The Canadian Taxpayers Federation says Ontario’s debt interest charges will hit $16.2B this year
FOR IMMEDIATE RELEASE
October 20, 2025
OTTAWA — The Canadian Taxpayers Federation (CTF) is calling on Ontario MPPs returning to Queen’s Park to make cutting wasteful spending their top priority as the province’s debt continues to grow.
“Despite the Ford government’s talk about fiscal prudence, Ontario’s debt is still growing at an alarming rate,” said Noah Jarvis, CTF Ontario Director. “MPPs need to get serious about cutting wasteful spending because the province’s borrowing binge is unsustainable.”
Noah Jarvis
The Ford government’s 2025 budget projects taxpayer-funded debt will reach $461 billion by the end of the fiscal year and surpass $500 billion by 2028. Continued borrowing has pushed Ontario’s debt interest charges up by 22 per cent over the past four years, reaching $16.2 billion this year. That amounts to about $1,000 for every person in the province spent on interest charges alone.
“That’s money that could go toward fixing infrastructure or cutting taxes, but instead it’s being wasted on debt interest charges because politicians refuse to show restraint,” said Jarvis.
The province’s Financial Accountability Office projects debt interest charges will continue to rise by 6.1 per cent annually until 2030, hitting $20.5 billion by the end of the decade.
Eliminating annual corporate welfare and political welfare are obvious first steps. The province spends $9.5 billion a year on corporate subsidies and millions more on per-vote subsidies to political parties.
“MPPs need to act with urgency to eliminate wasteful spending and stop racking up irresponsible borrowing,” said Jarvis. “It’s wrong to give taxpayers’ money to huge multi-national corporation. And Premier Doug Ford needs to keep his promise to cut political welfare and end the per-vote subsidy.”
For more information or to schedule an interview, please contact:
Noah Jarvis
Ontario Director, Canadian Taxpayers Federation
Phone: 647-523-1450
[email protected]
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