# EDGAR Filing Document

**Accession Number:** 0000074615
**File Stem:** 0001193125-26-045547
**Filing Date:** 2026-2
**Character Count:** 43156
**Document Hash:** fa88599dc674f4230eb2d347b0403d66
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-045547.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0001193125-26-045547

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

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260211

**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:** 26618379

**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. 2 TO** 

**ANNUAL REPORT** 

**of** 

## PROVINCE OF ONTARIO
(Canada)

(Name of Registrant)

Date of end of last fiscal year: March 31, 2025

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

Allen Overy Shearman Sterling US LLP

Commerce Court West

199 Bay Street, Suite 4405

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, 2025 (the "Annual Report") as follows:

The following additional exhibits are added to the Annual Report:

Exhibit (99.4) [2025-26 Third Quarter Finances](d833884dex994.htm)

------

**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) |
| February 11, 2026 | By: | /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 (99.4): [2025-26 Third Quarter Finances](d833884dex994.htm)

## Exhibit 99.4

**Exhibit 99.4**![LOGO](g833884g0210155906747.jpg)

---

| | |
|:---|:---|
| **MINISTRY OF FINANCE** |  |
| **2025–26 Third Quarter Finances** | **February 2026** |

---

---

| | | |
|:---|:---|:---|
| **Contents**<br>|  | The Third Quarter Finances report contains information about Ontario's 2025–26 fiscal outlook, primarily as of December 31, 2025. |
| A. Ontario's 2025–26 Fiscal Outlook<br>| 2 <br>| The Third Quarter Finances report contains information about Ontario's 2025–26 fiscal outlook, primarily as of December 31, 2025. |
| B. Ontario's Economic Outlook<br>| 8 <br>| The Third Quarter Finances report contains information about Ontario's 2025–26 fiscal outlook, primarily as of December 31, 2025. |
| C. Details of Ontario's Finances<br>| 10 <br>| The Third Quarter Finances report contains information about Ontario's 2025–26 fiscal outlook, primarily as of December 31, 2025. |
| D. Ontario's 2025–26 Borrowing Program | 16 <br>| The Third Quarter Finances report contains information about Ontario's 2025–26 fiscal outlook, primarily as of December 31, 2025. |

---

**Highlights** 

• Ontario's real gross domestic product (GDP) increased 0.5 per cent in the third quarter of 2025, following a
0.7 per cent decline in the second quarter. Ontario's real GDP rose by an estimated 1.2 per cent in 2025, which is higher than projected at the time of the *2025 Ontario Economic Outlook and Fiscal Review*, while the
private-sector average projection for real GDP growth in 2026 has increased slightly to 1.1 per cent.

• As of the *2025–26 Third Quarter Finances*, the province's 2025–26 deficit is projected to be
$13.4 billion—an improvement of $0.1 billion compared to the *2025 Ontario Economic Outlook and Fiscal Review*. The *2025 Budget*, published in May 2025, projected a
deficit of $14.6 billion.

• Revenues in 2025–26 are projected to be $223.7 billion, $3.8 billion higher than forecasted in the *2025 Budget* and $0.6 billion higher than expected in the *2025 Ontario Economic Outlook and Fiscal Revie* w.

• Overall program expense in 2025–26 is projected to be $219.9 billion, $3.6 billion higher than forecasted
in the *2025 Budget* and $1.5 billion higher than the forecast in the *2025 Ontario Economic Outlook and Fiscal Review*.

------

## Section A: Ontario's 2025–26 Fiscal Outlook
The *2025–26 Third Quarter Finances* provides the final update on the province's economic and fiscal outlook for the 2025–26 fiscal year, ahead of the *2026 Budget*, demonstrating the government's leadership and commitment to transparency and accountability. Protecting Ontario through building a more competitive, resilient and self-reliant economy remains the focus of the government's economic plan. In the face of global economic uncertainty driven by evolving U.S. trade policy, the government will continue making investments to support growth and keep costs down for families, while maintaining a prudent and targeted path to balance.

Ontario's finances are in the strongest position they have been in for over a decade. In 2024, S&P Global and Morningstar DBRS upgraded Ontario's credit rating. This reverses the trend of credit downgrades and shows that Ontario's prudent and responsible fiscal plan is working. A higher credit rating means Ontario is seen as a lower-risk borrower. This reduces Ontario's borrowing costs and supports investment in the province, creating more jobs while financing the government's historic infrastructure plans. Since the credit rating upgrades, Ontario has seen new international buyers of its bonds and continues to have the lowest interest rate of all provinces in the 30-year term.

In 2025, all four major credit rating agencies—Moody's, Fitch, Morningstar DBRS and S&P Global—affirmed 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.

Ontario's 2025–26 deficit is projected to be $13.4 billion—an improvement of $0.1 billion from the outlook published in the *2025 Ontario Economic Outlook and Fiscal Review*. The *2025 Budget*, published in May 2025, projected a deficit of $14.6 billion.

Revenues in 2025–26 are projected to be $3.8 billion higher than forecasted in the *2025 Budget* and $0.6 billion higher than expected in the *2025 Ontario Economic Outlook and Fiscal Review*.

Overall program expense in 2025–26 is projected to be $219.9 billion, $3.6 billion higher than the *2025 Budget* projection, and $1.5 billion higher than the forecast in the *2025 Ontario Economic Outlook and Fiscal Review*. New commitments since the *2025 Ontario Economic Outlook and Fiscal Review* primarily relate to investments to support the Ontario Student Assistance Program, hospital funding, emergency firefighting and evacuation services, road safety, and agreements with First Nation communities to unlock the Ring of Fire.

Interest and Other Debt Servicing Charges in 2025–26 is projected to be $16.2 billion, consistent with the forecasts in the *2025 Budget* and the *2025 Ontario Economic Outlook and Fiscal Review*.

At the time of the *2025–26 Third Quarter Finances*, the net debt-to-GDP ratio is projected to be 36.9 per cent in 2025–26, 1.0 percentage point lower than the 37.9 per cent forecast in the *2025 Budget* and 0.8 percentage points lower than the 37.7 per cent forecast in the *2025 Ontario Economic Outlook and Fiscal Review.* 

------

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. With the release of the *2025–26 Third Quarter Finances*, the reserve has been reduced to $1.0 billion. The reserve provides prudence in the government's fiscal framework and is distinct from contingency funds that set aside dedicated funding. The remaining reserve can be used to safeguard against any events and uncertainty that may arise or can be eliminated if not needed as part of year-end projections, supporting the government's ability to protect the fiscal plan and uphold prudent financial management.

The government's next economic and fiscal update, including the province's final projection for 2025–26, will be released by March 31, 2026, as part of the *2026 Budget*.

**Table 1** 

**2025–26 In-Year Fiscal Performance<sup>1</sup>** 

---

| | | | |
|:---|:---|:---|:---|
| **($ Millions)** | | | |
| | ***2025 Budget*** | **Current Outlook** | **In-Year Change** |
|  **Revenue** | **219887** | **223682** | **3795** |
|  **Expense** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Programs | 216298 | 219929 | 3631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and Other Debt Servicing Charges | 16198 | 16177 | (21) |
|  **Total Expense** | **232497** | **236106** | **3609** |
|  **Surplus/(Deficit) Before Reserve** | **(12609)** | **(12424)** | **186** |
|  Reserve | 2000 | 1000 | (1000) |
|  **Surplus/(Deficit)** | **(14609)** | **(13424)** | **1186** |

---

<sup>1</sup> Beginning in the *2025 Budget*, the Total Revenue, Interest and Other Debt Servicing Charges (IOD), and Total Expense figures for all years have been restated to report interest and investment income as part of revenue and separate from IOD. These changes are fiscally neutral. 

*Notes:* Numbers may not add due to rounding. Current outlook primarily reflects information available as of December 31, 2025.

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

------

**Revenue** 

The outlook for revenue in 2025–26 is projected to be $223.7 billion, an increase of $3.8 billion compared to the *2025 Budget* and $0.6 billion higher than the *2025 Ontario Economic Outlook and Fiscal Review.* 

Key changes in the revenue outlook compared to the *2025 Ontario Economic Outlook and Fiscal Review* include:

• **Government of Canada Transfers** projections have increased by $178 million, mainly due to higher Canada Health
Transfer and Canada Social Transfer, as well as additional funding for emergency evacuation support services for First Nations.

• **Net Income from Government Business Enterprises** increased by $399 million, driven mainly by a higher net
income forecast for Ontario Power Generation, reflecting stronger realized gains in Ontario nuclear funds.

**Table 2** 

**Key Changes to 2025–26 Revenue Projections** 

---

| | |
|:---|:---|
| **($ Millions)** | |
| | **2025–26** |
|  ***2025 Budget* Total Revenue<sup>1</sup>** | **219887** |
|  **Revenue Changes in the *2025–26 First Quarter Finances*** | **–** |
|  **Revenue Changes in the *2025 Ontario Economic Outlook and Fiscal Review*** | **3219** |
|  **Revenue Changes Since the *2025 Ontario Economic Outlook and Fiscal Review***  |  |
|  Government of Canada Transfers | 178 |
|  Government Business Enterprises | 399 |
|  **Total Revenue Changes Since the *2025 Ontario Economic Outlook and Fiscal Review*** | **577** |
|  **Total Revenue Changes Since the *2025 Budget*** | **3795** |
|  ***2025–26 Third Quarter Finances* Total Revenue Outlook** | **223682** |

---

<sup>1</sup> Beginning in the *2025 Budget*, the Total Revenue, Interest and Other Debt Servicing Charges (IOD), and Total Expense figures for all years have been restated to report interest and investment income as part of revenue and separate from IOD. These changes are fiscally neutral. 

*Notes:* Numbers may not add due to rounding. Current outlook primarily reflects information available as of December 31, 2025.

*Source:* Ontario Ministry of Finance.

Additional developments could materially affect the 2025–26 revenue outlook as new information becomes available during and well after the end of the 2025–26 fiscal year. These include changes to the economic growth outlook, the results from tax return processing, revenue collections from Ontario-administered taxes and the earnings of government business enterprises. The government will monitor these developments and provide further details in future fiscal updates.

------

**Expense** 

Total expense is projected to be $236.1 billion, $3.6 billion higher than the *2025 Budget* projection and $1.5 billion higher than the projection at the time of the *2025 Ontario Economic Outlook and Fiscal Review.* 

**Table 3** 

**Key Changes to 2025–26 Total Expense Projections** 

---

| | | |
|:---|:---|:---|
| **($ Millions)** | | |
| | | ***2025–26*** |
|  ***2025 Budget* Total Expense<sup>1</sup>** |  | **232497** |
|  **Total Expense Changes in the *2025–26 First Quarter Finances***  |  | **–** |
|  **Total Expense Changes in the *2025 Ontario Economic Outlook and Fiscal Review*** |  | **2130** |
|  **Total Program Expense Changes Since the *2025 Ontario Economic Outlook and Fiscal Review*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario Student Assistance Program  | 1429 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Targeted Hospital Funding and Other Hospital Supports | 664 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emergency Firefighting | 60 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emergency Evacuation Support Services—First Nations | 51 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Road Safety Initiatives Fund | 42 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ring of Fire Community Partnership Agreements with Webequie and Marten Falls First Nations | 22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rebuilding and Re-Imagining Samuel de Champlain Provincial Park | 2 |  |
|  **Total Program Expense Changes Since the *2025 Ontario Economic Outlook and Fiscal Review*** |  | **2270** |
| &nbsp;&nbsp;&nbsp;&nbsp; Drawdown of the Contingency Fund |  | (790) |
|  **Total Net Program Expense Changes Since the *2025 Ontario Economic Outlook and Fiscal Review*** |  | **1480** |
|  Interest and Other Debt Servicing Charges Change Since the *2025 Ontario Economic Outlook and Fiscal Review*  |  | – |
|  **Total Expense Changes Since the *2025 Ontario Economic Outlook and Fiscal Review***  |  | **1480** |
|  **Total Expense Changes Since the *2025 Budget***  |  | **3609** |
|  ***2025–26 Third Quarter Finances* Total Expense Outlook** |  | **236106** |

---

<sup>1</sup> Beginning in the *2025 Budget*, the Total Revenue, Interest and Other Debt Servicing Charges (IOD), and Total Expense figures for all years have been restated to report interest and investment income as part of revenue and separate from IOD. These changes are fiscally neutral. 

*Notes:* Numbers may not add due to rounding. Current outlook primarily reflects information available as of December 31, 2025.

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

------

***Program Expense Update***

Total program expense in 2025–26 is projected to be $219.9 billion, $3.6 billion higher than forecasted in the *2025 Budget* and $1.5 billion higher than the *2025 Ontario Economic Outlook and Fiscal Review*. New commitments since the release of the *2025 Ontario Economic Outlook and Fiscal Review* include supports for the Ontario Student Assistance Program, hospital funding, emergency firefighting and evacuation services, road safety, and agreements with First Nations to unlock the economic benefits of the Ring of Fire.

Key changes to program expense projections since the release of the *2025 Ontario Economic Outlook and Fiscal Review* include:

• $1,429.0 million for the Ontario Student Assistance Program, due to higher-than-forecasted uptake;

• $664.1 million in health sector supports, to address hospital operational pressures;

• $60.0 million to meet requirements for wildfire management and suppression activities for the 2025 fire season,
which saw a 300 per cent increase in hectares burned, compared to 2024;

• $50.7 million to support evacuation services for First Nation communities affected by spring flooding and wildland
fires;

• $42.0 million, as part of the Road Safety Initiatives Fund, to support traffic-calming measures in school zones and
community safety zones that previously deployed municipal speed cameras;

• $21.5 million for community supports, as part of the implementation of the Community Partnership Agreements with the
Webequie and Marten Falls First Nations, to unlock the economic benefits of the Ring of Fire; and

• $2.5 million as part of the government's $4.8 million investment to rebuild and upgrade the storm-damaged Samuel de Champlain Provincial Park. The revitalization will attract visitors, create jobs and help more people enjoy the outdoors.

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

Interest and Other Debt Servicing Charges expense is projected to be $16.2 billion, consistent with the forecast in the *2025 Budget* and the *2025 Ontario Economic Outlook and Fiscal Review*. Interest rates have been within the range anticipated since the *2025 Budget*. As a result, Ontario's cost of borrowing for 2025–26 remains unchanged at 4.0 per cent.

------

**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 expenses, including those resulting from Ontario's economic performance. With the release of the *2025–26 Third Quarter Finances*, the reserve has been reduced to $1.0 billion. The remaining reserve can be used to safeguard against any events and uncertainty that may arise, or can be eliminated if not needed as part of year-end projections, supporting the government's ability to protect the fiscal plan and uphold prudent financial management.

In addition, the Contingency Fund is maintained to help mitigate expense risks—for example, in cases where health and safety may be compromised, or in case of unforeseen events which may otherwise adversely affect Ontario's fiscal performance. The remaining balance of the Contingency Fund is $3.8 billion for 2025–26.

------

## Section B: Ontario's Economic Outlook
**Economic Outlook** 

In the third calendar quarter of 2025, Ontario's real gross domestic product (GDP) increased 0.5 per cent, following a 0.7 per cent decrease in the second quarter of 2025. Growth in the third quarter was supported by gains in net trade, as exports edged up and imports declined. The outlook for global growth has remained resilient, despite the impacts of changing trade policies and the associated rise in uncertainty. The International Monetary Fund estimates that global real GDP grew by 3.3 per cent in 2025, and projects real GDP to again increase by 3.3 per cent in 2026. United States real GDP is estimated to have increased by 2.1 per cent in 2025 and is projected to also rise by 2.1 per cent in 2026, according to *Blue Chip Economic Indicators*.

Ontario's real GDP rose by an estimated 1.2 per cent in 2025, which is higher than was expected at the time of the *2025 Ontario Economic Outlook and Fiscal Review*. Private-sector forecasters, on average, project Ontario's real GDP to rise by 1.1 per cent in 2026, which is slightly higher than the private-sector average of 1.0 per cent at the time of the *2025 Ontario Economic Outlook and Fiscal Review*.

![LOGO](g833884g14g16.jpg)

------

The evolution of United States trade policy remains the most significant risk to Ontario's economic outlook. Ontario's significant trading relationship with the U.S. exposes the economy to shifts in U.S. trade policy and related uncertainty. In addition to the direct impacts of trade disruptions, elevated uncertainty can also impact consumer and business spending and investment decisions. Shifting trade policies and elevated geopolitical tensions are a risk to global supply chains and commodity markets. Significant shocks could contribute to a rise in inflation, which could lead to higher interest rates.

------

## Section C: Details of Ontario's Finances
**Table 4** 

**Revenue<sup>1</sup>** 

---

| | | | |
|:---|:---|:---|:---|
| **($ 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 | 59268 | 1457 |
|  Sales Tax | 40073 | 40096 | 23 |
|  Corporations Tax | 25980 | 27000 | 1020 |
|  Education Property Tax | 5853 | 5905 | 52 |
|  Employer Health Tax | 9466 | 9390 | (76) |
|  Ontario Health Premium | 5366 | 5392 | 26 |
|  Gasoline Tax | 1664 | 1705 | 41 |
|  Land Transfer Tax | 3875 | 3299 | (576) |
|  Tobacco Tax | 667 | 646 | (21) |
|  Fuel Tax | 522 | 513 | (9) |
|  Beer, Wine and Spirits Taxes | 388 | 415 | 27 |
|  Electricity Payments in Lieu of Taxes | 634 | 564 | (70) |
|  Ontario Portion of the Federal Cannabis Excise Duty | 376 | 385 | 9 |
|  Other Taxes | 1027 | 994 | (33) |
|  | **153702** | **155571** | **1869** |
|  **Government of Canada Transfers** |  |  |  |
|  Canada Health Transfer | 21332 | 21393 | 60 |
|  Canada Social Transfer | 6794 | 6813 | 19 |
|  Equalization | 546 | 546 | – |
|  Infrastructure Programs | 1055 | 1055 | – |
|  Labour Market Programs | 923 | 923 | – |
|  Social Housing Agreement | 133 | 133 | – |
|  Other Federal Payments | 7554 | 7704 | 150 |
|  Direct Transfers to Broader Public Sector Organizations | 509 | 509 | – |
|  | **38846** | **39076** | **230** |
|  **Income from Government Business Enterprises** |  |  |  |
|  Liquor Control Board of Ontario | 1851 | 1851 | – |
|  Ontario Power Generation Inc./Hydro One Ltd. | 1599 | 2187 | 588 |
|  Ontario Lottery and Gaming Corporation | 2405 | 2412 | 7 |
|  Ontario Cannabis Store | 215 | 225 | 10 |
|  iGaming Ontario | 247 | 253 | 6 |
|  | **6317** | **6928** | **611** |
| *continued...* | *continued...* | *continued...* | *continued...* |

---

------

**Table 4 (continued)** 

**Revenue<sup>1</sup>** 

**($ Millions)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025–26** | **2025–26** | **2025–26** |
| | ***2025<br>Budget*** | **Current<br>Outlook** | **In-Year<br>Change**<br>|
|  **Other Non-Tax Revenue** | | | |
|  Fees, Donations and Other Revenues from Hospitals, School Boards and Colleges | 10852 | 11852 | 1000 |
|  Vehicle and Driver Registration Fees | 1242 | 1242 | – |
|  Miscellaneous Other Non-Tax Revenue | 1710 | 1710 | – |
|  Other Fees and Licences | 1874 | 1874 | (0) |
|  Sales and Rentals | 1964 | 1964 | – |
|  Reimbursements | 1074 | 1076 | 2 |
|  Royalties | 309 | 309 | – |
|  Power Supply Contract Recoveries | 44 | 44 | – |
|  Interest and Investment Income | 1953 | 2037 | 84 |
|  | **21022** | **22108** | **1086** |
|  **Total Revenue** | **219887** | **223682** | **3795** |

---

<sup>1</sup> Beginning in the *2025 Budget*, the Total Revenue, Interest and Other Debt Servicing Charges (IOD), and Total Expense figures for all years have been restated to report interest and investment income as part of revenue and separate from IOD. These changes are fiscally neutral. 

*Notes:* Numbers may not add due to rounding. Current outlook primarily reflects information available as of December 31, 2025.

*Source:* Ontario Ministry of Finance.

------

**Table 5** 

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

**($ Millions)** 

---

| | | | |
|:---|:---|:---|:---|
| | **2025–26** | **2025–26** | **2025–26** |
| <br>**Ministry Expense**  | ***2025 Budget*** | **Current Outlook** | **In-Year Change**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Agriculture, Food and Agribusiness (Base) | 474.9 | 478.2 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Demand-Driven Risk Management and Time-Limited Programs | 575.3 | 575.3 | – |
|  **Agriculture, Food and Agribusiness (Total)** | **1050.1** | **1053.4** | &nbsp;&nbsp;&nbsp;&nbsp;**3.3** |
| &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 | 11462.9 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Financial Assistance | 1523.5 | 2952.5 | 1429 |
|  **Colleges, Universities, Research Excellence and Security (Total)** | **12986.2** | **14415.4** | &nbsp;&nbsp;&nbsp;&nbsp; **1429.2** |
| &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 | 1508 | – |
|  **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 | 1733 | – |
|  **Education (Total)** | **42720.4** | **42720.4** | &nbsp;&nbsp;&nbsp;&nbsp; – |
|  **Emergency Preparedness and Response (Total)** | **66.2** | **216.2** | &nbsp;&nbsp;&nbsp;&nbsp;**150.0** |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy and Mines (Base) | 661.5 | 661.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricity Cost Relief Programs | 6463 | 6463 |  |
| &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** | **1046.3** | &nbsp;&nbsp;&nbsp;&nbsp;**4.5** |
|  **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 | 3.6 | 1 |
|  **Francophone Affairs (Total)** | **11.3** | **12.3** | &nbsp;&nbsp;&nbsp;&nbsp;**1.0** |
|  **Health (Total)** | **81851.6** | **82885.4** | &nbsp;&nbsp;&nbsp;&nbsp; **1033.8** |
|  **Indigenous Affairs and First Nations Economic Reconciliation (Total)** | **144.8** | **166.3** | &nbsp;&nbsp;&nbsp;&nbsp;**21.5** |
| &nbsp;&nbsp;&nbsp;&nbsp; Infrastructure (Base) | 747 | 747 |  |
| &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; – |
|  *continued...* | *continued...* | *continued...* | *continued...* |

---

------

**Table 5 (continued)** 

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

**($ Millions)** 

---

| | | | |
|:---|:---|:---|:---|
| | **2025–26** | **2025–26** | **2025–26** |
| <br>**Ministry Expense**  | ***2025 Budget*** | **Current Outlook** | **In-Year Change**<br>|
| &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 | 770.4 | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emergency Forest Firefighting | 135.0 | 285.0 | 150.0 |
|  **Natural Resources (Total)** | **875.4** | **1055.4** | &nbsp;&nbsp;&nbsp;&nbsp;**180.0** |
|  **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 Credits | 104.3 | 104.3 | – |
|  **Seniors and Accessibility (Total)** | **181.1** | **181.1** | &nbsp;&nbsp;&nbsp;&nbsp; – |
|  **Solicitor General (Total)** | **4463.0** | **4473.0** | &nbsp;&nbsp;&nbsp;&nbsp;**10.0** |
| &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 | 871.4 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario Cultural Media Tax Credits  | 1028.4 | 1028.4 | – |
|  **Tourism, Culture and Gaming (Total)** | **1897.6** | **1899.8** | &nbsp;&nbsp;&nbsp;&nbsp;**2.2** |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation (Base) | 7198.6 | 7240.6 | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal-Provincial Infrastructure Programs | 629.9 | 629.9 | – |
|  **Transportation (Total)** | **7828.6** | **7870.6** | &nbsp;&nbsp;&nbsp;&nbsp;**42.0** |
| &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 | 3599.6 | 774.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Contingency Fund | 175.0 | 153.5 | (21.5) |
|  **Treasury Board Secretariat (Total)** | **4931.9** | **5685.0** | &nbsp;&nbsp;&nbsp;&nbsp;**753.1** |
|  **Interest and Other Debt Servicing Charges<sup>4, 5</sup>**  | **16198.1** | **16177.0** | &nbsp;&nbsp;&nbsp;&nbsp; **(21.1)** |
|  **Total Expense<sup>5</sup>**  | **232496.6** | **236106.0** | &nbsp;&nbsp;&nbsp;&nbsp; **3609.5** |

---

<sup>1</sup> Ministry expenses have been restated for reclassification and program transfer changes. These changes are fiscally neutral.

<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). The OMMITC costs commence in 2023–24 and include costs starting in 2025–26 for the proposed OMMITC enhancement, but not the proposed OMMITC expansion, the impacts of which are reported separately as a revenue decrease. 

<sup>3</sup> The Ontario Ministry of Long-Term Care total includes expenses incurred by Ontario Health and hospitals 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 $1,412 million in 2025–26. 

<sup>5</sup> Beginning in the 2025 Budget, the Total Revenue, Interest and Other Debt Servicing Charges (IOD), and Total Expense figures for all years have been restated to report interest and investment income as part of revenue and separate from IOD. These changes are fiscally neutral. 

*Notes*: Numbers may not add due to rounding. Current outlook primarily reflects information available as of December 31, 2025.

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

------

**Table 6** 

**Infrastructure Expenditures** 

**($ Millions)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025–26** | **2025–26** | **2025–26** | **2025–26** | **2025–26** |
| | **2025 Budget** | **Current Outlook** | **Current Outlook** | **Current Outlook** | **Change from<br>*2025 Budget*** |
| <br>**Sector** | **Total<br>Infrastructure<br>Expenditures** | **Investment<br>in Capital<br>Assets<sup>1,2</sup>** | **Transfers<br>and Other<br>Infrastructure<br>Expenditures<sup>3</sup>** | **Total<br>Infrastructure<br>Expenditures** | **Total<br>Infrastructure<br>Expenditures**<br>|
|  **Transportation** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Transit | 10749 | 10871 | 1079 | 11949 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provincial Highways | 4259 | 3864 | 395 | 4259 | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Transportation, Property and Planning | 321 | 177 | 145 | 321 | – |
|  **Health** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospitals | 4470 | 4455 | 15 | 4470 | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Health | 732 | 53 | 680 | 733 | 0 |
|  **Education** | 4216 | 3957 | 260 | 4216 | – |
|  **Postsecondary Education** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colleges and Other | 708 | 636 | 72 | 708 | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Universities | 185 | – | 185 | 185 | – |
|  **Social** | 644 | 32 | 613 | 644 | – |
|  **Justice** | 973 | 936 | 37 | 973 | – |
|  **Other Sectors<sup>4</sup>** | 7778 | 3350 | 4450 | 7800 | 22 |
|  **Total Infrastructure Expenditures** | **35037** | **28330** | **7929** | **36259** | **1222** |
|  Less: Other Partner Funding<sup>5</sup> | 1690 | 1691 | – | 1691 | 1 |
|  **Total<sup>6</sup>**  | **33346** | **26639** | **7929** | **34568** | **1222** |

---

<sup>1</sup> Includes provincial investment in capital assets of $24.3 billion. 

<sup>2</sup> Includes $1,412 million in interest capitalized during construction. 

<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 the 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 December 31, 2025.

 *Source:* Ontario Treasury Board Secretariat.

------

**Table 7** 

**Five-Year Review of Selected Financial and Economic Statistics<sup>1, 2</sup>** 

**($ Millions)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Actual** | **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** | **208975** | **226161** | **223682** |
|  **Expense** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Programs | 170520 | 186364 | 195207 | 212129 | 219929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and Other Debt Servicing Charges<sup>3</sup>  | 13302 | 13935 | 14461 | 15122 | 16177 |
|  **Total Expense** | **183822** | **200299** | **209668** | **227251** | **236106** |
|  Reserve | – | – | – | – | 1000 |
|  **Surplus/(Deficit)** | **2025** | **(5868)** | **(693)** | **(1090)** | **(13424)** |
|  Net Debt | 382842 | 399806 | 409761 | 427050 | 459724 |
|  Accumulated Deficit | 238160 | 246007 | 246101 | 247060 | 260484 |
|  Gross Domestic Product (GDP) at Market Prices | 970146 | 1065260 | 1138592 | 1197020 | 1246922 |
|  Primary Household Income | 642144 | 689842 | 740660 | 797253 | 831850 |
|  Population — July (000s)<sup>4</sup>  | 14842 | 15156 | 15632 | 16145 | 16258 |
|  Net Debt Per Capita (dollars) | 25794 | 26380 | 26212 | 26451 | 28276 |
|  Household Income Per Capita (dollars) | 43264 | 45517 | 47380 | 49381 | 51165 |
|  Net Debt as a Per Cent of Operating Revenue | 206.8% | 207.3% | 199.0% | 191.2% | 207.4% |
|  Net Interest as a Per Cent of Operating Revenue | 6.8% | 6.4% | 5.5% | 5.5% | 6.4% |
|  Net Debt as a Per Cent of GDP | 39.5% | 37.5% | 36.0% | 35.7% | 36.9% |
|  Accumulated Deficit as a Per Cent of GDP | 24.5% | 23.1% | 21.6% | 20.6% | 20.9% |

---

<sup> 1</sup> Beginning in the *2025 Budget*, the Total Revenue, Interest and Other Debt Servicing Charges (IOD), and Total Expense figures for all years have been restated to report interest and investment income as part of revenue and separate from IOD. These changes are fiscally neutral. 

<sup>2</sup> Actual results for 2023–24 are restated to present an accounting policy change implemented in the *Public Accounts of Ontario 2024–25* regarding the calculation of accrued Corporations Tax Revenue.

<sup> 3</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, $1,221 million in 2024–25 and $1,412 million in 2025–26. 

<sup>4</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 December 31, 2025.

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

------

## Section D: Ontario's 2025–26 Borrowing Program
**Table 8** 

**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 | 13.4 | (1.2) |
|  Provincial Investment in Capital Assets | 23.1 | 24.3 | 1.2 |
|  Amortization of Capital Assets<sup>1</sup> | (9.1) | (9.1) | – |
|  Non-Cash and Cash Timing Adjustments | (3.1) | (2.1) | 1 |
|  Net Loans and Investments | 1.2 | 2.4 | 1.2 |
|  Debt Maturities/Redemptions | 33.1 | 33.1 | – |
|  **Total Funding Requirement** | **59.8** | **62.0** | **2.2** |
|  Decrease/(Increase) in Short-Term Borrowing | (5.0) | (5.5) | (0.5) |
|  Increase/(Decrease) in Year-End Cash and Cash Equivalents | (12.0) | (5.6) | 6.4 |
|  **Total Long-Term Borrowing** | **42.8** | **50.9** | **8.1** |

---

<sup>1</sup> Starting in the *2025 Budget*, Amortization of Capital Assets will be reflected in a separate line in this table to reflect the increasing impact of the capital plan on the borrowing program.

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

 *Source:* Ontario Financing Authority.

As of February 5, 2026, Ontario completed $50.9 billion of long-term borrowing in 2025–26 and has begun pre-borrowing for the next fiscal year. Approximately $32.3 billion, or 63 per cent, was completed in Canadian dollars, with the remaining $18.6 billion, or 37 per cent, completed in U.S. dollars, euros and Swiss francs.

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 $24.6 billion issued since 2014–15, with $19.85 billion outstanding.

Interest rates have been within the range forecasted in the *2025 Budget* and the *2025 Ontario Economic Outlook and Fiscal Review*. As a result, Ontario's cost of borrowing for 2025–26 remains unchanged at 4.0 per cent. Ontario is estimated to pay Interest and Other Debt Servicing Charges of $16.2 billion, consistent with the *2025 Budget* and the *2025 Ontario Economic Outlook and Fiscal Review.*

------

**2025–26 Long-Term Borrowing** 

**Table 9** 

**2025–26 Long-Term Borrowing** 

**($ Billions)** 

---

| | |
|:---|:---|
|  Canadian Dollar Issues | 32.3 |
|  Foreign Currency Issues | 18.6 |
|  **Total** | **50.9** |

---

 *Notes:* Numbers may not add due to rounding**.** As of February 5, 2026.

 *Source:* Ontario Financing Authority.

------

Ministry of Finance www.ontario.ca/finance

For general inquiries regarding the *2025–26 Third 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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