation and population growth in recent years means debt per-person (adjusted for inflation) has declined from peak levels.

So while Premier Ford has overseen an average annual decline in debt per-person of $260 during his tenure as a result, he still maintains higher debt per-person levels than any other Ontario premier except Kathleen Wynne.

Ernie Eves was the only other premier to average an annual decline in inflation-adjusted debt ($176 per person), though he only presided over two budgets as premier. Bob Rae oversaw the largest increase in net debt, rising by an annual average of $1,777 per person. He is followed by Dalton McGuinty ($717 per person), Kathleen Wynne ($475 per person), and Bill Davis ($394 per person).

"Since debt eventually has to be repaid, Ontarians will face higher taxes one day to pay for the province's debt burden, so it's important to understand how that burden has changed over the years," said Grady Munro, senior policy analyst at the Fraser Institute and co-author of the study.

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The Fraser Institute is an independent Canadian public policy research and educational organization with offices in Vancouver, Calgary, Toronto, Montreal, and Halifax and ties to a global network of think-tanks in 87 countries. Its mission is to improve the quality of life for Canadians, their families and future generations by studying, measuring and broadly communicating the effects of government policies, entrepreneurship and choice on their well-being. To protect the Institute's independence, it does not accept grants from governments or contracts for research. Visit www.fraserinstitute.org

SOURCE The Fraser Institute

MEDIA CONTACT: Grady Munro, Senior Policy Analyst, Fraser Institute; To arrange media interviews or for more information, please contact: Erin Clemens, Fraser Institute, [phone] Ext. 615, [email protected]