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New Fraser Institute study released ahead of PC government unveiling this year’s budget on Thursday
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Published Mar 24, 2026 • Last updated 4 hours ago • 2 minute read
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Ontario Premier Doug Ford attends a press conference following a First Ministers Meeting in Ottawa on Jan. 29, 2026. Photo by Blair Gable /Postmedia NetworkArticle content
Ontario Premier Doug Ford’s government increased the province’s net debt by $104 billion, or 32.2%, between 2018, the year it was first elected, and 2024, which is the latest data available, according to a new study by the Fraser Institute.
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With the province set to release this year’s budget on Thursday, the fiscally conservative think-tank said Ontario’s net debt per person stood at $26,451 in 2024, down from an all-time high of $29,628 under the Ford government during the pandemic year of 2020.
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“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, co-author of the study, Ontario Premiers and Government Debt, 1980 to 2024.
Inflation, population growth helped reduce per capita debt load
The study noted that because inflation plus population growth increased by 37.9% in Ontario from 2018 to 2024, above the increase in net debt (total debt minus financial assets) of 32.2%, debt per person fell at an annual rate of $260.
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But even with that, the study said the Ford government “maintains higher debt per person levels than any other Ontario premier, except Kathleen Wynne.”
During the entire study period from 1980 to 2024, the report said Ontario’s per person net debt adjusted for inflation rose by 410.7%, from $5,180 to $26,451, an increase of $21,271 per person.
“Since debt eventually has to be repaid, Ontarians will face higher taxes … to pay for the province’s debt burden,” said study co-author Grady Munro.
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Play VideoBob Rae government tops debt list
During the study period, average annual per person net debt adjusted for inflation rose fastest under the Bob Rae NDP government from 1990-95 at $1,777.
That was followed by the Dalton McGuinty Liberal government from 2003-13 at $717; the Wynne Liberal government from 2013-18 at $475; the Bill Davis Progressive Conservative government from 1980-85 at $394; the Mike Harris Progressive Conservative government from 1995-2002 at $343; and the David Peterson Liberal government from 1985-90 at $159.
It decreased by $176 during the short-lived Ernie Eves Progressive Conservative government from 2002-03 and by $260 during the Ford Progressive Conservative government from 2018-24.
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