# EDGAR Filing Document

**Accession Number:** 0000074615
**File Stem:** 0001193125-25-180351
**Filing Date:** 2025-8
**Character Count:** 35089
**Document Hash:** 38525170d3f90cac32fe3a5e1bb5ad90
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-180351.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001193125-25-180351

**CONFORMED SUBMISSION TYPE**: 18-K/A

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20240331

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ONTARIO PROVINCE OF
- **CENTRAL INDEX KEY:** 0000074615
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 18-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 002-31357
- **FILM NUMBER:** 251214364

**BUSINESS ADDRESS:**
- **STREET 1:** 1 DUNDAS STREET WEST
- **STREET 2:** SUITE 1400
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5G 1Z3
- **BUSINESS PHONE:** (416) 845-1708

**MAIL ADDRESS:**
- **STREET 1:** 1 DUNDAS STREET WEST
- **STREET 2:** SUITE 1400
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5G 1Z3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PROVINCE OF ONTARIO
- **DATE OF NAME CHANGE:** 19911101

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 18-K** 

For Foreign Governments and Political Subdivisions Thereof

**AMENDMENT NO. 4 TO** 

**ANNUAL REPORT** 

**of** 

## PROVINCE OF ONTARIO
(Canada)

(Name of Registrant)

Date of end of last fiscal year: March 31, 2024

SECURITIES REGISTERED\*

(As of the close of the fiscal year)

---

| | | |
|:---|:---|:---|
| Title of Issue | Amounts as to which<br> registration is effective | Names of exchanges<br> on which registered |
|  N/A | N/A | N/A |

---

Name and address of persons authorized to receive notices and

communications from the Securities and Exchange Commission:

Geoff Gartshore

Deputy Consul General/Deputy Head of Mission

Consulate General of Canada

466 Lexington Ave

New York, New York 10017

United States of America

Copies to:

Jason R. Lehner

Shearman & Sterling LLP

Commerce Court West, 199 Bay Street

Suite 4405, P.O. Box 247

Toronto, Ontario, Canada M5L IE8

\* The Registrant is filing this annual report on a voluntary basis.

------

**PROVINCE OF ONTARIO** 

The undersigned registrant hereby amends its Annual Report on Form 18-K for the fiscal year ended March 31, 2024 (the "Annual Report") as follows:

The following additional exhibit is added to the Annual Report:

Exhibit (99.6) 2025-26 First Quarter Finances

------

**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to the annual report to be signed on its behalf by the undersigned, thereunto duly authorized, at Toronto, Ontario.

---

| | | |
|:---|:---|:---|
|  | PROVINCE OF ONTARIO<br> (Name of registrant) | PROVINCE OF ONTARIO<br> (Name of registrant) |
| August 14, 2025 | By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Carlos Yep |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Carlos Yep | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Carlos Yep |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Director, Funding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Director, Funding |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Markets Division |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ontario Financing Authority |

---

------

**EXHIBIT INDEX** 

Exhibit (99.6): [2025-26 First Quarter Finances](d68429dex996.htm)

## Exhibit 99.6

**Exhibit 99.6**![LOGO](g68429dsp7.jpg)

---

| | |
|:---|:---|
| **MINISTRY OF FINANCE** |  |
| **2025–26 First Quarter Finances** | **August 2025** |

---

---

| | | |
|:---|:---|:---|
| **Contents**<br>|  | The First Quarter Finances report contains information about Ontario's 2025–26 fiscal outlook primarily as of June 30, 2025. |
| Introduction<br>| 2 <br>| The First Quarter Finances report contains information about Ontario's 2025–26 fiscal outlook primarily as of June 30, 2025. |
| A. Ontario's 2025–26 Fiscal Outlook<br>| 3 <br>| The First Quarter Finances report contains information about Ontario's 2025–26 fiscal outlook primarily as of June 30, 2025. |
| B. Ontario's Recent Economic Performance and Outlook<br>| 5 <br>| The First Quarter Finances report contains information about Ontario's 2025–26 fiscal outlook primarily as of June 30, 2025. |
| C. Details of Ontario's Finances<br>| 7 <br>| The First Quarter Finances report contains information about Ontario's 2025–26 fiscal outlook primarily as of June 30, 2025. |
| D. Ontario's 2025–26 Borrowing Program<br>| 14 <br>| The First Quarter Finances report contains information about Ontario's 2025–26 fiscal outlook primarily as of June 30, 2025. |

---

**Highlights** 

• Ontario's real gross domestic product (GDP) increased by 0.6 per cent in the first calendar quarter of 2025,
matching growth in the previous quarter. Real GDP growth in the first quarter was supported by higher exports and household spending.

• Private-sector expectations for real GDP growth are unchanged for 2025 since the *2025 Budget*. Uncertainty related
to U.S. trade policy continues to impact the global economic outlook and presents downside risk to the Ontario economy.

• As of the *2025–26 First Quarter Finances*, the province's 2025–26 deficit is projected to be
$14.6 billion, consistent with the outlook published in the *2025 Budget*.

• Total revenues and expenses in the *2025–26 First Quarter Finances* are projected to be $219.9 billion
and $232.5 billion, respectively, unchanged from the outlook in the *2025 Budget*.

------

## Introduction
Ontario's economy proved to be resilient in 2024 and continued to grow in early 2025. However, there are significant downside risks to the economic outlook. Uncertainty related to U.S. trade policy continues to impact the global economy. Ontario's significant trading relationship with the United States presents elevated risks and uncertainty, which is expected to weigh on consumer spending and business investment decisions over the near term.

The *2025 Budget* outlined a plan to protect Ontario's workers, businesses and communities from U.S. tariffs and the economic uncertainty, while maintaining a prudent and responsible approach to public finances. The government's plan will continue to protect Ontario by fostering the most competitive economy in the G7, and promoting investment, job creation and business growth, while retaining a path to budget balance by 2027–28.

Ontario's finances are in the strongest position they have been in over a decade, with all four major credit rating agencies—Moody's, Fitch, Morningstar DBRS and S&P Global—affirming Ontario's credit rating, and the outlook is stable. This reflects Ontario's commitment to maintaining its targets for debt sustainability measures, despite the economic and geopolitical uncertainties the province is currently facing.

The government will provide its next economic and fiscal update as part of the *2025 Ontario Economic Outlook and Fiscal Review,* to be released by November 15, 2025.

------

## Section A: Ontario's 2025–26 Fiscal Outlook
The province's 2025–26 deficit is projected to be unchanged from the outlook of $14.6 billion published in the *2025 Budget*.

Revenues in 2025–26 are projected to be $219.9 billion, unchanged from the *2025 Budget*.

Program expense in 2025–26 is projected to be $216.3 billion, unchanged from the *2025 Budget.* 

Interest and Other Debt Servicing Charges in 2025–26 is projected to remain unchanged at $16.2 billion, as forecasted in the *2025 Budget*.

The net debt-to-GDP ratio is projected to be 37.9 per cent in 2025–26, consistent with the forecast in the *2025 Budget*.

The *2025 Budget* included a $2.0 billion reserve in 2025–26, to protect the fiscal outlook against any unforeseen changes in the province's revenue and expense forecasts. The $2.0 billion reserve has been maintained as part of the current fiscal outlook. The reserve provides additional prudence in the government's fiscal framework and is distinct from the Contingency Fund that provides dedicated funding to be allocated in response to emerging needs.

**Table 1** 

**2025–26 In-Year Fiscal Performance** 

---

| | | | |
|:---|:---|:---|:---|
| **($ Millions)** | | | |
| | ***2025 Budget*** | **Current Outlook** | **In-Year Change** |
|  **Revenue** | **219887** | **219887** |  |
|  **Expense** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Programs | 216298 | 216298 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and Other Debt Servicing Charges | 16198 | 16198 |  |
|  **Total Expense** | **232497** | **232497** |  |
|  **Surplus/(Deficit) Before Reserve** | **(12609)** | **(12609)** |  |
|  Reserve | 2000 | 2000 |  |
|  **Surplus/(Deficit)** | **(14609)** | **(14609)** |  |

---

*Notes*: Numbers may not add due to rounding. Current outlook primarily reflects information available as of June 30, 2025**.** 

*Sources*: Ontario Treasury Board Secretariat and Ontario Ministry of Finance.

------

**Revenue** 

The 2025–26 revenue outlook is projected to be $219.9 billion, unchanged from the *2025 Budget.*

The revenue outlook is based on information available at the end of the first quarter of 2025–26. There are further upside and downside risks that could materially affect the revenue outlook. These include changes to the economic growth outlook, new information on tax assessments based on 2024 and prior-year tax return filings received throughout the summer, and collections. The government will monitor these economic and revenue developments, and will provide further details in future fiscal updates as new information becomes available.

**Expense** 

Total expense is projected to be $232.5 billion, unchanged from the *2025 Budget* projection.

***Program Expense Update***

The 2025–26 total program expense outlook, at $216.3 billion, is on track with the projection in the *2025 Budget*. The government continues to manage spending within the fiscal plan.

***Interest and Other Debt Servicing Charges Update***

Interest and Other Debt Servicing Charges is projected to be $16.2 billion, unchanged from the forecast in the *2025 Budget*.

**Fiscal Prudence** 

The *Fiscal Sustainability, Transparency and Accountability Act, 2019* requires Ontario's fiscal plan to incorporate prudence in the form of a reserve to protect the fiscal outlook against unforeseen changes in the province's revenue and expense, including those resulting from Ontario's economic performance. The *2025 Budget* included a reserve of $2.0 billion in 2025–26, which has been maintained as part of the current fiscal outlook.

In addition, the Contingency Fund is maintained to help mitigate expense risks—for example, in cases where health and safety may be compromised, or unforeseen events which may otherwise adversely affect Ontario's fiscal performance. The current balance of the Contingency Fund is $3.0 billion for 2025–26.

------

---

| | |
|:---|:---|
| **Section B:** | Ontario's Recent Economic Performance and Outlook  |

---

In the first calendar quarter of 2025, Ontario's real gross domestic product (GDP) increased by 0.6 per cent, matching growth in the previous quarter. Real GDP growth in the first quarter was supported by higher exports and household spending.

Since the release of the *2025 Budget*, Ontario's real GDP growth expectations from private-sector forecasters have, on average, remained little-changed. Private-sector forecasters, on average, project Ontario's real GDP to rise by 0.9 per cent in 2025, the same rate projected at the time of the *2025 Budget*. The private-sector average forecast for 2026 has been revised slightly upward to 1.2 per cent from 1.1 per cent at the time of the *2025 Budget*.

The private-sector average forecast for Ontario's nominal GDP growth for 2025 is 3.2 per cent, unchanged from the projection at the time of the *2025 Budget*. The private-sector average forecast for 2026 has risen to 3.3 per cent from 3.1 per cent at the time of the *2025 Budget*.

![LOGO](g68429dsp011.jpg)

------

Global economic growth has been resilient, despite elevated uncertainty and shifting U.S. trade policy. The International Monetary Fund projects global real GDP to rise by 3.0 per cent in 2025 and 3.1 per cent in 2026, compared to the projected increases of 2.8 per cent in 2025 and 3.0 per cent in 2026 at the time of the *2025 Budget*.

In the U.S., forecasters anticipate real GDP to increase by 1.4 per cent in both 2025 and 2026, unchanged from growth projections at the time of the *2025 Budget*, according to the *Blue Chip Economic Indicators* July survey.

Uncertainty related to U.S. trade policy continues to impact the global economic outlook. Ontario's significant trading relationships with the United States present elevated risks and uncertainty which are expected to weigh on consumer spending and business investment decisions over the near term.

Consumer price inflation in advanced economies has eased from recent highs, although certain price pressures remain persistent. Higher tariffs and potential supply chain disruptions could raise prices and prompt central banks to maintain higher interest rates for longer.

Global conflicts continue to raise risks for key commodity markets, including for energy products and global supply chains.

------

## Section C: Details of Ontario's Finances
**Table 2** 

**Revenue** 

---

| | | | |
|:---|:---|:---|:---|
| **($ Millions)** | **($ Millions)** | **($ Millions)** | **($ Millions)** |
|  | **2025–26** | **2025–26** | **2025–26** |
| | ***2025***<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Budget*** | **Current**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Outlook** | **In-Year <br> Change** <br>|
|  **Taxation Revenue** | | | |
|  Personal Income Tax | 57811 | 57811 | – |
|  Sales Tax | 40073 | 40073 | – |
|  Corporations Tax | 25980 | 25980 | – |
|  Education Property Tax | 5853 | 5853 | – |
|  Employer Health Tax | 9466 | 9466 | – |
|  Ontario Health Premium | 5366 | 5366 | – |
|  Gasoline Tax | 1664 | 1664 | – |
|  Land Transfer Tax | 3875 | 3875 | – |
|  Tobacco Tax | 667 | 667 | – |
|  Fuel Tax | 522 | 522 | – |
|  Beer, Wine and Spirits Taxes | 388 | 388 | – |
|  Electricity Payments in Lieu of Taxes  | 634 | 634 | – |
|  Ontario Portion of the Federal Cannabis Excise Duty | 376 | 376 | – |
|  Other Taxes | 1027 | 1027 | – |
|  | **153702** | **153702** | **–** |
|  **Government of Canada** |  |  |  |
|  Canada Health Transfer | 21332 | 21332 | – |
|  Canada Social Transfer | 6794 | 6794 | – |
|  Equalization | 546 | 546 | – |
|  Infrastructure Programs | 1055 | 1055 | – |
|  Labour Market Programs | 923 | 923 | – |
|  Social Housing Agreement | 133 | 133 | – |
|  Other Federal Payments | 7554 | 7554 | – |
|  Direct Transfers to Broader Public Sector Organizations | 509 | 509 | – |
|  | **38846** | **38846** | **–** |
|  **Income from Government Business Enterprises** |  |  |  |
|  Liquor Control Board of Ontario | 1851 | 1851 | – |
|  Ontario Power Generation Inc./Hydro One Ltd. | 1599 | 1599 | – |
|  Ontario Lottery and Gaming Corporation | 2405 | 2405 | – |
|  Ontario Cannabis Store | 215 | 215 | – |
|  iGaming Ontario | 247 | 247 | – |
|  | **6317** | **6317** | **–** |
| *continued...* | *continued...* | *continued...* | *continued...* |

---

------

**Table 2 (continued)** 

**Revenue** 

**($ Millions)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025–26** | **2025–26** | **2025–26** |
| | ***2025***<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Budget*** | **Current**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Outlook** | **In-Year**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Change** |
|  **Other Non-Tax Revenue** | | | |
|  Fees, Donations and Other Revenues from Hospitals, School Boards and Colleges | 10852 | 10852 |  |
|  Vehicle and Driver Registration Fees | 1242 | 1242 |  |
|  Miscellaneous Other Non-Tax Revenue | 1710 | 1710 |  |
|  Other Fees and Licences | 1874 | 1874 |  |
|  Sales and Rentals | 1964 | 1964 |  |
|  Reimbursements | 1074 | 1074 |  |
|  Royalties | 309 | 309 |  |
|  Power Supply Contract Recoveries | 44 | 44 |  |
|  Interest and Investment Income | 1953 | 1953 |  |
|  | **21022** | **21022** |  |
|  **Total Revenue** | **219887** | **219887** |  |

---

*Notes:* Numbers may not add due to rounding. Current outlook primarily reflects information available as of June 30, 2025.

*Source:* Ontario Ministry of Finance.

------

**Table 3** 

**Total Expense<sup>1</sup>** 

**($ Millions)** 

---

| | | | |
|:---|:---|:---|:---|
| | **2025–26** | **2025–26** | **2025–26** |
| <br>**Ministry Expense**  | ***2025***<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Budget*** | **Current**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Outlook** | **In-Year** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change** <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Agriculture, Food and Agribusiness (Base) | 474.9 | 474.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Demand-Driven Risk Management and Time-Limited Programs | 575.3 | 575.3 | – |
|  **Agriculture, Food and Agribusiness (Total)** | **1050.1** | **1050.1** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Attorney General (Base) | 2274.4 | 2274.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bad Debt Expense | 5.3 | 5.3 | – |
|  **Attorney General (Total)** | **2279.7** | **2279.7** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
|  **Board of Internal Economy (Total)** | **352.2** | **352.2** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
|  **Children, Community and Social Services (Total)** | **20358.7** | **20358.7** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
|  **Citizenship and Multiculturalism (Total)** | **92.7** | **92.7** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colleges, Universities, Research Excellence and Security (Base) | 11462.7 | 11462.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Financial Assistance | 1523.5 | 1523.5 | – |
|  **Colleges, Universities, Research Excellence and Security (Total)** | **12986.2** | **12986.2** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Economic Development, Job Creation and Trade (Base) | 205.8 | 205.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Credits for Business Investment and Research and Development<sup>2</sup>  | 691.6 | 691.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time-Limited Investments | 1508.0 | 1508.0 | – |
|  **Economic Development, Job Creation and Trade (Total)** | **2405.4** | **2405.4** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Education (Base) | 40987.4 | 40987.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Teachers' Pension Plan | 1733.0 | 1733.0 | – |
|  **Education (Total)** | **42720.4** | **42720.4** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
|  **Emergency Preparedness and Response (Total)** | **66.2** | **66.2** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy and Mines (Base) | 661.5 | 661.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricity Cost Relief Programs | 6463.0 | 6463.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; High-Speed Internet  | 1734.4 | 1734.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time-Limited Investments | 84.1 | 84.1 | – |
|  **Energy and Mines (Total)** | **8943.0** | **8943.0** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
|  **Environment, Conservation and Parks (Total)** | **1041.8** | **1041.8** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
|  **Executive Offices (Total)** | **79.4** | **79.4** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance (Base) | 1163.3 | 1163.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Management Corporation of Ontario | 330.1 | 330.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario Municipal Partnership Fund | 562.5 | 562.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Temporary and Other Local Assistance | 21.1 | 21.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Supply Contract Costs | 44.1 | 44.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time-Limited Investments | 52.5 | 52.5 | – |
|  **Finance (Total)** | **2173.6** | **2173.6** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Francophone Affairs (Base) | 8.7 | 8.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time-Limited Investments | 2.6 | 2.6 | – |
|  **Francophone Affairs (Total)** | **11.3** | **11.3** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
|  **Health (Total)**  | **81851.6** | **81851.6** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
| *continued...* | *continued...* | *continued...* | *continued...* |

---

------

**Table 3 (continued)** 

**Total Expense<sup>1</sup>** 

**($ Millions)** 

---

| | | | |
|:---|:---|:---|:---|
| | **2025–26** | **2025–26** | **2025–26** |
| <br>**Ministry Expense**  | ***2025***<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Budget*** | **Current<br> Outlook** | **In-Year <br> Change** |
|  **Indigenous Affairs and First Nations Economic Reconciliation (Total)** | **144.8** | **144.8** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Infrastructure (Base) | 747.0 | 747.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal–Provincial Infrastructure Programs | 213.6 | 213.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Waterfront Toronto Revitalization (Port Lands Flood Protection) | 32.5 | 32.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Infrastructure Program Investments | 1243.9 | 1243.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty | 1437.6 | 1437.6 | – |
|  **Infrastructure (Total)** | **3674.7** | **3674.7** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Labour, Immigration, Training and Skills Development (Base) | 160.0 | 160.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Co-operative Education Tax Credit  | 102.5 | 102.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Demand-Driven Employment and Training Programs | 1840.2 | 1840.2 | – |
|  **Labour, Immigration, Training and Skills Development (Total)** | **2102.7** | **2102.7** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
|  **Long-Term Care (Total)<sup>3</sup>** | **9279.3** | **9279.3** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Affairs and Housing (Base) | 798.5 | 798.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time-Limited Investments | 830.7 | 830.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Social Housing Agreement – Payments to Service Managers****  | 128.3 | 128.3 | – |
|  **Municipal Affairs and Housing (Total)** | **1757.4** | **1757.4** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Natural Resources (Base) | 740.4 | 740.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emergency Forest Firefighting | 135.0 | 135.0 | – |
|  **Natural Resources (Total)** | **875.4** | **875.4** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
|  **Northern Economic Development and Growth (Total)** | **805.2** | **805.2** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
|  **Public and Business Service Delivery and Procurement (Total)** | **1712.3** | **1712.3** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rural Affairs (Base) | 14.3 | 14.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time-Limited Investments | 5.0 | 5.0 | – |
|  **Rural Affairs (Total)** | **19.3** | **19.3** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Seniors and Accessibility (Base) | 76.8 | 76.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Seniors Tax Credit  | 104.3 | 104.3 | – |
|  **Seniors and Accessibility (Total)** | **181.1** | **181.1** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
|  **Solicitor General (Total)** | **4463.0** | **4463.0** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sport (Base) | 62.9 | 62.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time-Limited Investments | 150.0 | 150.0 | – |
|  **Sport (Total)** | **212.9** | **212.9** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tourism, Culture and Gaming (Base) | 869.2 | 869.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario Cultural Media Tax Credits | 1028.4 | 1028.4 | – |
|  **Tourism, Culture and Gaming (Total)** | **1897.6** | **1897.6** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation (Base) | 7198.6 | 7198.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal–Provincial Infrastructure Programs | 629.9 | 629.9 | – |
|  **Transportation (Total)** | **7828.6** | **7828.6** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
| *continued...* | *continued...* | *continued...* | *continued...* |

---

------

**Table 3 (continued)** 

**Total Expense<sup>1</sup>** 

**($ Millions)** 

---

| | | | |
|:---|:---|:---|:---|
| | **2025–26** | **2025–26** | **2025–26** |
| <br>**Ministry Expense**  | ***2025<br> Budget*** | **Current<br> Outlook** | **In-Year <br> Change** <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury Board Secretariat (Base) | 403.9 | 403.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Employee and Pensioner Benefits | 1528.0 | 1528.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating Contingency Fund | 2825.0 | 2825.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Contingency Fund | 175.0 | 175.0 | – |
|  **Treasury Board Secretariat (Total)** | **4931.9** | **4931.9** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
|  **Interest and Other Debt Servicing Charges<sup>4</sup>** | **16198.1** | **16198.1** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |
|  **Total Expense** | **232496.6** | **232496.6** | &nbsp;&nbsp;&nbsp;&nbsp; **–**  |

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<sup>1</sup> Numbers reflect current ministry structure.

<sup>2</sup> Includes the estimated cost of tax credit claims for the Regional Opportunities Investment Tax Credit, the Ontario Innovation Tax Credit, the Ontario Business-Research Institute Tax Credit and the Ontario Made Manufacturing Investment Tax Credit (OMMITC). These costs include impacts for an enhancement to the OMMITC proposed in the 2025 Budget, with costs starting in 2025–26. They do not include an expansion of the OMMITC that was also proposed in the 2025 Budget, with impacts reported separately as a revenue decrease. 

<sup>3</sup> The Ontario Ministry of Long-Term Care total includes expenses incurred by Ontario Health for funding for long-term care. These amounts will be consolidated in the total expense of the Ontario Ministry of Health, including $5.7 billion in 2025–26. 

<sup>4</sup> Interest and Other Debt Servicing Charges is net of interest capitalized during construction of tangible capital assets of $1,415 million in 2025–26. 

*Notes:* Numbers may not add due to rounding. Current outlook primarily reflects information available as of June 30, 2025.

*Sources:* Ontario Treasury Board Secretariat and Ontario Ministry of Finance.

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**Table 4** 

**Infrastructure Expenditures** 

**($ Millions)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025–26 Current Outlook** | **2025–26 Current Outlook** | **2025–26 Current Outlook** | ***2025 Budget*** | **In-Year Change** |
| <br>**Sector** | **Investment in<br>Capital<br>Assets<sup>1,2</sup>** | **Transfers<br>and Other<br>Infrastructure**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Expenditures<sup>3</sup>** | **Total<br>Infrastructure**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Expenditures** | **Total<br>Infrastructure**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Expenditures** | **Total**<br> **Infrastructure**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Expenditures**<br>|
|  **Transportation** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Transit | 9671 | 1079 | 10749 | 10749 | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Provincial Highways | 3864 | 395 | 4259 | 4259 | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Transportation, Property and Planning | 177 | 145 | 321 | 321 | – |
|  **Health** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospitals | 4455 | 15 | 4470 | 4470 | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Health | 53 | 679 | 732 | 732 | – |
|  **Education** | 3957 | 260 | 4216 | 4216 | – |
|  **Postsecondary Education** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colleges and Other | 636 | 72 | 708 | 708 | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Universities | – | 185 | 185 | 185 | – |
|  **Social** | 32 | 613 | 644 | 644 | – |
|  **Justice** | 936 | 37 | 973 | 973 | – |
|  **Other Sectors<sup>4</sup>**  | 3323 | 4455 | 7778 | 7778 | – |
|  **Total Infrastructure Expenditures** | **27103** | **7934** | **35037** | **35037** | **–** |
|  Less: Other Partner Funding<sup>5</sup>  | 1690 | – | 1690 | 1690 | – |
|  **Total<sup>6</sup>** | **25412** | **7934** | **33346** | **33346** | **–** |

---

<sup>1</sup> Includes $1,415 million in interest capitalized during construction. 

<sup>2</sup> Includes provincial investment in capital assets of $23.1 billion. 

<sup>3</sup> Includes transfers to municipalities, universities and non-consolidated agencies.

<sup>4</sup> Includes high-speed internet infrastructure, government administration, natural resources and culture and tourism industries.

<sup>5</sup> Other Partner Funding refers to third-party investments, primarily in hospitals, colleges and schools.

<sup>6</sup> Includes Federal–Municipal contributions to provincial infrastructure investments.

*Notes:* Numbers may not add due to rounding. Current outlook primarily reflects information available as of June 30, 2025.

*Source:* Ontario Treasury Board Secretariat.

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**Table 5** 

**Five-Year Review of Selected Financial and Economic Statistics** 

**($ Millions)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Actual** | **Interim<sup>1</sup>** | **Current<br>Outlook** |
| | **2021–22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2022–23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2023–24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2024–25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2025–26** |
|  **Revenue** | **185847** | **194431** | **209021** | **221602** | **219887** |
|  **Expense** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Programs | 170520 | 186364 | 195207 | 212374 | 216298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and Other Debt Servicing Charges<sup>2</sup>  | 13302 | 13935 | 14461 | 15224 | 16198 |
|  **Total Expense** | **183822** | **200299** | **209668** | **227598** | **232497** |
|  Reserve | – | – | – | – | 2000 |
|  **Surplus/(Deficit)** | **2025** | **(5868)** | **(647)** | **(5996)** | **(14609)** |
|  Net Debt | 382842 | 399806 | 407969 | 428125 | 460758 |
|  Accumulated Deficit | 238160 | 246007 | 244309 | 250305 | 264914 |
|  Gross Domestic Product (GDP) at Market Prices | 970146 | 1061714 | 1119545 | 1178353 | 1214882 |
|  Primary Household Income | 642144 | 692033 | 736585 | 791627 | 823292 |
|  Population — July (000s)<sup>3</sup> | 14842 | 15141 | 15623 | 16124 | 16348 |
|  Net Debt Per Capita (dollars) | 25794 | 26405 | 26113 | 26552 | 28184 |
|  Household Income Per Capita (dollars) | 43264 | 45705 | 47147 | 49033 | 50359 |
|  Net Debt as a Per Cent of Operating Revenue | 206.8% | 207.3% | 198.1% | 195.4% | 211.4% |
|  Net Interest as a Per Cent of Operating Revenue | 6.8% | 6.4% | 5.5% | 5.8% | 6.5% |
|  Net Debt as a Per Cent of GDP | 39.5% | 37.7% | 36.4% | 36.3% | 37.9% |
|  Accumulated Deficit as a Per Cent of GDP | 24.5% | 23.2% | 21.8% | 21.2% | 21.8% |

---

<sup>1</sup> Interim represents the *2025 Budget* projection for the 2024–25 fiscal year, updated for the latest available information for GDP, household income and net debt.

<sup>2</sup> Interest and Other Debt Servicing Charges is net of interest capitalized during construction of tangible capital assets of $694 million in 2022–23, $978 million in 2023–24, $1,195 million in 2024–25 and $1,415 million in 2025–26**.** 

<sup>3</sup> Population figures are for July 1 of the fiscal year indicated (i.e., for 2025–26, the population on July 1, 2025 is shown).

*Notes:* Numbers may not add due to rounding. Current outlook primarily reflects information available as of June 30, 2025.

*Sources:* Statistics Canada, Ontario Treasury Board Secretariat and Ontario Ministry of Finance.

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## Section D: Ontario's 2025–26 Borrowing Program
**Table 6** 

**Ontario's 2025–26 Borrowing Program** 

**($ Billions)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025–26** | **2025–26** | **2025–26** |
| | ***2025 Budget*** | **Current<br> Outlook** | **Change from** <br> ***2025 Budget*** <br>|
|  Deficit/(Surplus) | 14.6 | 14.6 | – |
|  Provincial Investment in Capital Assets | 23.1 | 23.1 | – |
|  Amortization of Capital Assets | (9.1) | (9.1) | – |
|  Non-Cash and Cash Timing Adjustments | (3.1) | (3.1) | – |
|  Net Loans and Investments | 1.2 | 1.2 | – |
|  Debt Maturities and Redemptions | 33.1 | 33.1 | – |
|  **Total Funding Requirement** | **59.8** | **59.8** | **–** |
|  Decrease/(Increase) in Short-Term Borrowing | (5.0) | (5.0) | – |
|  Increase/(Decrease) in Year-End Cash and Cash Equivalents | (12.0) | (12.0) | – |
|  **Total Long-Term Public Borrowing** | **42.8** | **42.8** | **–** |

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*Note:* Numbers may not add due to rounding.

*Source:* Ontario Financing Authority.

Ontario's current funding requirements and long-term borrowing for 2025–26 are projected to remain unchanged from the forecast in the *2025 Budget*.

As of July 31, 2025, Ontario had completed $20.9 billion or 48.9 per cent of its $42.8 billion 2025–26 long-term borrowing program. Approximately $14.3 billion or 68.5 per cent was completed in Canadian dollars, with the remaining $6.6 billion or 31.5 per cent completed primarily in U.S. dollars and euros.

Green Bonds remain a core component of Ontario's borrowing program and are an important tool to help finance public transit initiatives, extreme weather-resilient infrastructure, as well as energy efficiency and conservation projects. Ontario remains the largest issuer of Canadian dollar Green Bonds, totalling $21.5 billion issued since 2014–15, with $16.8 billion outstanding.

Ontario plans to continue its leadership in the Canadian dollar Green Bond market and, subject to market conditions, will issue multiple Green Bonds each fiscal year, including in 2025–26.

Ontario's cost of borrowing for 2025–26 remains at 4.0 per cent, as long-term rates have remained within the range forecasted in the *2025 Budget* through the first quarter. The province will continue to monitor movements in interest rates and provide regular updates on the Interest and Other Debt Servicing Charges expense in future fiscal updates.

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**2025–26 Long-Term Borrowing** 

**Table 7** 

**2025–26 Long-Term Borrowing** 

**($ Billions)** 

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| | |
|:---|:---|
|  Canadian Dollar Issues | 14.3 |
|  Foreign Currency Issues | 6.6 |
|  **Total** | **20.9** |

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*Notes:* Numbers may not add due to rounding**.** As of July 31, 2025.

*Source:* Ontario Financing Authority.

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Ministry of Finance www.ontario.ca/finance

For general inquiries regarding the *2025–26 First Quarter Finances*, please call or email:

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| | |
|:---|:---|
|  Toll-free English and French inquiries: | 1-800-337-7222 |
|  Teletypewriter (TTY): | 1-800-263-7776 |
|  Email: | **FinanceCommunications.fin@ontario.ca** |

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