587:. She was referring to about $ 11 billion in the government jointly sponsored pension plans (JSPPs)—Ontario Public Service Employees' Union Pension Plan and the Ontario Teachers' Pension Plan—that Wynne's government "counted toward the bottom line". Based on Lysyk's revised accounting methods, these funds are not revenue which dramatically increases the annual debt. Using these revised accounting methods, Lysyk "calculated that the deficit forecast for is $ 12.2 billion—not the $ 6.6 billion Finance Minister Sousa had predicted." For 2020-21 it would be "$ 12.5 billion, not $ 6.5 billion." She said "More money will need to be borrowed to pay for the unrecorded expenses even when the government reports an annual surplus or a balanced budget. The government's claim of a surplus was not reflected in any way in the amount of the debt.
591:
revising the Public
Accounts of Ontario 2017–2018 to comply with the Auditor General's "accounting treatment for any net pension assets of the Ontario Teachers' Pension Plan and Ontario Public Service Employees' Union Pension Plan on a provisional basis", which would include "restatement of the prior year's figures for comparative purposes." The 2018 Budget had forecast a deficit that was 2.9 percentage points lower than the October report. The Commission recommended that the government revise the "accounting treatment for global adjustment refinancing and jointly sponsored pension plans (JSPPs)... from 2001–02 onwards" which added a "cumulative $ 14.6 billion to net debt." This represents a revised net debt-to-GDP ratio up from 40.5% to 40.8%.
834:
803:
to all programs except healthcare. The New
Democratic Party proposed to balance the budget by eliminating corporate tax "giveaways" and through the Fairness Tax on Ontario's highest income earners. The Liberal Party proposed to balance the budget by 2017-2018 by establishing a committee of ministers to find $ 2.25B in savings over 3 years and reduce the number of government agencies by 30%.
709:(RBC) report, the revised estimate of Ontario's deficit was $ 11.7 billion in 2018-2019 and it was projected to decrease by $ 1.4 billion in 2019-2020 mainly because of "the removal of the $ 1 billion contingency reserve." At that time it was projected that the deficit would be "completely eliminated in 2023-2024 with a small surplus of $ 0.3 billion."
741:, the Ontario government's budget for 2020-2021 is set for $ 38.5 billion, setting a new record and plotting no path to balance. It was reported in late 2020 that the Ford government was sitting on $ 12B of unspent COVID-19 contingency funding as the second wave hit, some of which was provided by the Federal government.
606:
described Veinot, as a "leading expert on pension accounting who finished first among 63,000 candidates in the 1998 certified public accountants exam in the U.S. Veinot contended that the government jointly sponsored pension plans (JSPPs) "holdings are an asset." Until 2015, Auditor
General Lysyk and
802:
Debt reduction was proposed by all three major provincial parties in their 2014 election platforms. The
Progressive Conservative Party proposed to eliminate the deficit and reduce debt through eliminating 100,000 public sector jobs, a public sector wage freeze and benefit reduction, and service cuts
590:
The
Independent Financial Commission of Inquiry August 30, 2018 report was tabled to "establish a budgetary baseline" and to clarify Canadian Public Sector Accounting Standards requirements that the Ontario government must follow for the Auditor General of Ontario reports. The Commission recommended
778:
downgraded
Ontario's rating from Aa1 to Aa2, citing "growing debt burden" as a major concern. In April 2018, the agency changed its outlook on this rating from "stable" to "negative," stating its expectation that "spending pressure will challenge the province's ability to sustain balanced fiscal
597:
reported on
December 5, 2018, that Cindy Veinot, who was then Ontario's provincial controller, disagreed with Minister Fedeli's $ 15 billion deficit figure and the "accounting decisions made by the Ford government". Veinot said that, "I believe that the consolidated financial statements of the
726:
By 2019, the
Ontario Chamber of Commerce reported that Ontario's debt was over $ 348 billion—representing about 41% of provincial GDP of almost $ 850 billion. Ontario's GDP is much larger than any of the other provinces and is almost half of Canada's GDP. "When combined with the federal debt
583:, which was submitted to the Ontario Legislature, said that the accounting methods used by Wynne's liberal government were "lawful" but not "right". AG Lysyk has issued opinions that the government was understating the deficit by several billion dollars, because it was not following
1103:
719:
The
Ontario Finance Department reported in October 2018, that Ontario's public debt per person at $ 23,014, had surpassed that of Quebec at $ 21,606 in the fiscal year 2017-2018. Newfoundland and Labrador public debt per capita at $ 27,761, was the highest in Canada.
598:
province of
Ontario as issued … materially overstate the deficit of the province for the year. Veinot resigned in September 2018, "because she refused to sign off on Finance Minister Vic Fedeli's inflated $ 15 billion deficit", according to
607:
her predecessors considered the JSPPs holdings to be an asset but in 2015, she changed her mind. The previous Liberal government also held that the JSPPs were an asset but Ford's new government administration disagreed.
533:
the debt increased from $ 90.7 billion in 1994-1995 to $ 132.7 billion in 2002-2003, even while cutting services and downloading formerly provincially-run services onto the municipalities. In the same period, the federal
1694:
733:
By way of contrast, the 2018-2019 deficit was eventually $ 7.4 billion, higher than the outgoing Wynne Government's projection but much lower than the incoming Ford government's $ 15 billion estimate in August 2018.
821:
have advocated for strong stimulus programs such as infrastructure spending to aid economic recovery and growth during the Great Recession. They also advocate eliminating corporate subsidies, tax loopholes and cuts.
786:
study found that Ontario had a 42.9% probability of defaulting on its debt obligations in the following 10-20 years (higher than any other province) and a 79.3% probability of defaulting in the following 30 years.
1902:
458:. Approximately 82% of Ontario's debt is in the form of debt securities (bonds, Treasury bills), while other liabilities include government employee pension plan obligations, loans, and accounts payable. The
538:
government cut $ 7 billion total in transfers to all of the provinces. Following this, during the Harris government period, the federal government restored and actually increased support for the provinces.
470:
for 2019-2020 was 39.7%, and is projected to rise to 47.1% in 2020-21. Interest on the debt in 2019-20 was CDN$ 12.5 billion, representing 8.0% of Ontario's revenue and its fourth-largest spending area.
723:
The RBC said in April 2019, that the Ford government's debt target is soft, aiming to reduce the net debt-to-GDP ratio to "less than the inherited 40.8%" in the early years to "38.6% by 2023-2024."
1377:
550:, increased spending on social and energy programs and uploaded services from the municipalities, doubling the total debt from $ 132.7 billion in 2002-2003 to $ 276.2 billion in 2013-2014.
1104:"FEDERAL BUDGET On the morning following the Chrétien Liberals' 10th budget, JANET McFARLAND looks back at a nine-year journey from deficit to surplus and from austerity back to activism"
1488:
759:
of 2008 had a considerable impact on Ontario, particularly its manufacturing sector. Ontario's budget surplus in 2007-2008 had by 2009-2010 given way to a $ 19 billion deficit.
1705:
762:
Ontario government's direct subsidies to corporations average $ 2.7 billion per year over the five years to 2011. It has been argued that business subsidies such as to the
1129:
584:
1219:
1929:
1186:
763:
1587:
526:
1160:
1933:
818:
1915:
980:"Table 10-10-0147-01 Canadian government finance statistics (CGFS), statement of operations and balance sheet for consolidated governments"
737:
The Ford government subsequently ran a budget deficit of $ 8.7 billion during the 2019-2020 fiscal year. Due to record spending during the
1924:
1756:
462:, which manages the provinces' debt, says that as of March 31, 2020 (for the 2019-20 fiscal year), the Ontario government's net debt is
886:
1608:
847:
1730:
1430:
1953:
1270:
1837:
1662:
1958:
1563:
1137:
814:
806:
775:
515:
1866:
1948:
712:
By June 2018, Ontario had "Canada's second-highest public debt per person and a growing budget deficit", according to
952:
1807:
1405:
749:
Health and education together account for more than 50% of Ontario's spending ($ 61.3B and $ 29.1B, respectively).
580:
1778:
535:
1514:
1244:
862:
561:
shares, projected a $ 600-million surplus in 2017-2018 but instead posted a 3.7 billion dollar deficit.
543:
511:
455:
766:
does not help create widespread economic growth or new jobs and instead contributes to increased debt.
1633:
1074:
1378:"Province's chief accountant quit after refusing to sign off on Fedeli's $ 15 billion deficit figure"
867:
706:
1539:
900:
1588:"Ontario had $ 12-billion in unspent contingency funds as COVID-19′s second wave hit, report says"
1564:"Ontario's COVID-19 budget comes with record spending and deficit, breaks for business | CBC News"
1838:"A Balanced Approach to Balancing Books Ontario's Challenges: A consultation on debt and deficit"
1663:"A Balanced Approach to Balancing Books Ontario's Challenges: A consultation on debt and deficit"
857:
852:
1920:
1440:
1344:
1337:
1220:"In scathing pre-election report, Ontario auditor general says deficit is $ 11.7B, not $ 6.7B"
817:
have advocated for aggressive debt reduction through spending cuts. Organizations such as the
738:
467:
752:
Tax cuts and incentives to high income earners during the 1990s reduced government revenues.
1911:
1906:
1515:"Ontario's deficit was $ 7.4B last year — far lower than the Ford government claimed it was"
983:
810:
1867:"Ontario Liberal 2014 Platform: "Kathleen Wynne's Plan for Ontario" Quick Reference Guide"
1489:"Ontario will have $ 15B deficit, not the $ 6.7B the Liberals projected: finance minister"
796:
756:
547:
522:
increased the total debt from $ 35.4 billion in 1989-1990 to $ 90.7 billion in 1994-1995.
463:
839:
554:
1187:"A rare win for Kathleen Wynne: How selling Hydro One really helped Ontario taxpayers"
727:(approximately $ 680 billion), the debt-to-GDP ratio for Ontarians nears 80 percent."
1942:
1435:
1304:
576:
1896:
1049:
1008:
926:
466:$ 353.3 billion. Net debt is projected to rise to $ 398 billion in 2020-21. The
1029:
530:
829:
730:
A September 21, 2018 review said that the 2017-18 deficit was $ 3.7 billion.
1921:
Making sense of public dollars: Ontario government revenue, spending and debt
1757:"Rating Action: Moody's changes outlook to negative on Ontario's Aa2 ratings"
1444:
1348:
1009:"Ontario Debt: Province of Ontario Consolidated Debt Portfolio & History"
507:
The government of Ontario's debt has risen under all governments since 1989.
987:
558:
979:
1815:
1466:
799:, which outlined various measures to reduce the province's debt level.
519:
1338:
A Plan for the People: 2018 Ontario Economic Outlook and Fiscal Review
479:
As of March 31, 2018 the breakdown of Ontario's debt is as follows:
1469:(Report). Toronto, Ontario: Ontario Chamber of Commerce. p. 15
1161:"Ontario budget 2018: In an election year, Wynne bets on deficits"
499:
The majority of the debt (83.1%) was issued in Canadian currency.
1343:(Report). Background Papers. Government of Ontario. p. 155.
1271:"Review of the 2018 Pre-Election Report on Ontario's Finances"
1299:
1297:
1295:
1251:. Office of the Auditor General of Ontario. 6 December 2017
459:
1371:
1369:
1367:
1365:
1213:
1211:
1209:
1207:
1136:. Canadian Forum for Policy Research. 2013. Archived from
1130:"Public Debt A Debt Burdened Ontario: Risks and Solutions"
1903:
The State of Ontario’s Indebtedness Warning Signs to Act
1788:. A Macdonald-Laurier Institute Publication. October 2012
1400:
1398:
1305:
Report of the Independent Financial Commission of Inquiry
1280:. Office of the Auditor General of Ontario. 25 April 2018
575:, a 27-page "scathing" pre-election April 2018 report by
1634:"What the tax cut means for Ontario's debt and deficit"
1075:"What the tax cut means for Ontario's debt and deficit"
953:"Ontario's Fiscal History - It Is NOT A Pretty Picture"
795:
In 2012, the governing Liberal Party commissioned the
1331:
1329:
1327:
1325:
15:
1925:The Institute for Competitiveness & Prosperity
1689:
1687:
1310:(Report). Toronto, ON. August 30, 2018. p. 49
887:"Department of Finance - Fiscal Reference Tables"
566:Change of Accounting Method for Government Assets
1643:. Ontario Alternative Budget Working Group. 1998
1540:"Ontario Public Accounts 2019-20: Annual report"
1084:. Ontario Alternative Budget Working Group. 1998
442:Viable Opposition (1985-2004) - TD Bank Report
1609:"The 2018 Ontario Budget in charts and numbers"
1336:Ontario Department of Finance (October 2018).
933:. Ontario Financing Authority. 24 January 2021
436:Fiscal Reference Tables (as of November 2020)
1779:"Provincial Solvency and Federal Obligations"
1695:"Avoiding a Crisis: Fixing Ontario's deficit"
492:Canadian Dollar Non-Public Debt: $ 11.4B (3%)
8:
1808:"Paths to Prosperity - An Agenda for Growth"
1731:"Moody's downgrades Ontario's credit rating"
1431:"Doug Ford disrupts Canada's climate policy"
489:Canadian Dollar Treasury Bills: $ 18.9B (5%)
483:Canadian Dollar Public Bonds: $ 259.4B (74%)
1028:Ministry of Finance, Ontario (2019-06-04).
784:Provincial Solvency and Federal Obligations
585:Canadian Public Sector Accounting Standards
438:Public Accounts of Ontario (Year by Year)
1704:. Fraser Institute. 2012. Archived from
1050:"Province's Consolidated Debt Portfolio"
609:
1934:Canadian Centre for Policy Alternatives
901:"Province of Ontario - Public Accounts"
878:
819:Canadian Centre for Policy Alternatives
495:US Dollar Commercial Paper: $ 2.6B (1%)
1916:Ontario Public Service Employees Union
1411:. Royal Bank of Canada. April 11, 2019
1912:The "Shock Doctrine" Comes to Ontario
921:
919:
917:
486:Foreign Currency Bonds: $ 56.4B (16%)
7:
1376:Benzie, Robert (December 5, 2018).
454:consists of the liabilities of the
1814:. Ontario PC. 2013. Archived from
959:. Viable Opposition. 27 March 2012
553:The Liberal government of Premier
14:
1218:Benzie, Robert (April 25, 2018).
1030:"Ontario's Finances | Ontario.ca"
957:www.viableopposition.blogspot.ca
848:British Columbia Government Debt
832:
779:results across multiple years."
659:Surplus (Deficit) Before Reserve
1607:Thomas, David (28 March 2018).
1159:Castaldo, Joe (28 March 2018).
809:in other Provinces such as the
705:According to an April 11, 2019
927:"Borrowing & Debt History"
807:Non-governmental organizations
557:, in part through the sale of
1:
1899:- Ontario Financing Authority
1737:. Toronto Star. 26 April 2012
1467:Accounting for Ontario's Debt
1185:Yauch, Brady (7 March 2018).
1007:Ontario Financing Authority.
815:Canadian Taxpayers Federation
611:Table from Commission report
1930:Deficit Mania in Perspective
518:(NDP) government of Premier
516:Ontario New Democratic Party
440:Ontario Financing Authority
1897:Ontario's Consolidated Debt
1110:. Globe and Mail. 2003–2018
1054:Ontario Financing Authority
764:Ontario's automotive sector
460:Ontario Financing Authority
1975:
1812:www.ontariopc.uberflip.com
978:Statistics Canada (2018).
581:Auditor General of Ontario
776:Moody's Investors Service
433:
982:. Government of Canada.
527:Progressive Conservative
1786:www.macdonaldlaurier.ca
1702:www.fraserinstitute.org
988:10.25318/1010014701-eng
452:Ontario government debt
770:Risks and consequences
546:government of Premier
529:government of Premier
29:Deficit (-) or Surplus
1954:Government of Ontario
1406:"Ontario Budget 2019"
863:Government of Ontario
456:Government of Ontario
1959:Canadian public debt
1465:McKay, Reid (2019).
1245:"2017 Annual Report"
1134:www.researchforum.ca
868:Canadian public debt
707:Royal Bank of Canada
1847:. Ontario NDP. 2012
1672:. Ontario NDP. 2012
1495:. 21 September 2018
689:Surplus / (Deficit)
612:
1949:Finance in Ontario
1845:www.ontariondp.com
1711:on 5 November 2013
1670:www.ontariondp.com
858:Generation Squeeze
853:Economy of Ontario
625:Impact on deficit
619:Budget plan 2018-9
610:
1818:on 5 January 2014
1439:. June 28, 2018.
1278:www.auditor.on.ca
1249:www.auditor.on.ca
739:COVID-19 pandemic
703:
702:
690:
660:
468:Debt-to-GDP ratio
448:
447:
33:
26:
1966:
1907:Fraser Institute
1885:
1884:
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1871:
1863:
1857:
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1667:
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1309:
1301:
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1285:
1275:
1267:
1261:
1260:
1258:
1256:
1241:
1235:
1234:
1232:
1230:
1215:
1202:
1201:
1199:
1197:
1182:
1176:
1175:
1173:
1171:
1156:
1150:
1149:
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1126:
1120:
1119:
1117:
1115:
1108:globeandmail.com
1100:
1094:
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1089:
1079:
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940:
938:
923:
912:
911:
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897:
891:
890:
889:. November 2020.
883:
842:
837:
836:
835:
811:Fraser Institute
688:
658:
622:Revised baseline
613:
32:(CDN$ billions)
31:
25:(CDN$ billions)
24:
16:
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1759:. 17 April 2018
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977:
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946:
936:
934:
931:www.ofina.on.ca
925:
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833:
831:
828:
797:Drummond Report
793:
772:
757:Great Recession
747:
567:
548:Dalton McGuinty
512:1990s recession
505:
477:
443:
441:
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30:
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9:
6:
4:
3:
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1971:
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1950:
1947:
1946:
1944:
1935:
1931:
1928:
1926:
1922:
1919:
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1910:
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1895:
1894:
1890:
1875:
1868:
1862:
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1800:
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1736:
1732:
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1484:
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1438:
1437:
1436:The Economist
1432:
1426:
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1140:on 2015-03-06
1139:
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1105:
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780:
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760:
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744:
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717:
715:
714:The Economist
710:
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682:
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673:
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571:According to
569:
568:
562:
560:
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551:
549:
545:
540:
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528:
523:
521:
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491:
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480:
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128:
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117:
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102:
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65:
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48:
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40:
37:
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17:
1877:. Retrieved
1874:StrategyCorp
1873:
1861:
1849:. Retrieved
1844:
1832:
1820:. Retrieved
1816:the original
1811:
1802:
1790:. Retrieved
1785:
1773:
1761:. Retrieved
1751:
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1734:
1725:
1713:. Retrieved
1706:the original
1701:
1674:. Retrieved
1669:
1657:
1645:. Retrieved
1640:
1628:
1616:. Retrieved
1612:
1602:
1591:. Retrieved
1582:
1571:. Retrieved
1567:
1558:
1547:. Retrieved
1543:
1534:
1524:13 September
1522:. Retrieved
1518:
1509:
1499:21 September
1497:. Retrieved
1492:
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1460:
1448:. Retrieved
1434:
1425:
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1385:. Retrieved
1381:
1352:. Retrieved
1312:. Retrieved
1282:. Retrieved
1277:
1265:
1253:. Retrieved
1248:
1239:
1227:. Retrieved
1223:
1194:. Retrieved
1190:
1180:
1168:. Retrieved
1164:
1154:
1142:. Retrieved
1138:the original
1133:
1124:
1112:. Retrieved
1107:
1098:
1086:. Retrieved
1081:
1069:
1057:. Retrieved
1053:
1044:
1033:. Retrieved
1023:
1012:. Retrieved
1002:
991:. Retrieved
973:
961:. Retrieved
956:
947:
935:. Retrieved
930:
906:25 September
904:. Retrieved
895:
881:
805:
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783:
781:
773:
761:
754:
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736:
732:
729:
725:
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718:
713:
711:
704:
603:
599:
594:
593:
589:
577:Bonnie Lysyk
572:
570:
564:
563:
552:
541:
524:
509:
506:
498:
478:
451:
449:
435:
1473:October 11,
1450:October 11,
1415:October 11,
1387:October 14,
1354:October 11,
1314:October 13,
1229:October 14,
531:Mike Harris
510:During the
19:Fiscal Year
1943:Categories
1715:11 January
1647:11 January
1641:www.ofl.ca
1593:2021-01-25
1573:2021-01-25
1549:2021-01-25
1088:11 January
1082:www.ofl.ca
1035:2021-02-26
1014:2021-02-26
993:2021-02-26
963:11 January
937:24 January
874:References
616:(billions)
525:Under the
1851:4 January
1822:4 January
1792:8 January
1741:8 January
1676:4 January
1613:Maclean's
1445:0013-0613
1349:1496-2829
1165:Maclean's
1144:4 January
774:In 2012,
559:Hydro One
434:Sources:
1879:20 April
1763:20 April
1618:20 April
1382:The Star
1284:4 August
1255:4 August
1224:The Star
1196:20 April
1170:20 April
1059:20 April
826:See also
813:and the
604:The Star
600:The Star
595:The Star
573:The Star
71:2018-19
60:2019-20
49:2020-21
38:2021-22
22:Net Debt
674:Reserve
630:Revenue
544:Liberal
536:Liberal
520:Bob Rae
503:History
423:1986-87
412:1987-88
401:1988-89
390:1989-90
379:1990-91
368:1991-92
357:1992-93
346:1993-94
335:1994-95
324:1995-96
313:1996-97
302:1997-98
291:1998-99
280:1999-00
269:2000-01
258:2001-02
247:2002-03
236:2003-04
225:2004-05
214:2005-06
203:2006-07
192:2007-08
181:2008-09
170:2009-10
159:2010-11
148:2011-12
137:2012-13
126:2013-14
115:2014-15
104:2015-16
93:2016-17
82:2017-18
1443:
1347:
699:(8.3)
696:(15.0)
683:(0.3)
669:(8.0)
666:(14.0)
653:(6.4)
639:(1.5)
579:, the
514:, the
374:-10.9
363:-12.4
352:-11.2
341:-10.1
176:-19.3
165:-17.3
154:-15.4
143:-10.7
132:-11.5
121:-11.3
74:338.5
63:353.3
55:-16.4
52:373.6
41:380.4
1870:(PDF)
1841:(PDF)
1782:(PDF)
1709:(PDF)
1698:(PDF)
1666:(PDF)
1637:(PDF)
1409:(PDF)
1341:(PDF)
1308:(PDF)
1274:(PDF)
1114:8 May
1078:(PDF)
693:(6.7)
663:(6.0)
650:164.9
647:158.5
636:150.9
633:152.5
429:-2.6
418:-2.5
407:-1.5
385:-3.0
330:-8.8
327:101.9
319:-6.9
316:108.8
308:-4.0
305:112.7
297:-2.0
294:114.7
283:134.4
272:132.5
264:-0.2
261:132.7
250:132.7
242:-7.0
239:140.4
231:-2.0
228:142.9
220:-0.1
217:155.1
206:156.6
195:160.0
187:-3.0
184:169.6
173:193.6
162:217.8
151:241.9
140:259.9
129:276.2
118:294.6
110:-5.3
107:306.4
99:-2.4
96:314.1
88:-3.7
85:323.8
77:-7.4
66:-8.7
1881:2018
1853:2014
1824:2014
1794:2014
1765:2018
1743:2014
1717:2014
1678:2014
1649:2014
1620:2018
1526:2019
1501:2018
1475:2019
1452:2019
1441:ISSN
1417:2019
1389:2019
1356:2019
1345:ISSN
1316:2019
1286:2014
1257:2014
1231:2019
1198:2018
1172:2018
1146:2014
1116:2019
1090:2014
1061:2018
965:2014
939:2021
908:2022
755:The
716:.
542:The
450:The
426:31.5
415:34.0
404:35.5
396:0.1
393:35.4
382:38.4
371:49.4
360:61.8
349:80.6
338:90.7
286:0.7
275:1.9
253:0.6
209:1.8
198:0.1
44:2.1
1568:CBC
1519:CBC
984:doi
680:1.0
677:0.7
464:CDN
1945::
1932:-
1923:-
1914:-
1905:-
1872:.
1843:.
1810:.
1784:.
1733:.
1700:.
1686:^
1668:.
1639:.
1611:.
1566:.
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1491:.
1433:.
1397:^
1380:.
1364:^
1324:^
1294:^
1276:.
1247:.
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1206:^
1189:.
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1132:.
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1080:.
1052:.
955:.
929:.
916:^
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1200:.
1174:.
1148:.
1118:.
1092:.
1063:.
1038:.
1017:.
996:.
986::
967:.
941:.
910:.
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