Ontario net debt is highest among Canadian provinces

EconomicsGovernment Spending
Written By FWD EDITORS

Released: March 27, 2026

Data from the Fiscal Reference Tables published by the Department of Finance Canada reveals that Canadian provinces and territories had a combined total of $841 billion in debt at the end of the 2023-2024 fiscal year. Almost half ($409 billion) of that belongs to Ontario, the most indebted province in the country, followed by Quebec. Meanwhile, Prince Edward Island’s debt reached just over $3 billion, making it the province with the least debt. Among territories, the Northwest Territories has the most debt at just over $1.2 billion. Government debt is a closely followed metric because it influences economic stability, borrowing costs, crisis response capacity, public spending priorities, and investor confidence. Check out this story to learn how provincial and territorial debt levels changed between 1990-91 and 2023-24.

Ontario is the most indebted province in the country
Net debt of provinces and territories as of fiscal 2023-2024, in billions of dollars.
Source: Department of Finance Canada, Fiscal Reference Tables

Data for this week’s chart comes from the Fiscal Reference Tables published by the Department of Finance Canada.

 

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FWD EDITORS

We’re a team of data enthusiasts and storytellers. Our goal is to share stories we find interesting in hopes of inspiring others to incorporate data and data visualizations in the stories they create.

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