New Fraser Institute study released ahead of PC government unveiling this year\u2019s budget on Thursday<\/p>\n
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Published Mar 24, 2026 \u00a0\u2022\u00a0 Last updated 4\u00a0hours ago \u00a0\u2022\u00a0 2 minute read<\/p>\n
<\/a><\/p>\n You can save this article by registering for free here<\/a>. Or sign-in<\/a> if you have an account.<\/p>\n Ontario Premier Doug Ford\u2019s government<\/a> increased the province\u2019s 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.<\/p>\n Advertisement 2<\/p>\n This advertisement has not loaded yet, but your article continues below.<\/p>\n THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY<\/p>\n Subscribe now to read the latest news in your city and across Canada.<\/p>\n Unlimited online access to articles from across Canada with one account.Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on.Enjoy insights and behind-the-scenes analysis from our award-winning journalists.Support local journalists and the next generation of journalists.Daily puzzles including the New York Times Crossword.<\/p>\n SUBSCRIBE TO UNLOCK MORE ARTICLES<\/p>\n Subscribe now to read the latest news in your city and across Canada.<\/p>\n Unlimited online access to articles from across Canada with one account.Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on.Enjoy insights and behind-the-scenes analysis from our award-winning journalists.Support local journalists and the next generation of journalists.Daily puzzles including the New York Times Crossword.<\/p>\n REGISTER \/ SIGN IN TO UNLOCK MORE ARTICLES<\/p>\n Create an account or sign in to continue with your reading experience.<\/p>\n Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.<\/p>\n THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.<\/p>\n Create an account or sign in to continue with your reading experience.<\/p>\n Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authors<\/p>\n Article content<\/p>\n With the province set to release this year\u2019s budget<\/a> on Thursday, the fiscally conservative think-tank said Ontario\u2019s 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.<\/p>\n Article content<\/p>\n Article content<\/p>\n \u201cOntario\u2019s 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,\u201d said Jake Fuss, co-author of the study, Ontario Premiers and Government Debt, 1980 to 2024.<\/p>\n Inflation, population growth helped reduce per capita debt load<\/p>\n 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.<\/p>\n Advertisement 3<\/p>\n This advertisement has not loaded yet, but your article continues below.<\/p>\n Article content<\/p>\n But even with that, the study said the Ford government<\/a> \u201cmaintains higher debt per person levels than any other Ontario premier, except Kathleen Wynne.\u201d<\/p>\n During the entire study period from 1980 to 2024, the report said Ontario\u2019s per person net debt adjusted for inflation rose by 410.7%, from $5,180 to $26,451, an increase of $21,271 per person.<\/p>\n \u201cSince debt eventually has to be repaid, Ontarians will face higher taxes \u2026 to pay for the province\u2019s debt burden,\u201d said study co-author Grady Munro.<\/p>\n RECOMMENDED VIDEO We apologize, but this video has failed to load.<\/p>\n Play VideoBob Rae government tops debt list<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n Read More<\/p>\n Ontario Premier Doug Ford says Alto train route should follow 401 corridor<\/p>\n![\"Ontario](\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/03\/first-ministers5912_301032484-e1773759697885.jpg\")
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<\/p>\n![\"Toronto](\"https:\/\/dcs-static.gprod.postmedia.digital\/20.8.1\/websites\/images\/identity\/logo-identity-tsun.svg\"){kind=logo}
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