TORONTO — Ontario is looking at years of deficits and a big jump in debt, according to the province’s independent financial watchdog.
The Financial Accountability Office of Ontario’s 2025-26 Annual Report, released this week, highlights its Winter 2026 outlook showing the deficit climbing from $1.1 billion in 2024-25 to $11.1 billion this year. It is expected to hit $11.8 billion in 2026-27 before slowly easing to $6.3 billion by 2029-30.

