Which provinces and territories have the most debt?
When governments spend more than they collect in revenues, they run a deficit. The cumulative amount is referred to as debt. Government debt is a closely monitored metric because it influences economic stability, borrowing costs, crisis response capacity, public spending priorities, and investor confidence.
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. That represents about 28.7% of their collective Gross Domestic Product (GDP). Total debt among provinces and territories increased by $32 billion from the previous year, and has more than doubled since 2009-2010.
Among provinces, Ontario had the highest debt, totaling $409 billion by the end of 2023-2024. Quebec ranks second with $220 billion in debt. On the other end of the spectrum is Prince Edward Island, which recorded having a net debt of $3 billion, placing it at the bottom of the list. Meanwhile, the Northwest Territories has $1.2 billion of debt on its books, making it the territory with the most net debt. They are followed by Yukon and Nunavut.
Where is debt rising the quickest in Canada?
Canada’s debt story varies a lot by region, but a few clear patterns stand out. Ontario and Quebec, two of the country’s largest provinces by area, population, and economy, carry the most debt and have seen it rise steadily for decades. Ontario is the clearest example, with a consistent upward trend from the early 1990s to today. On an absolute basis, Ontario’s debt grew by more than $371 billion between 1990-91 and 2023-24, that is an increase of 966%. Despite its large tax base, Ontario's expenses have consistently outpaced the amount of revenues it collects. The province last recorded a surplus in 2007-08, when it ended the year with $62 million more than it spent. Since 1990-91, Ontario has only recorded five budget surpluses.
Quebec follows a similar trend, but its debt load has increased at a slower pace than Ontario. In 2023-24, Quebec had $220.0 billion of debt, an increase of $18.4 billion or 485% from $37.5 billion in 1990-91. While Quebec recorded mostly deficits in the 1990s, the province's financial picture improved in the 2000s, see-sawing between deficits and surpluses. During this period, expenditures continued to climb, offset by higher revenues in some years. Between 2014-15 and 2019-2020, Quebec recorded annual reductions in its debt, which then climbed again due to increased spending in response to the COVID-19 pandemic.
The resource provinces—Alberta, Saskatchewan, and Newfoundland and Labrador—follow a different path. Their debt rises and falls with oil and commodity prices. Alberta even eliminated its debt in the 2000s before building it back up after oil prices fell in 2014 and during the pandemic. Newfoundland and Labrador has seen especially fast debt growth since the mid-2010s.
In the Atlantic provinces, debt tends to grow slowly but steadily. Nova Scotia and Prince Edward Island show gradual increases over time. New Brunswick is the exception, as it has reduced its debt in recent years after a long period of growth.
British Columbia and Manitoba fall somewhere in the middle but are trending upward. Both have seen faster debt growth in the past decade, especially after the pandemic. Manitoba stands out for having very few periods where debt levels leveled off or declined.
Data Sources and Notes:
(1) Department of Finance Canada, Fiscal Reference Tables November 2025
