Ontario carries a net debt of about $408,000,000,000 — roughly $25,823 for every resident. That burden gets more expensive to carry every time the Bank of Canada raises its rate. See the national picture on the Canada debt clock.
Ontario carries a net debt of about $408,000,000,000 in 2026 — roughly $25,823 for every resident. That burden gets costlier to service each time the Bank of Canada raises its 2.25% policy rate, since more of the province's budget goes to interest.
Ontario carries the largest net debt of any province by total dollars, reflecting its size as Canada's most populous province.
| Estimated net debt | $408,000,000,000 |
| Population | 15,800,000 |
| Debt per resident | $25,823 |
These are illustrative estimates drawn from public accounts and population figures; verify current numbers with the province's public accounts and Statistics Canada.
Provinces borrow by issuing bonds, and the interest they pay is anchored to the Bank of Canada's policy rate. When rates rise, Ontario's cost to service existing debt and issue new bonds climbs — money that can no longer fund healthcare, schools or roads. When the Bank cuts, that pressure eases. Track the live rate, the next decision and the prime rate.
About $408,000,000,000 in net debt (illustrative estimate based on public accounts).
Roughly $25,823 per resident across about 15,800,000 people (illustrative).
Higher Bank of Canada rates raise the cost of servicing and rolling over the debt; cuts lower it.