# EDGAR Filing Document

**Accession Number:** 0000074615
**File Stem:** 0001193125-25-330532
**Filing Date:** 2025-12
**Character Count:** 193680
**Document Hash:** 2ae33ab33c6d612e81dc4b786c8decdd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-330532.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001193125-25-330532

**CONFORMED SUBMISSION TYPE**: 18-K

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**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
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 002-31357
- **FILM NUMBER:** 251598031

**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** 

**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**<br> **which registration**<br> **is effective** | **Names of**<br> **exchanges on**<br> **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 1E8** 

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

------

**PROVINCE OF ONTARIO** 

The information set forth below is to be furnished:

1. In respect of each issue of securities of the registrant registered, a brief statement as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The general effect of any material modifications, not previously reported, of the rights of the holders of such
securities.

None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The title and the material provisions of any law, decree or administrative action, not previously reported, by
reason of which the security is not being serviced in accordance with the terms thereof.

None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The circumstances of any other failure, not previously reported, to pay principal, interest, or any sinking
fund or amortization installment.

None.

2. A statement as of the close of the last fiscal year of the registrant giving the total outstanding of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Internal funded debt of the registrant. (Total to be stated in the currency of the registrant. If any internal
funded debt is payable in a foreign currency, it should not be included under this paragraph (a), but under paragraph (b) of this item.)

Certain information concerning internal funded debt of the registrant is included in Exhibit 99.2 hereto and is incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) External funded debt of the registrant. (Totals to be stated in the respective currencies in which payable. No
statement need be furnished as to intergovernmental debt.)

Certain information concerning external funded debt of the registrant is included in Exhibit 99.2 hereto and is incorporated by reference herein.

3. A statement giving the title, year of issue, date of maturity, interest rate and amount outstanding, together
with the currency or currencies in which payable, of each issue of funded debt of the registrant outstanding as of the close of the last fiscal year of the registrant.

Certain information concerning the funded debt of the registrant is included in Exhibit 99.2 hereto and is incorporated by reference herein.

---

| | |
|:---|:---|
| 4. (a) | As to each issue of securities of the registrant, which is registered, there should be furnished a break-down of the total amount outstanding, as shown in Item 3, into the following:  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Total amount held by or for the account of the registrant.

None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Total estimated amount held by nationals of the registrant (or if registrant is other than a national
government by the nationals of its national government); this estimate need be furnished only if it is practicable to do so.

Not practicable to furnish.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Total amount otherwise outstanding.

Certain information concerning the securities of the registrant which are registered is included in Exhibit 99.2 hereto and is incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a substantial amount is set forth in answer to paragraph (a)(1) above, describe briefly the method employed
by the registrant to reacquire such securities.

Not applicable.

I

------

5. A statement as of the close of the last fiscal year of the registrant giving the estimated total of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Internal floating indebtedness of the registrant. (Total to be stated in the currency of the registrant.)

Certain information concerning internal floating indebtedness of the registrant is included in Exhibit 99.2 hereto and is incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) External floating indebtedness of the registrant. (Total to be stated in the respective currencies in which
payable.)

Certain information concerning external floating indebtedness of the registrant is included in Exhibit 99.2 hereto and is incorporated by reference herein.

6. Statements of the receipts, classified by source, and of the expenditures, classified by purpose, of the
registrant for each fiscal year of the registrant ended since the close of the latest fiscal year for which such information was previously reported. These statements should be so itemized as to be reasonably informative and should cover both
ordinary and extraordinary receipts and expenditures; there should be indicated separately, if practicable, the amount of receipts pledged or otherwise specifically allocated to any issue registered, indicating the issue.

Certain information concerning revenue and expenditure of the registrant is included in Exhibit 99.2 and Exhibit 99.8 hereto and is incorporated by reference herein.

7. (a) any foreign exchange control, not previously reported, has been established by the registrant (or if the registrant is other than a national government, by its national government), briefly describe the effect of any such action, not previously reported.

None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any foreign exchange control previously reported has been discontinued or materially modified, briefly
describe the effect of any such action, not previously reported.

Not applicable.

II

------

**Special Note Regarding Forward-Looking Statements:** 

This document, including the exhibits hereto, contains forward-looking statements which may be identified by their use of words like "plans," "expected," "will," "project," "estimated," "forecast" or other words of similar meaning. All statements that address expectations or projections about the future are forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. It cannot be guaranteed that these assumptions and expectations are accurate or will be realized. You should understand that many important factors, in addition to those discussed or incorporated by reference in this document, could cause the Province's results to differ materially from those expressed in the forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and assumptions about the Province of Ontario, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Province's economic and political trends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Province's ability to control expenses and maintain revenues.

In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this annual report might not occur. The forward-looking statements speak only as of the date they are made and the Province undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information or future events or otherwise, except as may be required by law.

III

------

This annual report comprises:

a. Pages numbered 1 to 6 consecutively.

b. The following exhibits:

Exhibit (a): None

Exhibit (b): None

---

| | |
|:---|:---|
| Exhibit 99.4: | 2025 Ontario Budget: A Plan to Protect Ontario (incorporated by reference to Amendment No. 2 on Form 18-K/A filed on May 21, 2025, to the Annual Report of the Province of Ontario on Form 18-K relating to the fiscal year ended March 31, 2024) |
| Exhibit 99.8: | Public Accounts of Ontario: 2024-2025 Annual Report and Consolidated Financial Statements (for the fiscal year ended March 31, 2025) (incorporated by reference to Amendment No. 6 on Form 18-K/A filed on September 30, 2025, to the Annual Report of the Province of Ontario on Form 18-K) |
| Exhibit 99.9: | 2025 Ontario Economic Outlook and Fiscal Review: A Plan to Protect Ontario (incorporated by reference to Amendment No. 7 on Form 18-K/A filed on November 10, 2025, to the Annual Report of the Province of Ontario on Form 18-K) |
| <br> Additional exhibits | <br> Additional exhibits |
| Exhibit 99.1: | [Cross-reference Sheet](d76244dex991.htm) |
| 99.2: | [Additional Information relating to the Province](d76244dex992.htm) |

---

This annual report is filed subject to the Instructions for Form 18-K for Foreign Governments and Political Subdivisions Thereof.

IV

------

**SIGNATURE** 

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

---

| | | |
|:---|:---|:---|
|  | PROVINCE OF ONTARIO | PROVINCE OF ONTARIO |
|  | (Name of registrant) | (Name of registrant) |
| December 23, 2025 | By: | /s/ Carlos Yep |
|  | Name: | Carlos Yep |
|  | Title: | Director, Funding<br> Capital Markets Division<br> Ontario Financing Authority |

---

V

------

**EXHIBIT INDEX** 

Exhibit (a): None

Exhibit (b): None

---

| | |
|:---|:---|
| Exhibit 99.4: | 2025 Ontario Budget: A Plan to Protect Ontario (incorporated by reference to Amendment No. 2 on Form 18-K/A filed on May 21, 2025, to the Annual Report of the Province of Ontario on Form 18-K relating to the fiscal year ended March 31, 2024) |
| Exhibit 99.8: | Public Accounts of Ontario: 2024-2025 Annual Report and Consolidated Financial Statements (for the fiscal year ended March 31, 2025) (incorporated by reference to Amendment No. 6 on Form 18-K/A filed on September 30, 2025, to the Annual Report of the Province of Ontario on Form 18-K) |
| Exhibit 99.9: | 2025 Ontario Economic Outlook and Fiscal Review: A Plan to Protect Ontario (incorporated by reference to Amendment No. 7 on Form 18-K/A filed on November 10, 2025, to the Annual Report of the Province of Ontario on Form 18-K) |
| <br> Additional exhibits: | <br> Additional exhibits: |
| Exhibit 99.1: | Cross-reference Sheet |
| 99.2: | Additional Information relating to the Province |

---

VI

## Exhibit 99.1

**CROSS-REFERENCE SHEET** 

**Location in the 2025 Ontario Budget: A Plan to Protect Ontario included as Exhibit (99.4), in the Public Accounts of Ontario: 2024-2025 Annual Report and Consolidated Financial Statements included as Exhibit (99.8), in the 2025 Ontario Economic Outlook and Fiscal Review: A Plan to Protect Ontario included as Exhibit (99.9) and in the Additional Information Relating to the Province included as Exhibit (99.2)**<br>

**Province of Ontario** 

---

| | |
|:---|:---|
| **Overview** |  |
|  Area and Population | Ex. 99.2, page 2 |
|  Government | Ex. 99.2, page 2 |
|  Constitutional Framework | Ex. 99.2, page 2 |
|  Operational Framework | Ex. 99.2, page 2 |
|  Implications for Provincial Financial Statements | Ex. 99.2, page 2 |
|  Foreign Relations | Ex. 99.2, page 3 |
|  The Budget and Quarterly Reporting | Ex. 99.2, page 3 |
|  **Economy and Public Finance:** |  |
|  Ontario's Economic and Fiscal Outlook in Brief | Ex. 99.4, pages 1-20<br>Ex. 99.9, pages 1-18 |
|  A Plan to Protect Ontario | Ex. 99.4, pages 21-130<br>Ex. 99.9, pages 19-122 |
|  Economic Performance and Outlook | Ex. 99.4, pages 131-162<br>Ex. 99.9, pages 123-144 |
|  Ontario's Fiscal Plan and Outlook | Ex. 99.4, pages 163-194<br>Ex. 99.9, pages 145-170 |
|  Borrowing and Debt Management | Ex. 99.4, pages 195-216<br>Ex. 99.9, pages 171-188 |
|  Details of Tax Measures and Other Legislative Initiatives | Ex. 99.4, pages 217-232<br>Ex. 99.9, pages 189-198 |
|  **Economic Statistics and Tables** |  |
|  Economic Data Tables | Ex. 99.2, pages 50-72 |
|  Ten-Year Review of Selected Financial and Economic Statistics | Ex. 99.4, pages 192-193<br>Ex. 99.9, page 168-169 |

---

VII

------

---

| | |
|:---|:---|
|  **Financial Reporting: Fiscal 2024-25** |  |
|  Highlights | Ex. 99.8, pages 5-8 |
|  Analysis of 2024-25 Results | Ex. 99.8, pages 9-30 |
|  Consolidated Financial Statements and Notes | Ex. 99.8, pages 43-116<br>Ex. 99.4, pages 215-216 |
|  Details of Revenue | Ex. 99.8, pages 98-101 |
|  Expense by Sector | Ex. 99.8, pages 102-103 |
|  Ontario Electricity Industry | Ex. 99.2, pages 43-45<br>Ex. 99.4, pages 31, 46-49, 109<br>Ex. 99.8, pages 16, 65, 98-99, 106, 115<br>Ex. 99.9, pages 27-29, 35-38, 93 |
|  **Public Debt:** |  |
|  Publicly Held Debt Summary | Ex. 99.2, page 4<br>Ex. 99.8, pages 5-7, 21, 27-28, 53-67, 91-96 |
|  Debt Issuances Since 2024-25 Fiscal Year End | Ex. 99.2, pages 5-6 |
|  Outstanding Debt Tables as at Fiscal Year End | Ex. 99.2, pages 18-37 |
|  SEC Registered Debt | Ex. 99.2, page 38 |
|  Assets and Liabilities | Ex. 99.8, pages 5-7, 22-28, 39-41, 54,62-64, 80-86, 91-96 |
|  Consolidated Debt of the Province of Ontario | Ex. 99.8, pages 5-7, 21, 27-28, 62, 65-67, 93-94 |
|  Pensions and Other Employee Future Benefits | Ex. 99.8, pages 27-28, 47, 54 – 56, 59-63, 75-81, 93, 95, 102-104, 114, 124 |
|  Risk Management and Derivative Financial Instruments | Ex. 99.8, pages 29-30, 68-72 |
|  **Contingent Liabilities** |  |
|  Obligations Guaranteed by the Province of Ontario | Ex. 99.2, pages 41-42<br>Ex. 99.8, pages 84-86 |
|  Claims Against the Crown | Ex. 99.2, pages 46-49<br>Ex. 99.8, page 85 |

---

VIII

## Exhibit 99.2

##### [**Table of Contents**](#toc)
**Exhibit 99.2** 

**ADDITIONAL INFORMATION RELATING TO THE PROVINCE <sup>1</sup>** 

---

| | |
|:---|:---|
|  | **Page Number** |
|  **[Map of Ontario](#ex99_276244_1)** | 1 |
|  **[Overview](#ex99_276244_2)** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Area and Population](#ex99_276244_3) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Government](#ex99_276244_4) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Constitutional Framework](#ex99_276244_5) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Operational Framework](#ex99_276244_6) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Implications for Provincial Financial Statements](#ex99_276244_7) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Foreign Relations](#ex99_276244_8) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Budget and Quarterly Reporting](#ex99_276244_9) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Recent Developments](#ex99_276244_10) | 3 |
|  **[Public Debt](#ex99_276244_11)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Publicly Held Debt Summary](#ex99_276244_12) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Debt Issuances Since 2024-25 Fiscal Year End (to December 12, 2025)](#ex99_276244_13) | 5-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Issues of Long Term Debt for the year ended March 31, 2025](#ex99_276244_14) | 7-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Retirement of Long Term Debt for the year ended March 31, 2025](#ex99_276244_15) | 10-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Net Change in Short Term Debt for the year ended March 31, 2025](#ex99_276244_16) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Summary of Debt Outstanding as at March 31, 2025](#ex99_276244_17) | 16-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Outstanding Debt Tables as at Fiscal Year End](#ex99_276244_18) | 18-37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [SEC Registered Debt Outstanding as at December 12, 2025](#ex99_276244_19) | 38 |
|  **[Contingent Liabilities](#ex99_276244_20)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Obligations Guaranteed by the Province of Ontario](#ex99_276244_21) | 39-40 |
|  **[Ontario Electricity Industry](#ex99_276244_22)** | 41-43 |
|  **[Claims Against the Crown](#ex99_276244_23)** | 44-47 |
|  **[Economic Data Tables](#ex99_276244_24)** | 48 |
|  **Ontario Economy** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, Gross Domestic Product, 2011-2024](#ex99_276244_25) | 48 |

---

<sup>1</sup> Any dollar amounts in Exhibit 99.2 are expressed in Canadian dollars ($) unless otherwise specified or the context otherwise requires. 

IX

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, Growth in Gross Domestic Product, 2011-2024](#ex99_276244_26) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, Real Gross Domestic Product by Industry at Basic Prices, 2021-2024](#ex99_276244_27) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, Growth in Real Gross Domestic Product by Industry at Basic Prices, 2021-2024](#ex99_276244_28) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, Real Gross Domestic Product at Basic Prices by Detailed Manufacturing Industries, 2021-2024](#ex99_276244_29) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, Growth in Real Gross Domestic Product at Basic Prices by Detailed Manufacturing Industries, 2021-2024](#ex99_276244_30) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, Housing Market Indicators, 2021-2024](#ex99_276244_31) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Selected Financial Indicators, 2011-2024](#ex99_276244_32) | 53 |
|  **Ontario, International Merchandise Trade** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, International Merchandise Exports by Major Commodity, 2024](#ex99_276244_33) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, International Merchandise Imports by Major Commodity, 2024](#ex99_276244_34) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, International Merchandise Exports by Top 25 Trading Partners, 2024](#ex99_276244_35) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, International Merchandise Imports by Top 25 Trading Partners, 2024](#ex99_276244_36) | 57 |
|  **Demographic Characteristics** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, Selected Demographic Characteristics, 2017-2025](#ex99_276244_37) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, Components of Population Growth, 2015-16 to 2024-25](#ex99_276244_38) | 59 |
|  **Ontario Labour Markets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, Labour Force, 2011-2024](#ex99_276244_39) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, Employment, 2011-2024](#ex99_276244_40) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, Unemployment, 2011-2024](#ex99_276244_41) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, Employment by Industry, 2015-2024](#ex99_276244_42) | 63-64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, Growth in Employment by Industry, 2015-2024](#ex99_276244_43) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, Labour Compensation, 2011-2024](#ex99_276244_44) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, Employment Level by Economic Regions, 2015-2024](#ex99_276244_45) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario, Employment Level by Industry for Economic Regions, 2024](#ex99_276244_46) | 68-69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ontario Economic Regions](#ex99_276244_47) | 70 |

---

X

------

##### [**Table of Contents**](#toc)
![LOGO](g76244dsp12a.jpg)

**<u>Province of Ontario's Location in Canada</u>**![LOGO](g76244dsp12b.jpg)

**<u>Province of Ontario's Location in the World</u>** 

------

##### [**Table of Contents**](#toc)
**OVERVIEW** 

**Area and Population:** 

The Province of Ontario covers an area of approximately 1,076,395 square kilometers (415,598 square miles), about 10.8% of Canada, and is about 11% as large as the United States. The estimated population of Ontario on July 1, 2025 was 16.3 million, or 39.0% of Canada's population of 41.7 million. Since 2005, Ontario's population increased at an average annual rate of 1.7%, slightly faster than Canada's 1.6%. Although it constitutes only 12% of the area of the Province, southern Ontario is home to approximately 94.6% of its population (as of July 1, 2024). The population of the Greater Toronto Area, the most populous metropolitan area in Canada, was estimated to be 7.7 million on July 1, 2024.

**Government:** 

Canada is a federation with a parliamentary system of government. Constitutional responsibilities are divided between the federal government, the 10 provinces and the 3 territories.

The Premier of the Province of Ontario (the "Premier") is traditionally the leader of the political party with the greatest number of members elected to the Legislative Assembly. The Cabinet through the Lieutenant Governor, who represents the Crown, formally exercises executive power. Cabinet ministers are usually nominated from among members of the Premier's party. The Legislative Assembly consists of 124 seats, each representing a specified territorial division of the Province, and is elected for a four-year term. A dissolution of the Legislative Assembly prior to the end of the four- year term may be requested by the Premier at the Premier's own volition or if the government loses the confidence of the Legislative Assembly by being defeated on an important vote.

The last Provincial election was held on February 27, 2025. The Progressive Conservative Party currently has 79 seats in the Legislative Assembly, the New Democratic Party of Ontario has 27 seats, the Ontario Liberal Party of Ontario has 14 seats, the Green Party of Ontario has 2 seats, there are 2 Independent seats and there are 0 vacant seats. The current government of the Province is formed by the Progressive Conservative Party.

**Constitutional Framework:** 

Canada is a federation and its constitution establishes the division of responsibilities between the federal and provincial levels of government. Each provincial government and the federal government has supremacy within its respective sphere of assigned responsibilities. Jurisdiction over the establishment and operation of municipalities is granted exclusively to the provinces.

The federal government is empowered to raise money by any mode or system of taxation. It has exclusive jurisdiction over such matters as the regulation of trade and commerce, currency and coinage, banks and banking, national defence, foreign affairs, postal services, railways and navigation, as well as those areas not exclusively assigned to the provinces. Each province has authority to raise revenue through direct taxation within the province. Areas of provincial constitutional authority include health care, education, social services, municipal institutions, property and civil rights, and natural resources.

**Operational Framework:** 

Ontario administers its constitutional responsibilities through government ministries and provincially created bodies such as government-owned corporations ("Crown corporations"), agencies, boards, commissions, municipalities, school boards and hospital boards. The use of these quasi- independent bodies decentralizes the administration of provincial responsibilities. However, the Province has elected to centralize the financing of these bodies by retaining the major taxing and borrowing powers at the provincial level. Some entities have borrowed in their own names in various capital markets, such as Ontario Hydro prior to its restructuring in April 1999, but this practice has become less common.

**Implications for Provincial Financial Statements:** 

The provincial government's delivery of services in areas such as health, postsecondary education and social assistance has been supported by transfer payments from the federal government, often established through federal-provincial agreements. In fiscal year 2024-25, approximately 16.2% of the Province's revenue came from federal transfers.

Federal-provincial funding arrangements can be complex and extensive, involving financial relationships between the Province, the federal government and provincially-created organizations. These financial interrelationships are important in understanding the revenue, expense and financing activity of the Province. The performance of organizations controlled by the Province, such as Government Business Enterprises (GBEs), hospitals, school boards and colleges, has a direct impact on the Province's financial results. For example, as at March 31, 2025, approximately 25.0% (2024, 23.3%) of the Financial Assets of the Province is attributed to GBEs.

------

##### [**Table of Contents**](#toc)
**Foreign Relations:** 

The Province has no direct diplomatic relations with foreign countries but has developed a high degree of international activity in order to facilitate investment in Ontario.

**The Budget and Quarterly Reporting:** 

The Fiscal Sustainability, Transparency and Accountability Act, 2019 (the FSTAA) sets out guidelines for public reporting of the fiscal plan. It requires that the Ontario Minister of Finance ("Minister") release an annual budget that outlines a multi-year fiscal plan. In addition, it requires the Minister to release a mid-year review of the fiscal plan, known as the Ontario Economic Outlook and Fiscal Review. Each fiscal year, the Minister must release interim updates in the Summer and Winter on Ontario's revenues and expenses for the current year. Finally, the FSTAA, among other things, also requires that quarterly information about Ontario's economic accounts be released to the public.

**Recent Developments:** 

Key investments since the 2025–26 First Quarter Finances include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $369.5 million to address rising home care service volumes and to support the expansion and sustainability of the
Hospital to Home (H2H) program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $99.3 million to support evacuation services for First Nation communities affected by spring flooding and
wildland fires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $90.0 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $30.0 million to support the forestry sector's competitiveness in the face of U.S. softwood lumber duties
and the threat of tariffs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $10.0 million to increase funding for the Fire Protection Grant to help municipal fire departments expand cancer
prevention initiatives, improve responses to lithium-ion battery-related incidents, and support upgrades such as enhanced broadband and internet connectivity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $2.2 million to support the completion of The Corleck, a new cultural venue located on Toronto's waterfront
that is being developed by the Canada Ireland Foundation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1.0 million to commemorate the 50th Anniversary of the Franco–Ontarian Flag by supporting events that
recognize the unique contribution of Francophones to Ontario and promote their cultural and economic growth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $5.8 million in other changes, primarily due to investments in infrastructure supports to restore research
capacity and environmental sustainability to Agricultural Research and Innovation Ontario, to expand the Charles H. Best Diabetes Centre in Whitby, and to support the Gairdner Awards by the Gairdner Foundation.

Additionally, the Contingency Fund has been increased by an additional $2.0 billion to support greater flexibility in the fiscal plan to help protect against unforeseen changes and mitigate expense risks and for compensation settlements.

Interest and other debt servicing charges is projected to be $16.2 billion , consistent with the forecast in the 2025–26 First Quarter Finances and the 2025 Budget.

In addition, the Province is monitoring ongoing proceedings before the Pay Equity Hearings Tribunal implicating certain long-term care homes with proxy pay equity orders. Such proceedings are likely to result in materially increased costs for the long-term care homes subject to such proceedings as well as for other long-term care homes and broader public sector organizations with proxy pay equity orders. In addition, the Tribunal is considering retroactive pay equity differences since 2006, which are likely to be material.

------

##### [**Table of Contents**](#toc)
**PUBLIC DEBT** 

**Publicly Held Debt Summary:** 

Publicly held debt is debt issued to the general public. As at March 31, 2025, the total publicly held debt issued was $472,175 million, $405,186 million of which was issued in Canadian dollars (includes $22,189 million of treasury bills), $47,482 million in U.S. dollars, $11,794 million in euros, $1,056 million in Swiss francs and $6,657 million in other currencies. The above Canadian dollars includes Ontario bonds of $10,161 million and Ontario treasury bills of $2,388 million held by the Province in investments and cash equivalents.

From April 1, 2025 through December 12, 2025, the Province announced public offerings of bonds and notes totaling approximately CAD 39.9 billion, of which CAD 39.9 billion were for provincial purposes. The tables below provide a summary of the publicly held debt issued by the Province from April 1, 2025 to December 12, 2025.

------

##### [**Table of Contents**](#toc)
**Debt Issuances since 2024-25 - Fiscal Year End (from April 1, 2025 to December 12, 2025)** 

**DEBT ISSUED BY THE PROVINCE FOR PROVINCIAL PURPOSES** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Series** | **Issue (Settlement)**<br> **Date** | **Maturity**<br> **Date** | **Coupon**<br> **(%+bp)** | **Funds** | **Principal**<br> **(in millions)** | **References** |
| &nbsp;&nbsp;&nbsp; DMTN269 | April 10, 2025 | June 2, 2035 | 3.600 | Canadian$ | 1250 | (2) (6) |
| &nbsp;&nbsp;&nbsp; DMTN265 | April 14, 2025 | December 2, 2055 | 4.600 | Canadian$ | 750 | (2) (4) |
| &nbsp;&nbsp;&nbsp; DMTN269 | April 17, 2025 | June 2, 2035 | 3.600 | Canadian$ | 750 | (2) (6) |
| &nbsp;&nbsp;&nbsp; DMTN269 | April 24, 2025 | June 2, 2035 | 3.600 | Canadian$ | 750 | (2) (6) |
| &nbsp;&nbsp;&nbsp; DMTN271 | April 25, 2025 | September 8, 2030 | 2.950 | Canadian$ | 1000 | (2) (7) |
| &nbsp;&nbsp;&nbsp; DMTN265 | April 29, 2025 | December 2, 2055 | 4.600 | Canadian$ | 600 | (2) (4) |
| &nbsp;&nbsp;&nbsp; DMTN269 | May 23, 2025 | June 2, 2035 | 3.600 | Canadian$ | 643 | (2) (6) |
| &nbsp;&nbsp;&nbsp; DMTN269 | May 23, 2025 | June 2, 2035 | 3.600 | Canadian$ | 357 | (2) (6) |
| &nbsp;&nbsp;&nbsp; DMTN265 | May 26, 2025 | December 2, 2055 | 4.600 | Canadian$ | 1000 | (2) (4) |
| &nbsp;&nbsp;&nbsp; DMTN272 | May 29, 2025 | December 2, 2056 | 4.450 | Canadian$ | 750 | (2) (8) |
| &nbsp;&nbsp;&nbsp; DMTN272 | June 3, 2025 | December 2, 2056 | 4.450 | Canadian$ | 600 | (2) (8) |
| &nbsp;&nbsp;&nbsp; DMTN269 | June 9, 2025 | June 2, 2035 | 3.600 | Canadian$ | 1000 | (2) (6) |
| &nbsp;&nbsp;&nbsp; G97 | June 11, 2025 | June 11, 2035 | 4.850 | USD$ | 2000 | (2) (12) |
| &nbsp;&nbsp;&nbsp; DMTN272 | June 12, 2025 | December 2, 2056 | 4.450 | Canadian$ | 600 | (2) (8) |
| &nbsp;&nbsp;&nbsp; DMTN271 | June 25, 2025 | September 8, 2030 | 2.950 | Canadian$ | 1000 | (2) (7) |
| &nbsp;&nbsp;&nbsp; DMTN273 | July 2, 2025 | December 2, 2035 | 3.950 | Canadian$ | 1000 | (2) (14) |
| &nbsp;&nbsp;&nbsp; EMTN128 | July 3, 2025 | July 3, 2035 | 3.250 | EUR$ | 2000 | (3) (10) |
| &nbsp;&nbsp;&nbsp; DMTN272 | July 16, 2025 | December 2, 2056 | 4.450 | Canadian$ | 750 | (2) (8) |
| &nbsp;&nbsp;&nbsp; DMTN273 | July 24, 2025 | December 2, 2035 | 3.950 | Canadian$ | 1000 | (2) (14) |
| &nbsp;&nbsp;&nbsp; EMTN129 | July 30, 2025 | July 30, 2035 | 1.018 | Swiss Francs | 390 | (3) (9) |
| &nbsp;&nbsp;&nbsp; DMTN272 | August 5, 2025 | December 2, 2056 | 4.450 | Canadian$ | 750 | (2) (8) |
| &nbsp;&nbsp;&nbsp; EMTN130 | August 18, 2025 | August 18, 2055 | 3.750 | EUR$ | 150 | (3) (11) |
| &nbsp;&nbsp;&nbsp; DMTN273 | August 21, 2025 | December 2, 2035 | 3.950 | Canadian$ | 750 | (2) (14) |
| &nbsp;&nbsp;&nbsp; DMTN272 | August 27, 2025 | December 2, 2056 | 4.450 | Canadian$ | 600 | (2) (8) |
| &nbsp;&nbsp;&nbsp; DMTN268 | September 2, 2025 | February 3, 2034 | 3.650 | Canadian$ | 1000 | (2) (5) |
| &nbsp;&nbsp;&nbsp; G98 | September 4, 2025 | September 4, 2030 | 3.900 | USD$ | 3000 | (2) (13) |
| &nbsp;&nbsp;&nbsp; DMTN273 | September 5, 2025 | December 2, 2035 | 3.950 | Canadian$ | 1000 | (2) (14) |
| &nbsp;&nbsp;&nbsp; DMTN272 | September 10, 2025 | December 2, 2056 | 4.450 | Canadian$ | 750 | (2) (8) |
| &nbsp;&nbsp;&nbsp; DMTN273 | September 15, 2025 | December 2, 2035 | 3.950 | Canadian$ | 1000 | (2) (14) |
| &nbsp;&nbsp;&nbsp; DMTN272 | September 23, 2025 | December 2, 2056 | 4.450 | Canadian$ | 600 | (2) (8) |
| &nbsp;&nbsp;&nbsp; DMTN273 | October 6, 2025 | December 2, 2035 | 3.950 | Canadian$ | 750 | (2) (14) |
| &nbsp;&nbsp;&nbsp; DMTN272 | October 15, 2025 | December 2, 2056 | 4.450 | Canadian$ | 750 | (2) (8) |
| &nbsp;&nbsp;&nbsp; DMTN273 | November 14, 2025 | December 2, 2035 | 3.950 | Canadian$ | 750 | (2) (14) |
| &nbsp;&nbsp;&nbsp; DMTN274 | November 19, 2025 | November 19, 2030 | CORRA<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 41 bps  | Canadian$ | 1500 | (1) (15) |
| &nbsp;&nbsp;&nbsp; DMTN267 | November 19, 2025 | October 7, 2054 | 4.100 | Canadian$ | 600 | (2) (17) |
| &nbsp;&nbsp;&nbsp; G99 | November 20, 2025 | November 20, 2035 | 4.450 | USD$ | 2000 | (2) (16) |
| &nbsp;&nbsp;&nbsp; DMTN273 | November 26, 2025 | December 2, 2035 | 3.950 | Canadian$ | 750 | (2) (14) |
| &nbsp;&nbsp;&nbsp; DMTN272 | December 4, 2025 | December 2, 2056 | 4.450 | Canadian$ | 750 | (2) (8) |

---

------

##### [**Table of Contents**](#toc)
References

1. Interest is paid quarterly;

2. Interest is paid semi-annually;

3. Interest is paid annually;

4. DMTN265: During the fiscal year 2025-26, the Series DMTN265 was re-opened, bringing the total issue size to
$12,250 million;

5. DMTN268: During the fiscal year 2025-26, the Series DMTN268 was re-opened, bringing the total issue size to
$2,250 million;

6. DMTN269: During the fiscal year 2025-26, the Series DMTN269 was re-opened, bringing the total issue size to
$7,250 million;

7. DMTN271: During the fiscal year 2025-26, the Series DMTN271 was re-opened, bringing the total issue size to
$3,500 million;

8. DMTN272: During the fiscal year 2025-26, the Series DMTN272 was issued for a total of $6,900 million;

9. EMTN129: The Province entered into currency exchange agreements that effectively converted 390 million of
these Swiss Franc obligations to Canadian dollar obligations at an exchange rate of 1.71527;

10. EMTN128: The Province entered into currency exchange agreements that effectively converted 2,000 million
of these EUR dollar obligations to Canadian dollar obligations at an exchange rate of 1.58650;

11. EMTN130: The Province entered into currency exchange agreements that effectively converted 150 million of
these EUR dollar obligations to Canadian dollar obligations at an exchange rate of 1.60393;

12. G97: The Province entered into currency exchange agreements that effectively converted 2,000 million of
these US dollar obligations to Canadian dollar obligations at an exchange rate of 1.37134;

13. G98: The Province entered into currency exchange agreements that effectively converted 3,000 million of
these US dollar obligations to Canadian dollar obligations at an exchange rate of 1.38029;

14. DMTN273: During the fiscal year 2025-26, the Series DMTN273 was issued for a total of $7,000 million;

15. DMTN274: During the fiscal year 2025-26, the Series DMTN274 was issued for a total of $1,500 million;

16. G99: The Province entered into currency exchange agreements that effectively converted 2,000 million of
these US dollar obligations to Canadian dollar obligations at an exchange rate of 1.40109; and

17. DMTN267: During the fiscal year 2025-26, the Series DMTN267 was re-opened, bringing the total issue size to
$1,600 million.

------

##### [**Table of Contents**](#toc)
**ISSUES OF LONG TERM DEBT**

**For the year ended March 31, 2025** 

This schedule details the borrowing transactions during the year, which served to increase the outstanding debt of the Province. The year-end balance in the liability accounts is provided on the following pages together with some explanatory information.

---

| | | | |
|:---|:---|:---|:---|
| Series | Interest<br> Rate | Date of<br> Maturity | Par value |
|  | % |  | $ |
|  **PUBLICLY HELD DEBT** | **PUBLICLY HELD DEBT** | **PUBLICLY HELD DEBT** |  |
|  **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** |
|  DMTN264 | 4 | March 8, 2029 | 2150000000 |
|  DMTN270 | CORRA+44 | February 21, 2030 | 1500000000 |
|  DMTN271 | 2.95 | September 8, 2030 | 1500000000 |
|  DMTN263 | 4.1 | March 4, 2033 | 1250000000 |
|  DMTN268 | 3.65 | February 3, 2034 | 1250000000 |
|  DMTN262 | 4.15 | June 2, 2034 | 8250000000 |
|  DMTN266 | 3.8 | December 2, 2034 | 7500000000 |
|  DMTN269 | 3.6 | June 2, 2035 | 2500000000 |
|  DMTN267 | 4.1 | October 7, 2054 | 1000000000 |
|  DMTN260 | 4.15 | December 2, 2054 | 1500000000 |
|  DMTN265 | 4.6 | December 2, 2055 | 9900000000 |
|  |  |  | 38300000000 |
|  INCREASE IN PUBLIC DEBT CANADIAN DOLLAR BORROWING | INCREASE IN PUBLIC DEBT CANADIAN DOLLAR BORROWING | INCREASE IN PUBLIC DEBT CANADIAN DOLLAR BORROWING | 38300000000 |

---

------

##### [**Table of Contents**](#toc)
**ISSUES OF LONG TERM DEBT – Continued** 

**For the year ended March 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| Series | Interest<br> Rate | Date of<br> Maturity | Par value |
|  | % |  | $ |
|  **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** |
|  **PAYABLE IN AUSTRALIA IN AUSTRALIAN DOLLARS** | **PAYABLE IN AUSTRALIA IN AUSTRALIAN DOLLARS** | **PAYABLE IN AUSTRALIA IN AUSTRALIAN DOLLARS** | **PAYABLE IN AUSTRALIA IN AUSTRALIAN DOLLARS** |
|  ADI11 | 5.35 | May 8, 2034 | 1500000000 |
|  |  |  | 1500000000 |
|  CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $0.89668 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $0.89668 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $0.89668 | 1345015735 |
| **PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS** | **PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS** | **PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS** | **PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS** |
|  G95 | 3.70 | September 17, 2029 | 2000000000 |
|  G96 | 4.70 | January 15, 2030 | 3000000000 |
|  G94 | 5.05 | April 24, 2034 | 1500000000 |
|  |  |  | 6500000000 |
|  CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.40234 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.40234 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.40234 | 9115200000 |
|  INCREASE IN PUBLIC DEBT CANADIAN DOLLAR BORROWING | INCREASE IN PUBLIC DEBT CANADIAN DOLLAR BORROWING | INCREASE IN PUBLIC DEBT CANADIAN DOLLAR BORROWING | 10460215735 |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| Series | Date of<br> Maturity | Par value |
| % |  | $ |
|  Foreign exchange differences on translating foreign currency denominated debt into Canadian dollars | Foreign exchange differences on translating foreign currency denominated debt into Canadian dollars | 3739176663 |
|  Adjustment for Consumer Price Index (CPI) for real return bonds | Adjustment for Consumer Price Index (CPI) for real return bonds | 51558240 |
|  **ISSUES OF PROVINCIAL PURPOSE DEBT** | **ISSUES OF PROVINCIAL PURPOSE DEBT** | **52550950638** |
|  Net consolidation and other adjustments – Other Government Organizations | Net consolidation and other adjustments – Other Government Organizations | 405034374 |
|  ISSUE OF PROVINCIAL PURPOSE DEBT AFTER NET CONSOLIDATION AND OTHER ADJUSTMENTS | ISSUE OF PROVINCIAL PURPOSE DEBT AFTER NET CONSOLIDATION AND OTHER ADJUSTMENTS | 52955985012 |
|  Issues and/or revaluation of Debt for Ontario Electricity Financial Corporation | Issues and/or revaluation of Debt for Ontario Electricity Financial Corporation | 619572000 |
|  **TOTAL ISSUES OF LONG-TERM DEBT** |  | **53575557012** |

---

------

##### [**Table of Contents**](#toc)
**RETIREMENT OF LONG TERM DEBT** 

**For the year ended March 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| Series | Interest<br> Rate | Date of<br> Maturity | Par value |
|  | % |  | $ |
|  **NON-PUBLIC DEBT** |  |  |  |
|  Canada Pension Plan Investment Board: |  |  |  |
|  CPP712 | 5.32 | April 2, 2024 | 40000000 |
|  CPP713 | 5.31 | April 3, 2024 | 40000000 |
|  CPP714 | 5.31 | April 4, 2024 | 50000000 |
|  CPP715 | 5.31 | April 5, 2024 | 33805000 |
|  CPP716 | 5.62 | May 3, 2024 | 180000000 |
|  CPP717 | 5.63 | May 6, 2024 | 35189000 |
|  CPP718 | 5.63 | June 3, 2024 | 25259000 |
|  CPP719 | 5.69 | June 4, 2024 | 75000000 |
|  CPP720 | 5.75 | June 7, 2024 | 125000000 |
|  CPP721 | 5.79 | July 5, 2024 | 110000000 |
|  CPP722 | 5.72 | July 8, 2024 | 47309000 |
|  CPP723 | 5.71 | August 6, 2024 | 60000000 |
|  CPP724 | 5.6 | August 9, 2024 | 44180000 |
|  CPP726 | 5.46 | September 9, 2024 | 90451000 |
|  CPP727 | 5.35 | October 1, 2024 | 23513000 |
|  CPP728 | 5.395 | October 2, 2024 | 20000000 |
|  CPP729 | 5.35 | November 1, 2024 | 30000000 |
|  CPP730 | 5.32 | November 4, 2024 | 30000000 |
|  CPP731 | 5.3 | November 5, 2024 | 41700000 |
|  CPP732 | 5.15 | January 10, 2025 | 31776000 |
|  |  |  | 1133182000 |
|  Canada Mortgage and Housing Corporation: |  |  |  |
|  CMHC | 6.089 | January 2, 2025 | 7481537 |
|  |  |  | 7481537 |
|  RETIREMENT OF NON-PUBLIC DEBT |  |  | 1140663537 |

---

------

##### [**Table of Contents**](#toc)
**RETIREMENT OF LONG TERM DEBT** 

**For the year ended March 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| Series | Interest<br> Rate | Date of<br> Maturity | Par value |
|  | % |  | $ |
|  **PUBLICLY HELD DEBT** |  |  |  |
| **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** |
|  DMTN223 | 3.5 | 3-Jun-24 | 10000000000 |
|  DMTN241 | 2.3 | 8-Sep-24 | 3500000000 |
|  JB | 9.4688 | 10-Jan-25 | 1372560 |
|  |  |  | 13501372560 |

---

------

##### [**Table of Contents**](#toc)
**RETIREMENT OF LONG TERM DEBT** 

**For the year ended March 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| Series | Interest<br> Rate | Date of<br>Maturity | Par value |
|  | % |  | $ |
|  **ONTARIO SAVINGS BONDS** |  |  |  |
| 1995 | Various | 1-Mar-00 | 6400 |
| 1996 | Various | 21-Jun-01 | 2500 |
| 1997 | Various | June 21, 2000 to June 21, 2004 | 11700 |
| 1998 | Various | June 21, 2001 to June 21, 2005 | 35500 |
| 1999 | Various | June 21, 2002 to June 21, 2006 | 5800 |
| 2000 | Various | June 21, 2003 to June 21, 2007 | 38400 |
| 2001 | Various | June 21, 2004 to June 21, 2008 | 10300 |
| 2002 | Various | June 21, 2005 to June 21, 2009 | 21300 |
| 2003 | Various | June 21, 2006 to June 21, 2010 | 26800 |
| 2004 | Various | June 21, 2007 to June 21, 2011 | 26800 |
| 2005 | Various | June 21, 2008 to June 21, 2012 | 75000 |
| 2006 | Various | June 21, 2009 to June 21, 2013 | 33600 |
| 2007 | Various | June 21, 2010 to June 21, 2014 | 69900 |
| 2008 | Various | June 21, 2011 to June 21, 2015 | 744600 |
| 2009 | Various | June 21, 2012 to June 21, 2016 | 690900 |
| 2010 | Various | June 21, 2013 to June 21, 2020 | 1706500 |
| 2011 | Various | June 21, 2014 to June 21, 2021 | 194800 |
| 2012 | Various | June 21, 2015 to June 21, 2022 | 178600 |
| 2013 | Various | June 21, 2016 to June 21, 2023 | 310200 |
| 2014 | Various | June 21, 2017 to June 21, 2024 | 24680700 |
| 2015 | Various | June 21, 2018 to June 21, 2025 | 58300 |
| 2016 | Various | June 21, 2019 to June 21, 2026 | 227900 |
| 2017 | Various | June 21, 2020 to June 21, 2027 | 507300 |
| 2018 | Various | June 21, 2021 to June 21, 2028 | 1287700 |
|  |  |  | 30951500 |
|  TOTAL RETIREMENT OF CANADIAN DOLLAR DEBT | TOTAL RETIREMENT OF CANADIAN DOLLAR DEBT | TOTAL RETIREMENT OF CANADIAN DOLLAR DEBT | 14672987597 |

---

------

##### [**Table of Contents**](#toc)
**RETIREMENT OF LONG TERM DEBT** 

**For the year ended March 31, 2025** 

**PAYABLE IN GLOBAL MARKET IN CANADIAN DOLLARS** 

---

| | | | |
|:---|:---|:---|:---|
| Series | Interest<br> Rate | Date of<br> Maturity | Par value |
|  | % |  | $ |
|  G77 | 2.65 | February 7, 2025 | 2700000000 |
|  |  |  | 2700000000 |
| **PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS** | **PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS** | **PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS** | **PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS** |
|  G66 | 3.2 | May 16, 2024 | 1250000000 |
|  |  |  | 1250000000 |
|  CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.15634 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.15634 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.15634 | 1445420000 |
| **PAYABLE IN AUSTRALIAN MARKET IN AUSTRALIAN DOLLARS** | **PAYABLE IN AUSTRALIAN MARKET IN AUSTRALIAN DOLLARS** | **PAYABLE IN AUSTRALIAN MARKET IN AUSTRALIAN DOLLARS** | **PAYABLE IN AUSTRALIAN MARKET IN AUSTRALIAN DOLLARS** |
|  AUD3 | 4.25 | August 22, 2024 | 350000000 |
|  |  |  | 350000000 |
|  CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $0.99993 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $0.99993 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $0.99993 | 349975000 |
| **PAYABLE IN EUROPEAN MARKET IN EUROS** | **PAYABLE IN EUROPEAN MARKET IN EUROS** | **PAYABLE IN EUROPEAN MARKET IN EUROS** | **PAYABLE IN EUROPEAN MARKET IN EUROS** |
|  EMTN110 | 1.875 | May 31, 2024 | 1750000000 |
|  EMTN114 | 0.375 | June 14, 2024 | 1500000000 |
|  EMTN111 | 0.875 | January 21, 2025 | 1250000000 |
|  |  |  | 4500000000 |
|  CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.61231 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.61231 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.61231 | 7255389700 |
|  TOTAL RETIREMENT OF PUBLICLY HELD FOREIGN CURRENCY DEBT | TOTAL RETIREMENT OF PUBLICLY HELD FOREIGN CURRENCY DEBT | TOTAL RETIREMENT OF PUBLICLY HELD FOREIGN CURRENCY DEBT | 11750784700 |

---

------

##### [**Table of Contents**](#toc)
**RETIREMENT OF LONG TERM DEBT** 

**For the year ended March 31, 2025** 

---

| | | |
|:---|:---|:---|
| Series | Date of<br> Maturity | Par value |
| % |  | $ |
|  Contribution to and return on Sinking Fund of School Board Trust Debt  | Contribution to and return on Sinking Fund of School Board Trust Debt  | 33864635 |
|  **RETIREMENT OF PROVINCIAL PURPOSE DEBT** |  | **26457636932** |
|  RETIREMENT OF PROVINCIAL PURPOSE DEBT AFTER NET CONSOLIDATION AND OTHER ADJUSTMENTS | RETIREMENT OF PROVINCIAL PURPOSE DEBT AFTER NET CONSOLIDATION AND OTHER ADJUSTMENTS | 26457636932 |
|  Retirement of Debt Issued for Ontario Electricity Financial Corporation | Retirement of Debt Issued for Ontario Electricity Financial Corporation | 1550552831 |
|  **TOTAL RETIREMENT OF LONG-TERM DEBT** |  | **28008189763** |

---

------

##### [**Table of Contents**](#toc)
**NET CHANGE IN SHORT TERM DEBT** 

**For the year ended March 31, 2025** 

---

| | | |
|:---|:---|:---|
| Series | Date of<br> Maturity | Par value |
| % |  | $ |
|  Provincial purpose |  |  |
|  Treasury bills |  | -374566000 |
|  U.S. Commercial Paper |  | 5433220225 |
|  Ontario Electricity Financial Corporation |  | 5058654225 |
|  Treasury bills |  | -3773000 |
|  Net Consolidation and other adjustments – Other Government Organization | Net Consolidation and other adjustments – Other Government Organization | 31670155 |
|  **TOTAL NET INCREASE/(DECREASE) IN SHORT-TERM DEBT** |  | **5086551380** |

---

------

##### [**Table of Contents**](#toc)
**SUMMARY OF DEBT OUTSTANDING** 

**As at March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | $ | $ |
|  Debt Issued for Provincial Purposes: |  |  |
|  Canada Pension Plan Investment Board | 6325564000 | 7458746000 |
|  Canada Mortgage and Housing Corporation (CMHC) | 5747426 | 13228963 |
|  **TOTAL NON-PUBLIC DEBT** | **6331311426** | **7471974963** |
|  Public Investors | 432250649162 | 404951855784 |
|  Ontario Savings Bonds | 70227500 | 101179000 |
|  Treasury Bills | 22002745000 | 22377311000 |
|  U.S. Commercial Paper | 5433220225 |  |
|  **TOTAL PUBLICLY-HELD DEBT** | **459756841887** | **427430345784** |
|  School Board Trust Debt | 449789119 | 483653754 |
|  **TOTAL DEBT ISSUED FOR PROVINCIAL PURPOSES** | **466537942432** | **435385974501** |
|  Net Consolidation and Other Adjustments | 1370474761 | 933770231 |
|  **TOTAL PROVINCIAL PURPOSE DEBT AFTER NET CONSOLIDATION AND OTHER ADJUSTMENTS** | **467908417193** | **436319744732** |
|  Debt Issued for Ontario Electricity Financial Corporation (OEFC): |  |  |
|  Public Investors | 7445658000 | 8376086000 |
|  Treasury Bills | 657109000 | 660882000 |
|  **TOTAL DEBT ISSUED FOR OEFC** | 8102767000 | 9036968000 |
|  Direct OEFC Debt | 2944647965 | 2945200797 |
|  **TOTAL OEFC DEBT** | **11047414965** | **11982168797** |
|  **TOTAL CONSOLIDATED DEBT** | **478955832158** | **448301913529** |
|  Less: Holdings of own Ontario Bonds and T-Bills | -12548912000 | -6125072000 |
|  Less: Unamortized discounts, premiums and commissions | -4363045712 | -4543376646 |
|  **REVISED TOTAL CONSOLIDATED DEBT** | **462043874446** | **437633464883** |
|  Debt Issued for Investment Purposes\*: |  |  |
|  Ontario Power Generation Inc. | 5126000000 | 5126000000 |
|  Hydro One Inc. | 1677516013 | 1677516013 |
|  **TOTAL DEBT ISSUED FOR INVESTMENT PURPOSES** | **6803516013** | **6803516013** |

---

\* Debt Issued for Investment Purposes, as a result of a debt for equity swap between the Province and Ontario Power Generation Inc. and Hydro One Inc., is eliminated upon consolidation.

------

##### [**Table of Contents**](#toc)
**SUMMARY OF DEBT OUTSTANDING - Concluded** 

**As at March 31, 2025** 

The Canada Pension Plan Investment Board (CPPIB) invests funds in the Province of Ontario's non-marketable securities. Effective July 1, 2005, under a side-letter agreement signed between the CPPIB and the Province, CPPIB offered the Province upon maturity of the debentures held to the credit of the Canada Pension Plan Investment Fund (CPPIF) that were issued before January 1, 1998, an option of issuing new replacement debentures to the CPPIB with a maximum term of 30 years (minimum term of 5 years and with subsequent roll over options subject to the 30 years maximum from the date of issue of the first replacement debenture) at a rate based on capital market rates at the time of roll over.

The Canada Mortgage and Housing Corporation (CMHC) has accepted serial debentures issued by the Province in return for financing a significant proportion of the construction cost of Provincially owned waste control facilities. The interest rate is based on the rate for the Government of Canada long-term Canadian public borrowing cost at the time that the Corporation agreed to participate in the project. Debt includes $5.7 million of CMHC debt transferred from the Ontario Municipal Housing Corporation (OMHC) upon OMHC's dissolution in FY2020–21.

The Province of Ontario has issued to public investors in the capital market bonds denominated in Canadian dollar, United States dollar, Australian dollar, Euro, Swiss franc, and UK pound sterling.

Ontario Savings Bonds (OSBs) were first issued in 1995. OSBs are retail bonds sold by the Province to the residents of Ontario. There are three types of bonds: Variable-Rate Bonds, Step-Up Bonds and Fixed-Rate Bonds. All are available with annual or compound interest. The issuance of new OSBs was discontinued in 2019.

Under the Treasury Bill financing program, non-interest bearing Treasury Bills, with various maturities up to three years, are sold by tender on a regular basis.

U.S. Commercial Paper issues are non-interest bearing debt with maturities up to 270 days.

A School Board Trust was created in June 2003 to permanently refinance debt incurred by 55 school boards. The Trust issued 30-year sinking fund debentures amounting to $891 million and $882 million of the proceeds was provided to the 55 school boards in exchange for the irrevocable right to receive future transfer payments from the Province. An annual transfer payment is made by the Ministry of Education to the Trust's sinking fund under the School Board Operating Grant program to retire the debt over 30 years.

Net consolidation and other adjustments include third party debt issued by other government organizations after elimination of Provincial debt held by these organizations.

Debt Issued for OEFC: The Province, on behalf of Ontario Electricity Financial Corporation (OEFC), borrows from the Canada Pension Plan Investment Board and issues debentures and treasury bills in the public markets. The proceeds of all such borrowings are advanced to OEFC in exchange for bonds and short-term notes with like terms and conditions.

Debt issued for Investment Purposes: On April 1, 1999, under the *Energy Competition Act,* five corporations, together with their subsidiaries, were formed from the former Ontario Hydro. Ontario Power Generation Inc. (OPG) and Hydro One Inc. are two of these five corporations. In order for OPG and Hydro One Inc. to have capital structures competitive with those of other industry participants, the two companies entered into a debt-for-equity swap with the Province of Ontario. The Province assumed $8,885 million of the debt issued by the two corporations in exchange for $5,126 million in equity from OPG and $3,759 million in equity from Hydro One Inc. The change in the value of the debt issued for Hydro One Inc. is the result of proceeds from the sale of Hydro One shares in 2015-16, 2016-17, 2017-18 and 2019-20.

------

##### [**Table of Contents**](#toc)
**OUTSTANDING DEBT** 

**As at March 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Date of<br> Maturity | Date of<br> Issue | Series | Interest<br> Rate | Outstanding | Reference |
|  |  |  | % | $ | $— |
| **DEBT ISSUED FOR PROVINCIAL PURPOSES** | **DEBT ISSUED FOR PROVINCIAL PURPOSES** | **DEBT ISSUED FOR PROVINCIAL PURPOSES** | **DEBT ISSUED FOR PROVINCIAL PURPOSES** | **DEBT ISSUED FOR PROVINCIAL PURPOSES** | **DEBT ISSUED FOR PROVINCIAL PURPOSES** |
| **NON-PUBLIC DEBT** | **NON-PUBLIC DEBT** | **NON-PUBLIC DEBT** | **NON-PUBLIC DEBT** | **NON-PUBLIC DEBT** | **NON-PUBLIC DEBT** |
| **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** |
|  **To Canada Pension Plan Investment Board:** | **To Canada Pension Plan Investment Board:** | **To Canada Pension Plan Investment Board:** | **To Canada Pension Plan Investment Board:** | **To Canada Pension Plan Investment Board:** | **To Canada Pension Plan Investment Board:** |
|  Year ending March 31 | Year ending March 31 | Year ending March 31 | Year ending March 31 | Year ending March 31 | Year ending March 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 | 2006 | CPP | 4.67 to 5.19 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031 | 2009 | CPP | 4.79 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2032 | 2009 | CPP | 4.75 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2036 | 2006-2014 | CPP | 3.41 to 4.73 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2037 | 2007 | CPP | 4.50 to 4.76 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2038 | 2008-2017 | CPP | 2.64 to 4.68 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2039 | 2009 | CPP | 4.70 to 5.48 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2040 | 2010-2012 | CPP | 4.36 to 5.03 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2041 | 2011 | CPP | 4.20 to 4.86 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2042 | 2012 | CPP | 4.23 to 4.56 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2043 | 2013 | CPP | 3.36 to 3.62 |  |  |
|  |  |  |  |  | (3) |

---

------

##### [**Table of Contents**](#toc)
**OUTSTANDING DEBT - Continued** 

**As at March 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Date of<br> Maturity | Date of<br> Issue | Interest<br> Rate | Outstanding | Reference |
|  |  | % | $ | $ |
|  **To Canada Mortgage and Housing Corporation:** | **To Canada Mortgage and Housing Corporation:** | **To Canada Mortgage and Housing Corporation:** | **To Canada Mortgage and Housing Corporation:** | **To Canada Mortgage and Housing Corporation:** |
|  Year ending March 31 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 | 1999 CMHC | 6.089 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2027 | 1999 CMHC | 6.089 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2028 | 1999 CMHC | 6.089 |  |  |
|  |  |  |  | (4) |
|  **TOTAL NON-PUBLIC DEBT** | **TOTAL NON-PUBLIC DEBT** |  |  |  |

---

------

##### [**Table of Contents**](#toc)
**OUTSTANDING DEBT - Continued** 

**As at March 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Date of<br> Maturity | Date of<br> Issue | Series | Interest<br> Rate | Outstanding | Reference |
|  |  |  | % | $ | $— |
|  **PUBLICLY HELD DEBT** | **PUBLICLY HELD DEBT** | **PUBLICLY HELD DEBT** | **PUBLICLY HELD DEBT** | **PUBLICLY HELD DEBT** | **PUBLICLY HELD DEBT** |
| **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** |
|  June 2, 2025 | December 20, 1994 | JE | 9.50 |  |  |
|  June 2, 2025 | January 9, 2015 | DMTN227 | 2.60 |  |  |
|  September 8, 2025 | February 24, 2020 | DMTN245 | 1.75 |  |  |
|  December 2, 2025 | October 5, 1995 | JQ | 8.50 |  |  |
|  February 6, 2026 | February 6, 1996 | JY | 8.00 |  |  |
|  June 2, 2026 | December 21, 1995 | JU | 8.00 |  |  |
|  June 2, 2026 | February 3, 2016 | DMTN229 | 2.40 |  |  |
|  September 8, 2026 | April 19, 2021 | DMTN250 | 1.35 |  |  |
|  December 2, 2026 | February 13, 1997 | KR | 8.00 |  |  |
|  December 2, 2026 | January 20, 1999 | MH | 7.00 |  | (5) |
|  February 1, 2027 | February 14, 2020 | DMTN244 | 1.85 |  |  |
|  February 3, 2027 | August 5, 1997 | KN | 7.50 |  |  |
|  February 3, 2027 | August 5, 1997 | KT | 6.95 |  |  |
|  February 3, 2027 | April 1, 1998 | KY | 7.50 |  |  |
|  February 3, 2027 | December 4, 1998 | LA | 7.50 |  |  |
|  February 4, 2027 | February 4, 1998 | KQ | 7.375 |  |  |
|  June 2, 2027 | February 9, 2017 | DMTN234 | 2.60 |  |  |
|  June 2, 2027 | October 17, 1996 | KJ | 7.60 |  |  |

---

------

##### [**Table of Contents**](#toc)
**OUTSTANDING DEBT - Continued** 

**As at March 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Date of<br> Maturity | Date of<br> Issue | Series | Interest<br> Rate | Outstanding | Reference |
|  |  |  | % | $ | $— |
|  **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** |
| **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** |
|  September 8, 2027 | August 24, 2020 | DMTN247 | 1.05 |  |  |
|  March 8, 2028 | July 11, 2022 | DMTN256 | 3.60 |  |  |
|  June 2, 2028 | April 6, 2018 | DMTN238 | 2.90 |  |  |
|  August 25, 2028 | February 25, 1998 | LQ | 6.25 |  |  |
|  September 8, 2028 | October 6, 2023 | DMTN259 | 3.40 |  |  |
|  November 27, 2028 | November 27, 2023 | DMTN261 | CORRA+36.5 |  |  |
|  March 8, 2029 | January 8, 1998 | LK | 6.50 |  |  |
|  March 8, 2029 | April 10, 2024 | DMTN264 | 4.00 |  |  |
|  June 2, 2029 | February 7, 2019 | DMTN240 | 2.70 |  |  |
|  November 1, 2029 | July 29, 2021 | DMTN251 | 1.55 |  |  |
|  February 21, 2030 | February 21, 2025 | DMTN270 | CORRA+44 |  |  |
|  June 2, 2030 | January 27, 2020 | DMTN243 | 2.05 |  |  |
|  September 8, 2030 | March 24, 2025 | DMTN271 | 2.95 |  |  |
|  December 2, 2030 | October 13, 2020 | DMTN248 | 1.35 |  |  |
|  January 13, 2031 | September 8, 1995 | JN | 9.50 |  |  |
|  June 2, 2031 | March 27, 2000 | NF | 6.20 |  |  |
|  June 2, 2031 | November 25, 2010 | DMTN206 | 5.20 |  |  |
|  June 2, 2031 | April 12, 2021 | DMTN249 | 2.15 |  |  |
|  December 2, 2031 | October 14, 2021 | DMTN253 | 2.25 |  |  |
|  February 2, 2032 | March 2, 2023 | DMTN257 | 4.05 |  |  |
|  June 2, 2032 | May 9, 2022 | DMTN254 | 3.75 |  |  |
|  March 4, 2033 | March 4, 2024 | DMTN263 | 4.10 |  |  |
|  March 8, 2033 | February 17, 2003 | DMTN61 | 5.85 |  |  |
|  March 8, 2033 | April 29, 2004 | DMTN110 | 5.85 |  |  |

---

------

##### [**Table of Contents**](#toc)
**OUTSTANDING DEBT - Continued** 

**As at March 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Date of<br> Maturity | Date of<br> Issue | Series | Interest<br> Rate | Outstanding | Reference |
|  |  |  | % | $ | $— |
|  **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** |
| **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** |
|  March 8, 2033 | July 23, 2004 | DMTN116 | 5.85 |  |  |
|  June 2, 2033 | April 6, 2023 | DMTN258 | 3.65 |  |  |
|  February 3, 2034 | February 3, 2025 | DMTN268 | 3.65 |  |  |
|  June 2, 2034 | January 19, 2024 | DMTN262 | 4.15 |  |  |
|  July 13, 2034 | September 21, 2005 | DMTN157 | 5.00 |  | (6) |
|  November 3, 2034 | November 3, 1994 | HY | 9.75 |  |  |
|  December 2, 2034 | August 20, 2024 | DMTN266 | 3.80 |  |  |
|  January 10, 1995 to January 10, 2035 | November 30, 1994 | HZ | 9.4688 |  | (7) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; " | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;" | JA | 9.4688 |  | (7) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; " | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;" | JB | 9.4688 |  | (7) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; " | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;" | JC | 9.4688 |  | (7) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; " | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;" | JD | 9.4688 |  | (7) |
|  January 12, 2035 | January 12, 1995 | JG | 9.50 |  |  |
|  February 8, 2035 | February 8, 1995 | JJ | 9.875 |  |  |
|  June 2, 2035 | August 25, 2004 | DMTN119 | 5.60 |  |  |
|  June 2, 2035 | January 12, 2005 | DMTN133 | 5.35 |  |  |
|  June 2, 2035 | February 7, 2025 | DMTN269 | 3.60 |  |  |
|  June 20, 2036 | June 20, 1996 | KC | 8.25 |  |  |
|  December 1, 2036 | March 8, 2006 | DMTN158 | 2.00 Real Return |  | (8) |
|  June 2, 2037 | February 22, 2006 | DMTN164 | 4.70 |  |  |
|  December 2, 2037 | February 1, 2005 | DMTN138 | 5.20 |  |  |
|  June 2, 2038 | July 28, 2004 | DMTN117 | 10.00 |  | (9) |

---

------

##### [**Table of Contents**](#toc)
**OUTSTANDING DEBT - Continued** 

**As at March 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Date of<br> Maturity | Date of<br> Issue | Series | Interest<br> Rate | Outstanding | Reference |
|  |  |  | % | $ | $— |
|  **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** |
| **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** |
|  June 20, 2038 | September 16, 1996 | KG | 8.10 |  |  |
|  July 13, 2038 | July 29, 1998 | LS | 5.75 |  |  |
|  August 25, 2038 | August 17, 1998 | LT | 6.00 |  |  |
|  June 2, 2039 | January 15, 2008 | DMTN182 | 4.60 |  |  |
|  July 13, 2039 | February 2, 1999 | MK | 5.65 |  |  |
|  December 2, 2039 | February 25, 2000 | NE | 5.70 |  |  |
|  July 13, 2040 | April 18, 2002 | DMTN44 | 6.20 |  |  |
|  June 2, 2041 | June 15, 2010 | DMTN204 | 4.65 |  |  |
|  December 2, 2041 | August 15, 2001 | DMTN10 | 6.20 |  |  |
|  March 8, 2042 | December 4, 2001 | DMTN29 | 6.00 |  |  |
|  June 2, 2042 | January 18, 2002 | DMTN33 | 6.00 |  |  |
|  June 2, 2043 | February 24, 2003 | DMTN62 | 5.75 |  |  |
|  June 2, 2043 | January 31, 2012 | DMTN214 | 3.50 |  |  |
|  June 2, 2044 | September 13, 2006 | DMTN169 | 4.60 |  |  |
|  January 10, 2045 | May 25, 1995 | JL | 8.435 |  | (10) |
|  March 1, 2045 | March 1, 1995 | JK | 9.50 |  |  |
|  June 2, 2045 | August 31, 2005 | DMTN153 | 4.50 |  |  |
|  June 2, 2045 | May 10, 2013 | DMTN220 | 3.45 |  |  |
|  June 2, 2046 | May 24, 2006 | DMTN166 | 4.85 |  |  |
|  December 2, 2046 | February 2, 2015 | DMTN228 | 2.90 |  |  |
|  June 2, 2047 | February 28, 2007 | DMTN176 | 4.50 |  |  |
|  June 2, 2048 | May 6, 2008 | DMTN184 | 4.70 |  |  |

---

------

##### [**Table of Contents**](#toc)
**OUTSTANDING DEBT - Continued** 

**As at March 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Date of<br> Maturity | Date of<br> Issue | Series | Interest<br> Rate | Outstanding | Reference |
|  |  |  | % | $ |  |
|  **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** |
| **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** |
|  June 2, 2048 | June 21, 2016 | DMTN231 | 2.80 |  |  |
|  June 2, 2049 | November 30, 2017 | DMTN236 | 2.90 |  |  |
|  December 2, 2050 | May 28, 2019 | DMTN242 | 2.65 |  |  |
|  December 2, 2051 | August 20, 2020 | DMTN246 | 1.90 |  |  |
|  December 2, 2052 | August 25, 2021 | DMTN252 | 2.55 |  |  |
|  December 2, 2053 | May 30, 2022 | DMTN255 | 3.75 |  |  |
|  June 2, 2054 | July 22, 2008 | DMTN185 | 4.60 |  |  |
|  October 7, 2054 | October 7, 2024 | DMTN267 | 4.10 |  |  |
|  December 2, 2054 | July 24, 2023 | DMTN260 | 4.15 |  |  |
|  December 2, 2055 | April 25, 2024 | DMTN265 | 4.60 |  |  |
|  June 2, 2062 | November 8, 2012 | DMTN216 | 3.25 |  |  |
|  CPI adjustment to Real Return Swap | CPI adjustment to Real Return Swap | CPI adjustment to Real Return Swap |  |  | (8) |

---

------

##### [**Table of Contents**](#toc)
**OUTSTANDING DEBT - Continued** 

**As at March 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Date of<br> Maturity | Date of<br> Issue | Series | Interest<br> Rate | Outstanding | Reference |
|  |  |  | % | $ | $ |
|  **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** |
| **ONTARIO SAVINGS BONDS** | **ONTARIO SAVINGS BONDS** | **ONTARIO SAVINGS BONDS** | **ONTARIO SAVINGS BONDS** | **ONTARIO SAVINGS BONDS** | **ONTARIO SAVINGS BONDS** |
|  June 21, 2025 | June 21, 2015 | Annual | 2.35 |  |  |
|  June 21, 2025 | June 21, 2015 | Compound | 2.35 |  |  |
|  June 21, 2026 | June 21, 2016 | Annual | 2.20 |  |  |
|  June 21, 2026 | June 21, 2016 | Compound | 2.20 |  |  |
|  June 21, 2027 | June 21, 2017 | Annual | 2.15 |  |  |
|  June 21, 2027 | June 21, 2017 | Compound | 2.15 |  |  |
|  June 21, 2028 | June 21, 2018 | Annual | 2.85 |  |  |
|  June 21, 2028 | June 21, 2018 | Compound | 2.85 |  |  |
|  Active Series |  |  |  |  | (11) |
|  Matured Series |  |  |  |  | (12) |
|  TOTAL ONTARIO SAVINGS BONDS | TOTAL ONTARIO SAVINGS BONDS | TOTAL ONTARIO SAVINGS BONDS |  |  |  |
|  TOTAL PAYABLE IN CANADA IN CANADIAN DOLLARS | TOTAL PAYABLE IN CANADA IN CANADIAN DOLLARS | TOTAL PAYABLE IN CANADA IN CANADIAN DOLLARS | TOTAL PAYABLE IN CANADA IN CANADIAN DOLLARS |  |  |

---

------

##### [**Table of Contents**](#toc)
**OUTSTANDING DEBT - Continued** 

**As at March 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Date of<br> Maturity | Date of<br> Issue | Series | Interest<br> Rate | Outstanding | Reference |
|  |  |  | % | $ | $ |
|  **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** |
| **PAYABLE IN EUROPE IN CANADIAN DOLLARS** | **PAYABLE IN EUROPE IN CANADIAN DOLLARS** | **PAYABLE IN EUROPE IN CANADIAN DOLLARS** | **PAYABLE IN EUROPE IN CANADIAN DOLLARS** | **PAYABLE IN EUROPE IN CANADIAN DOLLARS** | **PAYABLE IN EUROPE IN CANADIAN DOLLARS** |
|  July 13, 2034 | July 13, 1994 | EMTN5 | 9.40 |  |  |
|  TOTAL PAYABLE IN EUROPE IN CANADIAN DOLLARS | TOTAL PAYABLE IN EUROPE IN CANADIAN DOLLARS | TOTAL PAYABLE IN EUROPE IN CANADIAN DOLLARS | TOTAL PAYABLE IN EUROPE IN CANADIAN DOLLARS |  |  |
|  **Foreign Currency Debt** | **Foreign Currency Debt** | **Foreign Currency Debt** |  |  | (13) |
| **PAYABLE IN AUSTRALIA IN AUSTRALIAN DOLLARS** | **PAYABLE IN AUSTRALIA IN AUSTRALIAN DOLLARS** | **PAYABLE IN AUSTRALIA IN AUSTRALIAN DOLLARS** | **PAYABLE IN AUSTRALIA IN AUSTRALIAN DOLLARS** | **PAYABLE IN AUSTRALIA IN AUSTRALIAN DOLLARS** | **PAYABLE IN AUSTRALIA IN AUSTRALIAN DOLLARS** |
|  August 26, 2025 | February 26, 2015 | ADI4 | 3.10 |  |  |
|  January 27, 2027 | January 27, 2017 | ADI5 | 3.50 |  |  |
|  October 12, 2028 | April 12, 2018 | ADI6 | 3.20 |  |  |
|  October 26, 2029 | April 26, 2019 | ADI7 | 2.70 |  |  |
|  December 10, 2031 | December 10, 2021 | ADI9 | 2.50 |  |  |
|  December 10, 2032 | December 10, 2021 | ADI10 | 2.60 |  |  |
|  May 8, 2034 | May 8, 2024 | ADI11 | 5.35 |  |  |
|  October 3, 2034 | October 3, 2019 | ADI8 | 2.00 |  |  |
|  TOTAL PAYABLE IN AUSTRALIA IN AUSTRALIAN DOLLARS | TOTAL PAYABLE IN AUSTRALIA IN AUSTRALIAN DOLLARS | TOTAL PAYABLE IN AUSTRALIA IN AUSTRALIAN DOLLARS | TOTAL PAYABLE IN AUSTRALIA IN AUSTRALIAN DOLLARS |  |  |
|  CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $0.89840 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $0.89840 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $0.89840 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $0.89840 |  |  |

---

------

##### [**Table of Contents**](#toc)
**OUTSTANDING DEBT - Continued** 

**As at March 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Date of<br> Maturity | Date of<br> Issue | Series | Interest<br> Rate | Outstanding | Reference |
|  |  |  | % | $ | $ |
|  **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** |
| **PAYABLE IN EUROPE IN EUROS** | **PAYABLE IN EUROPE IN EUROS** | **PAYABLE IN EUROPE IN EUROS** | **PAYABLE IN EUROPE IN EUROS** | **PAYABLE IN EUROPE IN EUROS** | **PAYABLE IN EUROPE IN EUROS** |
|  April 17, 2025 | April 17, 2018 | EMTN116 | 0.625 |  |  |
|  April 8, 2027 | April 8, 2020 | EMTN117 | 0.375 |  |  |
|  November 25, 2030 | November 24, 2020 | EMTN120 | 0.01 |  |  |
|  June 9, 2031 | June 9, 2021 | EMTN123 | 0.25 |  |  |
|  January 31, 2034 | January 31, 2024 | EMTN127 | 3.10 |  |  |
|  October 2, 2040 | May 6, 2020 | EMTN118 | 0.699 |  |  |
|  June 28, 2041 | January 29, 2016 | EMTN112 | 1.82 |  |  |
|  December 9, 2041 | December 9, 2021 | EMTN125 | 0.70 |  |  |
|  December 3, 2046 | December 3, 2021 | EMTN124 | 0.76 |  |  |
|  TOTAL PAYABLE IN EUROPE IN EUROS | TOTAL PAYABLE IN EUROPE IN EUROS | TOTAL PAYABLE IN EUROPE IN EUROS |  |  |  |
|  CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.55449 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.55449 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.55449 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.55449 |  |  |

---

------

##### [**Table of Contents**](#toc)
**OUTSTANDING DEBT - Continued** 

**As at March 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Date of<br> Maturity | Date of<br> Issue | Series | Interest<br> Rate | Outstanding | Reference |
|  |  |  | % | $ | $ |
|  **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** |
| **PAYABLE IN EUROPE IN POUNDS STERLING** | **PAYABLE IN EUROPE IN POUNDS STERLING** | **PAYABLE IN EUROPE IN POUNDS STERLING** | **PAYABLE IN EUROPE IN POUNDS STERLING** | **PAYABLE IN EUROPE IN POUNDS STERLING** | **PAYABLE IN EUROPE IN POUNDS STERLING** |
|  May 26, 2026 | May 26, 2022 | EMTN126 | 2.25 |  |  |
|  December 15, 2026 | January 13, 2021 | EMTN121 | 0.25 |  |  |
|  TOTAL PAYABLE IN EUROPE IN POUNDS STERLING | TOTAL PAYABLE IN EUROPE IN POUNDS STERLING | TOTAL PAYABLE IN EUROPE IN POUNDS STERLING | TOTAL PAYABLE IN EUROPE IN POUNDS STERLING |  |  |
|  CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.85588 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.85588 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.85588 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.85588 |  |  |
| **PAYABLE IN EUROPE IN SWISS FRANCS** | **PAYABLE IN EUROPE IN SWISS FRANCS** | **PAYABLE IN EUROPE IN SWISS FRANCS** | **PAYABLE IN EUROPE IN SWISS FRANCS** | **PAYABLE IN EUROPE IN SWISS FRANCS** | **PAYABLE IN EUROPE IN SWISS FRANCS** |
|  June 29, 2029 | June 28, 2017 | EMTN115 | 0.25 |  |  |
|  May 12, 2033 | May 12, 2021 | EMTN122 | 0.05 |  |  |
|  TOTAL PAYABLE IN EUROPE IN SWISS FRANCS | TOTAL PAYABLE IN EUROPE IN SWISS FRANCS | TOTAL PAYABLE IN EUROPE IN SWISS FRANCS | TOTAL PAYABLE IN EUROPE IN SWISS FRANCS |  |  |
|  CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.62453 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.62453 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.62453 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.62453 |  |  |

---

------

##### [**Table of Contents**](#toc)
**OUTSTANDING DEBT - Continued** 

**As at March 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Date of<br> Maturity | Date of<br> Issue | Series | Interest<br> Rate | Outstanding | Reference |
|  |  |  | % | $ | $ |
|  **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** |
| **PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS** | **PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS** | **PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS** | **PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS** | **PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS** | **PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS** |
|  January 21, 2026 | January 21, 2021 | G87 | 0.625 |  |  |
|  April 14, 2026 | April 14, 2021 | G89 | 1.05 |  |  |
|  April 27, 2026 | April 27, 2016 | G69 | 2.50 |  |  |
|  June 15, 2026 | June 20, 2019 | G83 | 2.30 |  |  |
|  May 19, 2027 | May 19, 2022 | G92 | 3.10 |  |  |
|  May 21, 2027 | May 21, 2020 | G85 | 1.05 |  |  |
|  January 18, 2029 | January 18, 2024 | G93 | 4.20 |  |  |
|  September 17, 2029 | September 17, 2024 | G95 | 3.70 |  |  |
|  October 2, 2029 | October 2, 2019 | G84 | 2.00 |  |  |
|  January 15, 2030 | January 15, 2025 | G96 | 4.70 |  |  |
|  October 7, 2030 | October 7, 2020 | G86 | 1.125 |  |  |
|  February 25, 2031 | February 25, 2021 | G88 | 1.60 |  |  |
|  October 14, 2031 | October 14, 2021 | G90 | 1.80 |  |  |
|  January 21, 2032 | January 21, 2022 | G91 | 2.125 |  |  |
|  April 24, 2034 | April 24, 2024 | G94 | 5.05 |  |  |
|  TOTAL PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS | TOTAL PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS | TOTAL PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS | TOTAL PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS |  |  |
|  CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.43775 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.43775 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.43775 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.43775 |  |  |

---

------

##### [**Table of Contents**](#toc)
**OUTSTANDING DEBT - Continued** 

**As at March 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Date of<br> Maturity | Date of<br> Issue | Series | Interest<br> Rate | Outstanding | Reference |
|  |  |  | % | $ |  |
|  **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** |
|  **TOTAL BONDS** |  |  |  |  |  |
|  **TREASURY BILLS** |  |  |  |  |  |
|  **U.S. COMMERCIAL PAPER (in U.S. Dollars)** | **U.S. COMMERCIAL PAPER (in U.S. Dollars)** | **U.S. COMMERCIAL PAPER (in U.S. Dollars)** | **U.S. COMMERCIAL PAPER (in U.S. Dollars)** |  |  |
|  CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.43755 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.43755 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.43755 | CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.43755 |  |  |
|  **TOTAL PUBLICLY HELD DEBT** | **TOTAL PUBLICLY HELD DEBT** | **TOTAL PUBLICLY HELD DEBT** | **TOTAL PUBLICLY HELD DEBT** |  |  |
|  **TOTAL NON-PUBLIC AND PUBLIC DEBT** | **TOTAL NON-PUBLIC AND PUBLIC DEBT** | **TOTAL NON-PUBLIC AND PUBLIC DEBT** | **TOTAL NON-PUBLIC AND PUBLIC DEBT** |  |  |
|  **SCHOOL BOARD TRUST DEBT** | **SCHOOL BOARD TRUST DEBT** | **SCHOOL BOARD TRUST DEBT** | **SCHOOL BOARD TRUST DEBT** | **SCHOOL BOARD TRUST DEBT** | **SCHOOL BOARD TRUST DEBT** |
|  Year ending March 31 | Year ending March 31 | Year ending March 31 | Year ending March 31 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2034 | 2004 |  | 5.90 |  |  |
|  Sinking Fund |  |  |  |  |  |
|  |  |  |  |  | (14) |

---

------

##### [**Table of Contents**](#toc)
**OUTSTANDING DEBT - Continued** 

**As at March 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Date of<br> Maturity | Date of<br> Issue | Series | Outstanding | Reference |
|  |  | % | $ |  |
|  **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** |
|  **TOTAL DEBT ISSUED FOR PROVINCIAL PURPOSES** | **TOTAL DEBT ISSUED FOR PROVINCIAL PURPOSES** | **TOTAL DEBT ISSUED FOR PROVINCIAL PURPOSES** |  |  |
|  **CONSOLIDATION ADJUSTMENTS – OTHER GOVERNMENT ORGANIZATIONS** | **CONSOLIDATION ADJUSTMENTS – OTHER GOVERNMENT ORGANIZATIONS** | **CONSOLIDATION ADJUSTMENTS – OTHER GOVERNMENT ORGANIZATIONS** | **CONSOLIDATION ADJUSTMENTS – OTHER GOVERNMENT ORGANIZATIONS** | **CONSOLIDATION ADJUSTMENTS – OTHER GOVERNMENT ORGANIZATIONS** |
|  **PUBLIC DEBT ISSUED BY AGENCIES:** | **PUBLIC DEBT ISSUED BY AGENCIES:** | **PUBLIC DEBT ISSUED BY AGENCIES:** | **PUBLIC DEBT ISSUED BY AGENCIES:** | **PUBLIC DEBT ISSUED BY AGENCIES:** |
|  Fair Hydro Trust |  |  |  |  |
|  Infrastructure Ontario | Infrastructure Ontario | Infrastructure Ontario |  |  |
|  Niagara Parks Commission | Niagara Parks Commission | Niagara Parks Commission |  |  |
|  Ornge |  |  |  |  |
|  Ottawa Convention Centre Corporation | Ottawa Convention Centre Corporation | Ottawa Convention Centre Corporation |  |  |
|  **ONTARIO SECURITIES HELD BY AGENCIES:** | **ONTARIO SECURITIES HELD BY AGENCIES:** | **ONTARIO SECURITIES HELD BY AGENCIES:** | **ONTARIO SECURITIES HELD BY AGENCIES:** |  |
|  Bonds |  |  |  |  |
|  Treasury Bills |  |  |  |  |
|  **TOTAL CONSOLIDATION ADJUSTMENTS** | **TOTAL CONSOLIDATION ADJUSTMENTS** | **TOTAL CONSOLIDATION ADJUSTMENTS** |  | (15) |
|  **TOTAL PROVINCIAL PURPOSE DEBT AFTER CONSOLIDATION ADJUSTMENTS** | **TOTAL PROVINCIAL PURPOSE DEBT AFTER CONSOLIDATION ADJUSTMENTS** | **TOTAL PROVINCIAL PURPOSE DEBT AFTER CONSOLIDATION ADJUSTMENTS** |  |  |

---

------

##### [**Table of Contents**](#toc)
**OUTSTANDING DEBT - Continued** 

**As at March 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Date of<br> Maturity | Date of<br> Issue | Series | Interest<br> Rate | Outstanding | Reference |
|  |  |  | % | $ | $— |
| **DEBT ISSUED FOR ONTARIO ELECTRICITY FINANCIAL CORPORATION (OEFC)** | **DEBT ISSUED FOR ONTARIO ELECTRICITY FINANCIAL CORPORATION (OEFC)** | **DEBT ISSUED FOR ONTARIO ELECTRICITY FINANCIAL CORPORATION (OEFC)** | **DEBT ISSUED FOR ONTARIO ELECTRICITY FINANCIAL CORPORATION (OEFC)** | **DEBT ISSUED FOR ONTARIO ELECTRICITY FINANCIAL CORPORATION (OEFC)** | **DEBT ISSUED FOR ONTARIO ELECTRICITY FINANCIAL CORPORATION (OEFC)** |
|  **PUBLICLY HELD DEBT** | **PUBLICLY HELD DEBT** | **PUBLICLY HELD DEBT** | **PUBLICLY HELD DEBT** | **PUBLICLY HELD DEBT** | **PUBLICLY HELD DEBT** |
| **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** | **PAYABLE IN CANADA IN CANADIAN DOLLARS** |
|  June 2, 2025 | January 9, 2015 | DMTN227 | 2.60 |  |  |
|  June 2, 2027 | February 11, 2000 | KJ | 7.60 |  |  |
|  August 25, 2028 | April 13, 1999 | LQ | 6.25 |  |  |
|  September 8, 2028 | April 17, 2023 | DMTN259 | 3.40 |  |  |
|  March 8, 2029 | April 10, 2024 | DMTN264 | 4.00 |  |  |
|  June 2, 2029 | August 30, 2019 | DMTN240 | 2.70 |  |  |
|  June 2, 2034 | January 19, 2024 | DMTN262 | 4.15 |  |  |
|  December 1, 2036 | October 4, 2005 | DMTN158 | 2.00 Real Return |  | (8) |

---

------

##### [**Table of Contents**](#toc)
**OUTSTANDING DEBT - Continued** 

**As at March 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Date of<br> Maturity | Date of<br> Issue | Series | Interest<br> Rate | Outstanding | Reference |
|  |  |  | % | $ | $ |
|  **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** | **PUBLICLY HELD DEBT (Cont'd)** |
| **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** | **PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont'd)** |
|  June 2, 2037 | September 1, 2006 | DMTN164 | 4.70 |  |  |
|  June 2, 2039 | July 10, 2009 | DMTN182 | 4.60 |  |  |
|  June 2, 2041 | March 9, 2011 | DMTN204 | 4.65 |  |  |
|  June 2, 2043 | May 15, 2012 | DMTN214 | 3.50 |  |  |
|  June 2, 2045 | October 1, 2013 | DMTN220 | 3.45 |  |  |
|  December 2, 2046 | February 2, 2015 | DMTN228 | 2.90 |  |  |
|  June 2, 2048 | June 19, 2017 | DMTN231 | 2.80 |  |  |
|  June 2, 2049 | January 25, 2018 | DMTN236 | 2.90 |  |  |
|  December 2, 2050 | August 21, 2019 | DMTN242 | 2.65 |  |  |
|  TOTAL PAYABLE IN CANADA IN CANADIAN DOLLARS | TOTAL PAYABLE IN CANADA IN CANADIAN DOLLARS | TOTAL PAYABLE IN CANADA IN CANADIAN DOLLARS | TOTAL PAYABLE IN CANADA IN CANADIAN DOLLARS |  |  |
|  **TOTAL BONDS** |  |  |  |  |  |

---

------

##### [**Table of Contents**](#toc)
**OUTSTANDING DEBT - Continued** 

**As at March 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Date of<br> Maturity | Date of<br> Issue | Series | Outstanding | Reference |
|  |  | % | $ | $ |
|  PUBLICLY HELD DEBT (Cont'd) | PUBLICLY HELD DEBT (Cont'd) | PUBLICLY HELD DEBT (Cont'd) | PUBLICLY HELD DEBT (Cont'd) | PUBLICLY HELD DEBT (Cont'd) |
|  TREASURY BILLS | TREASURY BILLS | TREASURY BILLS |  |  |
|  TOTAL PUBLICLY HELD DEBT | TOTAL PUBLICLY HELD DEBT | TOTAL PUBLICLY HELD DEBT |  |  |
|  TOTAL DEBT ISSUED BY THE PROVINCE FOR OEFC | TOTAL DEBT ISSUED BY THE PROVINCE FOR OEFC | TOTAL DEBT ISSUED BY THE PROVINCE FOR OEFC |  |  |
|  DIRECT OEFC DEBT | DIRECT OEFC DEBT | DIRECT OEFC DEBT |  |  |
|  TOTAL OEFC DEBT | TOTAL OEFC DEBT | TOTAL OEFC DEBT |  |  |
|  TOTAL CONSOLIDATED DEBT | TOTAL CONSOLIDATED DEBT | TOTAL CONSOLIDATED DEBT |  |  |
|  Less: HOLDINGS OF OWN ONTARIO BONDS AND T-BILLS | Less: HOLDINGS OF OWN ONTARIO BONDS AND T-BILLS | Less: HOLDINGS OF OWN ONTARIO BONDS AND T-BILLS |  |  |
|  Less: UNAMORTIZED DISCOUNTS, PREMIUMS AND COMMISSIONS | Less: UNAMORTIZED DISCOUNTS, PREMIUMS AND COMMISSIONS | Less: UNAMORTIZED DISCOUNTS, PREMIUMS AND COMMISSIONS |  |  |
|  REVISED TOTAL CONSOLIDATED DEBT | REVISED TOTAL CONSOLIDATED DEBT | REVISED TOTAL CONSOLIDATED DEBT |  |  |

---

------

##### [**Table of Contents**](#toc)
**OUTSTANDING DEBT - Continued** 

**As at March 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Date of<br> Maturity | Date of<br> Issue | Series | Outstanding | Reference |
|  |  | % | $ | $ |
|  **DEBT ISSUED FOR INVESTMENT PURPOSES\*** | **DEBT ISSUED FOR INVESTMENT PURPOSES\*** | **DEBT ISSUED FOR INVESTMENT PURPOSES\*** | **DEBT ISSUED FOR INVESTMENT PURPOSES\*** | **DEBT ISSUED FOR INVESTMENT PURPOSES\*** |
|  ONTARIO POWER GENERATION INC. | ONTARIO POWER GENERATION INC. | ONTARIO POWER GENERATION INC. |  |  |
|  HYDRO ONE INC. | HYDRO ONE INC. | HYDRO ONE INC. |  |  |
|  **TOTAL DEBT ISSUED FOR INVESTMENT PURPOSES** | **TOTAL DEBT ISSUED FOR INVESTMENT PURPOSES** | **TOTAL DEBT ISSUED FOR INVESTMENT PURPOSES** |  |  |

---

\* Debt for Investment Purposes, as a result of a debt for equity swap between the Province and Ontario Power Generation Inc. and Hydro One Inc., is eliminated upon consolidation.

------

##### [**Table of Contents**](#toc)
**OUTSTANDING DEBT - Continued** 

**As at March 31, 2025** 

References:

1. All debt issues are non-callable, except as stated in the notes below. Debt is payable at a fixed rate, or a
floating rate with reference to a stated index. This floating rate index is Canadian Overnight Repo Rate Average. Debt is measured at amortized cost using the effective interest rate method.

2. The following debt series are issued for Provincial purposes and for OEFC: DMTN227, KJ, LQ, DMTN259, DMTN264,
DMTN240, DMTN262, DMTN158, DMTN164, DMTN182, DMTN204, DMTN214, DMTN220, DMTN228, DMTN231, DMTN236, and DMTN242.

3. The Canada Pension Plan Investment Board (CPPIB) invests funds in the Province of Ontario's
non-marketable securities. Effective July 1, 2005, under a side-letter agreement signed between the CPPIB and the Province, CPPIB offered the Province upon maturity of the debentures held to the credit of the Canada Pension Plan Investment Fund
(CPPIF) that were issued before January 1, 1998, an option of issuing new replacement debentures to the CPPIB with a maximum term of 30 years (minimum term of 5 years and with subsequent roll over options subject to the 30 years maximum from
the date of issue of the first replacement debenture) at a rate based on the capital market rates at the time of roll over. These debentures are not negotiable or transferable and are assignable only to a wholly owned subsidiary of the Canada
Pension Plan Investment Board. On April 1, 2007, all debentures held to the credit of the CPPIF or purchased by the Minister of Finance of Canada in accordance with Section 110 of the Canada Pension Plan were transferred to the CPPIB.

4. CMHC: The terms of these debentures require that equal payments be made each year until their maturity. Each
payment consists of blended principal and interest. Debt includes $5.7 million of CMHC debt transferred from the Ontario Municipal Housing Corporation (OMHC) upon OMHC's dissolution in FY2020–21.

5. MH: The terms of these debentures require that a special one-time interest payment of 25% of the principal
amount outstanding be made at maturity.

6. DMTN157: Interest was payable semi-annually at 15.0% until January 13, 2006, and thereafter is payable at
5.0%.

7. Series HZ, JA, JB, JC, JD: These are zero coupon bonds which require unequal payments consisting of principal
and interest to be made at predetermined irregular intervals with final payment on January 10, 2035. During the fiscal year 2024–25, principal repaid was $1.4 million. The total principal and interest to be payable over the life of these
bonds is $1,092 million.

8. DMTN158: This Real Return Bond bears interest to the index adjusted principal in relation to All-Items Consumer
Price Index for Canada (the "CPI"), issued with a base index of 127.54839 on October 4, 2005. Consequent to the change of official time base reference period from 1992 to 2002 by the Bank of Canada on June 19, 2007, the base
index has been changed to 107.18352. Total issue size is $2,844 million in principal, of which $700 million has been on-lent to OEFC, and $300 million has been swapped. The amount outstanding represents the indexed value of the principal.

9. DMTN117: The bond was issued at a high premium in 2004 to offer a yield of 5.74%.

10. JL: The terms of these debentures require unequal payments, consisting of both principal and interest, to be
made at predetermined irregular intervals with the final payment on January 10, 2045. The total principal and interest to be payable over the life of the debenture is $1,325 million.

11. OSB: Ontario Savings Bonds are redeemable at the option of the holders on June 21 and December 21 and
for 14 calendar days following the redemption date of June 21 and December 21, with the exception of Fixed-Rate bonds which are redeemable at maturity only. All current outstanding OSBs may be redeemed upon the death of the beneficial
owner.

OSBs are no longer issued from 2019 onward.

<u>OSB - Fixed Rate:</u>

In 2015, 2016, 2017 and 2018, fixed-rate bonds were issued for a term of three and ten years only. Only ten-year bonds remain outstanding.

12. OSB: The outstanding amount represents bonds matured but not yet presented for redemption. Interest is payable
on these bonds only up to the maturity date.

------

##### [**Table of Contents**](#toc)
13. All foreign currency debt has been converted into Canadian dollar equivalents at March 31, 2025. The
exchange rates of foreign currencies to Canadian dollars as at March 31, 2025 are: Australian dollar 0.89840, Euro 1.55449, Swiss franc 1.62453 UK pound sterling 1.85588, United States dollar 1.43755.

14. SBT: A School Board Trust was created in June 2003 to permanently refinance debt incurred by 55 school boards.
The Trust issued 30-year sinking fund debentures amounting to $891 million and $882 million of the proceeds was provided to the 55 school boards in exchange for the irrevocable right to receive future transfer payments from the Province. An annual
transfer payment is made by the Ministry of Education to the Trust's sinking fund under the School Board Operating Grant program to retire the debt over 30 years.

15. Total consolidation adjustments include third party debt issued by other government organizations and the
elimination of provincial debt held by these organizations. The following are the provincial debt held by other government organizations (in millions):

<u>Ontario Bonds:</u>

Deposit Insurance Reserve Fund: $10m DMTN227, $11m DMTN229, $1m DMTN245, $1m DMTN247, $1m DMTN250, $1m DMTN256, and $10m KJ.

Forest Futures Trust: $1m DMTN240, $3m DMTN254, and $2m DMTN258.

Forest Renewal Trust: : $3m DMTN240, $6m DMTN254, and $4m DMTN258.

Ontario Trillium Foundation: $13m DMTN234, $13m DMTN245, $13m DMTN247, $14m DMTN250, and $12m DMTN256.

Pension Benefits Guarantee Fund: $7m DMTN204, $3m DMTN214, $3m DMTN236, $59m DMTN247, $30m DMTN252, $2m DMTN258, $8m DMTN260, $21m DMTN262, $15m DMTN265, $4m DMTN266, and $5m DMTN267.

Broader Public Sector – Children's Aid Society: under $1m in DMTN251

Broader Public Sector – Colleges: $78m various DMTNs.

Boarder Public Sector – Hospitals: $48m various DMTNs, and $2m LK.

Broader Public Sector – School Boards: $5m various DMTNs.

<u>Treasury Bills:</u>

Deposit Insurance Reserve Fund: $166m, Forest Futures Trust: $1m, Forest Renewal Trust: $1m, Ontario Trillium Foundation: $22m, Venture Ontario: $280m, and Broader Public Sector – Colleges: under $1m.

------

##### [**Table of Contents**](#toc)
**SEC Registered Debt Outstanding for Province of Ontario (as at December 12, 2025)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Date of Maturity | Date of Issue | Series | Interest<br> Rate (%) | Issuing<br> Currency | Outstanding |
| &nbsp;&nbsp;&nbsp; February 5, 2025 | February 5, 2018 | G77 | 2.650 | CAD | 1000000000.00 |
| &nbsp;&nbsp;&nbsp; February 5, 2025 | February 7, 2019 | G77.R1 | 2.650 | CAD | 950000000.00 |
| &nbsp;&nbsp;&nbsp; February 5, 2025 | November 27, 2019 | G77.R2 | 2.650 | CAD | 750000000.00 |
| &nbsp;&nbsp;&nbsp; January 21, 2026 | January 21, 2021 | G87 | 0.625 | USD | 3500000000.00 |
| &nbsp;&nbsp;&nbsp; April 14, 2026 | April 14, 2021 | G89 | 1.050 | USD | 3000000000.00 |
| &nbsp;&nbsp;&nbsp; April 27, 2026 | April 27, 2016 | G69 | 2.500 | USD | 1000000000.00 |
| &nbsp;&nbsp;&nbsp; June 15, 2026 | June 20, 2019 | G83 | 2.300 | USD | 1750000000.00 |
| &nbsp;&nbsp;&nbsp; May 19, 2027 | May 19, 2022 | G92 | 3.100 | USD | 2250000000.00 |
| &nbsp;&nbsp;&nbsp; May 21, 2027 | May 21, 2020 | G85 | 1.050 | USD | 1750000000.00 |
| &nbsp;&nbsp;&nbsp; January 18, 2029 | January 18, 2024 | G93 | 4.200 | USD | 3000000000.00 |
| &nbsp;&nbsp;&nbsp; September 17, 2029 | September 17, 2024 | G95 | 3.700 | USD | 2000000000.00 |
| &nbsp;&nbsp;&nbsp; October 2, 2029 | October 2, 2019 | G84 | 2.000 | USD | 1250000000.00 |
| &nbsp;&nbsp;&nbsp; October 7, 2030 | October 7, 2020 | G86 | 1.125 | USD | 1250000000.00 |
| &nbsp;&nbsp;&nbsp; February 25, 2031 | February 25, 2021 | G88 | 1.600 | USD | 1500000000.00 |
| &nbsp;&nbsp;&nbsp; October 14, 2031 | October 14, 2021 | G90 | 1.800 | USD | 1000000000.00 |
| &nbsp;&nbsp;&nbsp; January 21, 2032 | January 21, 2022 | G91 | 2.125 | USD | 1500000000.00 |
| &nbsp;&nbsp;&nbsp; April 24, 2034 | April 24, 2024 | G94 | 5.050 | USD | 1500000000.00 |
| &nbsp;&nbsp;&nbsp; September 17, 2029 | September 17, 2024 | G95 | 3.70% | USD | 2000000000.00 |
| &nbsp;&nbsp;&nbsp; January 15, 2030 | January 15, 2025 | G96 | 4.70% | USD | 3000000000.00 |
| &nbsp;&nbsp;&nbsp; June 11, 2035 | June 11, 2025 | G97 | 4.85% | USD | 2000000000.00 |
| &nbsp;&nbsp;&nbsp; September 4, 2030 | September 4, 2025 | G98 | 3.90% | USD | 3000000000.00 |
| &nbsp;&nbsp;&nbsp; November 20, 2035 | November 20, 2025 | G99 | 4.45% | USD | 2000000000.00 |

---

------

##### [**Table of Contents**](#toc)
**CONTINGENT LIABILITIES -** 

**OBLIGATIONS GUARANTEED BY THE PROVINCE OF ONTARIO – Concluded** 

**As at March 31, 2025** 

**LOANS GUARANTEED** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year of<br> Issue | Rate of<br> Interest | Outstanding<br>March 31, 2025 | References |
|  |  | % | $ | $— |
|  **MINISTRY OF AGRICULTURE, FOOD AND RURAL AFFAIRS** | **MINISTRY OF AGRICULTURE, FOOD AND RURAL AFFAIRS** |  |  |  |
|  Commodity Loan Guarantee Program | Ongoing | Prime |  |  |
|  Feeder Cattle Loan Guarantee Program | Ongoing | Various |  |  |
|  Ginseng Storage Loan Guarantee Pilot Program | 2022 | Prime |  |  |
|  TOTAL MINISTRY OF AGRICULTURE, FOOD AND RURAL AFFAIRS |  |  |  |  |
|  **MINISTRY OF COLLEGES AND UNIVERSITIES** | **MINISTRY OF COLLEGES AND UNIVERSITIES** |  |  |  |
|  Ontario Student Loan Plan: |  |  |  |  |
|  Class "C" | Various | Prime + 1 |  |  |
|  TOTAL MINISTRY OF COLLEGES AND UNIVERSITIES |  |  |  |  |
|  **MINISTRY OF MUNICIPAL AFFAIRS AND HOUSING** | **MINISTRY OF MUNICIPAL AFFAIRS AND HOUSING** |  |  |  |
|  Social Housing Program | Various | Various |  |  |
|  Loan from Meridian Credit Union to Habitat for Humanity | 2024 | TBC |  |  |
|  TOTAL MINISTRY OF MUNICIPAL AFFAIRS AND HOUSING |  |  |  |  |
|  **TOTAL LOANS GUARANTEED** | **TOTAL LOANS GUARANTEED** |  |  |  |

---

------

##### [**Table of Contents**](#toc)
**CONTINGENT LIABILITIES -** 

**OBLIGATIONS GUARANTEED BY THE PROVINCE OF ONTARIO – Concluded** 

**As at March 31, 2025** 

**OTHER GUARANTEES** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year of<br>Issue | Rate of<br>Interest | Outstanding<br>March 31, 2025 | References |
|  |  | % | $ | $— |
|  **MINISTRY OF FINANCE** |  |  |  |  |
|  Loan Facility by United Communities Credit Union Ltd. to Pelee Island Co-operative Association | 2010 | 7.30 |  | (1) |
|  Loan Guarantees under | 2011–12 to |  |  |  |
|  Aboriginal Loan Guarantee Program | 2021–22 | Various |  | (2) |
|  TOTAL MINISTRY OF FINANCE |  |  |  |  |
|  **TOTAL OTHER GUARANTEES** |  |  |  |  |
|  **TOTAL LOANS AND OTHER GUARANTEES** |  |  |  |  |

---

**References:** 

1. The Province has guaranteed the repayment of loan facility of $600,000 made by United Communities Credit Union
Limited to Pelee Island Cooperative Association for a period beginning May 11, 2010 and ending at the earliest of April 1, 2015 or repayment of all the amounts borrowed. The guarantee shall be extended accordingly but not extend beyond
April 1, 2035. The maximum amount guaranteed is $0.6 million plus any unpaid interest, costs and expenses thereon.

2. The Province has, to March 31, 2025, provided under the Aboriginal Loan Guarantee Program (ALGP) eleven
guarantees of loans: two in fiscal 2011–12, two in fiscal 2013–14, one in fiscal 2014–15, two in fiscal 2015–16, one in fiscal 2016–2017, one in 2017–2018, one in 2019–20 and one in 2021–22. One of the
underlying loans has been paid in full and the guarantee is no longer in effect. The aggregate principal of loans guaranteed is approximately $285 million. Note that not all of the loans guaranteed have been fully drawn on yet. The loans for which
these guarantees apply will mature between 2026/27 and 2049/50, at which points the respective guarantees expire. For the guarantees to-date, borrowers pay the Province an annual loan guarantee fee of 0.15% of the outstanding guaranteed amount. The
ALGP was a discretionary, application-based program that provided loan guarantees that support Aboriginal equity participation in renewable energy generation and transmission projects and had a maximum approved program envelope of $1 billion. As
announced in the 2025 Ontario Budget: A Plan to Protect Ontario, the Province is relaunching the province's existing $1 billion ALGP as the new $3 billion Indigenous Opportunities Financing Program (IOFP) to support Indigenous participation in
more sectors, including electricity, critical minerals, resource development and related infrastructure components, offering generational economic opportunities for Indigenous Peoples in Ontario.

------

##### [**Table of Contents**](#toc)
**Ontario Electricity Industry** 

Ontario Electricity Financial Corporation (OEFC), a Crown agency, is the legal continuation of Ontario Hydro and is responsible for the management of that corporation's debt and other liabilities that were not transferred to successor companies as part of the restructuring of Ontario Hydro in 1999, including the administration of certain power purchase agreements with non-utility generators. As at March 31, 2025, OEFC had total debt of $11.6 billion (2024, $11.9 billion). $8.6 billion of OEFC's debt as at March 31, 2025 (2024, $9 billion) is held by the Province and included in total debt and other liabilities.

Ontario Hydro's successor companies include Ontario Power Generation Inc. (OPG), a generation business wholly owned by the Province, and Hydro One Inc., a transmission and distribution business. Hydro One Inc. is now a subsidiary of Hydro One Limited ("Hydro One"). Following an initial public offering on November 5, 2015 and subsequent share sales in 2016 and 2017, the Province now holds about 47.1% of the common shares in Hydro One.

The other Ontario Hydro successor companies are the Independent Electricity System Operator (IESO), the electricity system and market operator, and the Electrical Safety Authority, which is responsible for electricity safety inspection.

Pursuant to various transfer orders ("Transfer Orders"), assets of the former Ontario Hydro were transferred to OPG, Hydro One Inc. and the IESO in exchange for debt. The Province assumed a portion of OPG's and Hydro One Inc.'s debt in exchange for equity, in order to provide them with commercially acceptable capital structures. As of March 31, 2025, OEFC held notes receivable in the amount of $2.1 billion from OPG, and $6.8 billion from the Province. OEFC provided indemnities, guaranteed by the Province, to OPG and Hydro One Inc., in connection with the Transfer Orders; those indemnities were terminated as of May 31, 2006 and October 31, 2015 respectively.

As of April 1, 1999, the Ministry of Finance estimated the amount of OEFC's debt and other liabilities that, in the opinion of the Minister of Finance, could not reasonably be serviced and retired in a competitive electricity market (the "stranded debt") to be approximately $20.9 billion. OEFC's unfunded liability is the net deficiency of OEFC's assets over its liabilities. The opening unfunded liability of $19.4 billion as at April 1, 1999 represented the stranded debt adjusted for $1.5 billion of additional assets transferred to OEFC. OEFC's unfunded liability as at March 31, 2025 was $2.9 billion.

As part of the restructuring of the electricity sector, a long-term plan provides for certain dedicated revenue streams to service and retire OEFC's debt and other liabilities. These revenue streams are established under the Electricity Act, 1998 ("Electricity Act") and include payments-in-lieu of property taxes and federal and provincial corporate income taxes currently paid by OPG and the municipal electricity utilities. As a result of the initial public offering on November 5, 2015, Hydro One is no longer subject to payments-in-lieu of federal and provincial corporate income taxes and is subject to normal corporate income taxes. Hydro One remains subject to paying payments-in-lieu of property tax. The Minister of Finance has legislative authority and is required to make payments to the OEFC equal to the amount of provincial corporate tax payable by Hydro One Inc. under the Taxation Act, 2007.

The Province, as shareholder, is eligible to receive dividend payments on its shares in OPG and Hydro One. Pursuant to the government's discretionary commitment to keep electricity income in the electricity sector, the Province's proportionate share of the cumulative combined net income of OPG and Hydro One in excess of the Province's cumulative interest expenditure on its investment in the companies has been allocated to OEFC since 1999, including up to March 31, 2019 for purposes of debt retirement (electricity sector dedicated income). Beginning fiscal 2019-20, the Province determined that electricity sector dedicated income will be limited to the net income of OPG in excess of the government's annual interest cost of its investment in that company, on a cumulative basis, excluding the net income from Hydro One in excess of the interest cost of its investment in that company.

The Electricity Act and the Ontario Energy Board Act, 1998 set out the legislative framework for Ontario's electricity market and restructuring of Ontario Hydro. Open, non-discriminatory access to transmission and distribution systems commenced May 1, 2002. Since 2005, electricity prices payable by consumers reflect a blend of contract prices, regulated prices for OPG's output from its price-regulated nuclear and hydroelectric plants, and market prices. Regulated prices for OPG are approved by the Ontario Energy Board (OEB). The OEB also sets the commodity price payable by low volume and certain other specified consumers under the Regulated Price Plan (RPP). The IESO finances any differences between prices under the RPP and the actual supply cost of electricity, with any shortfall or surplus to be recovered or returned through the setting of RPP prices in the following period.

In May 2017, the Ontario Fair Hydro Plan Act, 2017 (the Fair Hydro Act) was enacted. The components of the plan to reduce current electricity prices included initiatives provided for in the Fair Hydro Act as well as other policy initiatives including providing a rebate on electricity bills equal to the eight per cent provincial portion of the Harmonized Sales Tax under the Ontario Rebate for Electricity Consumers (OREC), which was effective January 1, 2017; funding the cost of the Ontario Electricity Support Program and most of the Rural or Remote Rate Protection program from general government funds instead of from ratepayers; and an additional reduction in current electricity bills for eligible residential, small business and farm customers, commencing July 1, 2017. The reduction (referred to as the global adjustment refinancing) provided for in the Fair Hydro Act was to be recovered from specified electricity ratepayers in future years (referred to as the Clean Energy Adjustment).

------

##### [**Table of Contents**](#toc)
The global adjustment refinancing was carried out by Fair Hydro Trust (the "Trust"), an entity established by OPG, which financed the shortfall during the 2017-18 fiscal year ($1,639 million) with subordinated debt from OPG to a maximum of 49 per cent of the Trust's total outstanding debt, and the balance from third party lenders. Of the amount lent to the Trust from OPG, approximately 90 per cent of that amount ($721 million) was funded by equity injections from the Province, and 10 per cent was funded by debt borrowed by OPG from third party lenders ($82 million). As of March 31, 2025, the Trust owed $865 million to OPG and $900 million to third party lenders.

In September 2018, the government made a decision to make a future change to the Fair Hydro Act to cancel the global adjustment refinancing component as designed, including reducing the amount of the current electricity price reduction to be borne by future ratepayers, and making any recovery from future ratepayers optional.

In May 2019, the Fixing the Hydro Mess Act, 2019 received Royal Assent. Amendments to the Fair Hydro Act came into force on November 1, 2019. As a result of the amendments, the recovery of the price reductions are to be funded by the Crown instead of by future ratepayers. The government also introduced regulatory amendments to provide on-bill electricity price relief, effective November 1, 2019, with the Ontario Electricity Rebate (OER) replacing the global adjustment refinancing and rebate put in place under the Fair Hydro Plan.

In November 2020, the Province announced the Comprehensive Electricity Plan's renewable cost shift (RCS) program, starting on January 1, 2021, under which a portion of the cost of specified wind, solar, and bioenergy contracts is funded by the Province, not ratepayers, to reduce the burden of these contracts on medium size and larger industrial and commercial employers. The annual expense to the Province is about $3.1 billion, though this is significantly offset by a reduction in the cost of the OER. The RCS annual expense is expected to decline year over year, as contracts expire. By about 2040, no further provincial funding would be required to subsidize the cost of these contracts.

The Province, OPG and certain subsidiaries of OPG are parties to the Ontario Nuclear Funds Agreement (ONFA), which governs the establishment, funding and management of segregated funds to ensure sufficient funds are available to pay the costs of nuclear station decommissioning, low and intermediate level nuclear waste management, and nuclear used fuel waste management.

Under ONFA, the Province is liable to make payments should the cost estimate for nuclear used fuel waste management rise above specified thresholds, for a fixed volume of used fuel. The likelihood and amount by which the cost estimate could rise above these thresholds cannot be determined at this time. The cost estimate will be updated periodically to reflect new developments in the management of nuclear used fuel waste.

As well, under ONFA, the Province guarantees a return of 3.25% over the Ontario Consumer Price Index for the portion of the nuclear used fuel waste management segregated fund related to the fixed volume of used fuel. If the earnings on assets in that fund related to the fixed volume exceed the guaranteed rate, the Province is entitled to the excess.

An agreement between the CNSC, the Province and OPG gives the CNSC access (in prescribed circumstances) to the segregated funds established under ONFA.

------

##### [**Table of Contents**](#toc)
**ONTARIO ELECTRICITY FINANCIAL CORPORATION (OEFC) TRANSACTIONS** 

**For the year ended March 31, 2025** 

---

| | |
|:---|:---|
|  | 2024 |
|  | $ |
|  Retirement of loans from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Publicly issued securities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term) |  |
|  Proceeds of loans from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Publicly issued securities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in short-term loans) |  |
|  Net increase (decrease) in debentures and notes for OEFC purpose |  |
|  Debt Guaranteed by the Province) |  |
|  Interest on securities from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Publicly issued securities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term |  |
|  Recoveries from OEFC |  |
|  Retirement of loans from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Publicly issued securities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term |  |
|  Proceeds of loans from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Publicly issued securities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in short-term loans) |  |
|  Net recoveries/(advances) |  |
|  Debt Guaranteed by the Province |  |
|  Interest on advances from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Publicly issued securities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term) |  |

---

------

##### [**Table of Contents**](#toc)
**CLAIMS AGAINST THE CROWN** 

**\* As at March 31, 2025** 

The following are claims arising from legal action either in progress or threatened against the Crown in respect of breach of contract, damages to persons and property and like items. The amounts claimed have not been specified, but in each case are expected to exceed $50 million.

1. Quinte, Elaine, et al v Algoma Central Properties – Elliot Lake Algo Mall Collapse – Class Action:
Claim arising from the collapse of the Algo Centre Mall on June 23, 2012.

2. Grann, Toni v HMKRO, MCSS (formerly Papassay, Holly v HMKRO): Class action claim for damages on the basis that
Ontario breached duties to preserve and, where appropriate, pursue civil claims or claims for victim compensation on behalf of class members in respect of torts that were committed against them by third party tortfeasors before or while the class
members were Crown wards.

3. Class Proceeding Concerning Inordinate Waitlists (Leroux, Mark Litigation Guardian of Leroux, Briana): The
claim is framed in negligence, breach of fiduciary duty and breach of Charter rights in respect of the length of wait times for the delivery of services, supports and funding to adults with developmental disabilities.

4. Francis, Conrey v. HMKRO: Class proceeding regarding systematic overuse of administrative segregation in all
Ontario correctional facilities.

5. Chandra, Adrian v. HMKRO: Class proceeding regarding systematic overuse of administrative segregation in all
Ontario correctional facilities.

6. Bowman, Dana et al. v. HMKRO (MCCSS): Class action concerning the cancellation of the Basic Income Pilot
Project, certified on the issues of breach of contract and unjust enrichment.

7. Ontario First Nations (2008) Limited Partnership ("OFNLP") – New Lottery Schemes: Notice
of Objection regarding 2008 revenue sharing agreement between OFNLP (whose limited partners include almost all of Ontario's First Nations), OLG & Ontario.

8. Betty Wei et al v. Ontario et al: Proposed class action seeking damages arising from the regulation by the
Financial Services Commission of Ontario of entities involved in the marketing and sale of syndicated mortgage investments pertaining to a development in Kingston.

9. SFF Solar Ltd., Sunshine Solar 2016 Inc., et al v. HMQKO: Statement of claim, on behalf of 8 supplier
corporations who entered into Feed-In Tariff ("FIT") 3, 4, and 5 contracts with the Electricity Systems Operator ("IESO") between 2016 and 2018. The prospective plaintiffs allege that the IESO took instructions from the
incoming PC government prior to June 29, 2018, to either delay the issuance of Notices to Proceed (i.e. approve the construction phase of the proponent's solar or wind energy projects), or to defer those decisions. 2387276 Ontario Inc. et
al v IESO et al: Action on behalf of 16 supplier corporations who entered into Feed-In Tariff ("FIT") with the Electricity Systems Operator ("IESO") between 2016 and 2018. They allege that a Ministerial Directive issued on
July 5, 2018 to wind down the FIT program was unlawful.

10. Fareau et al v. Bell Canada and HMKRO: Proposed class proceeding concerning the Offender Telephone Management
System (OTMS). The proposed plaintiffs allege that a 2013 agreement between Bell Canada and HMKRO which provides for an unlawful commission on collect calls, generating substantial revenue for Ontario to which it is not entitled.

11. Robertson et al v. HMKRO et al. : A certified Class Proceeding concerning COVID-19 outbreaks in Long-Term Care
Homes pursuant to the Class Proceedings Act, 1992.

12. Ruben Stolove, et al. v Ontario Waypoint Centre for Mental Health Care, et al: Proposed class action brought on
behalf of all involuntary patients of Waypoint Center regarding the alleged abuse suffered from 2000 to present.

13. Foxgate Developments Inc. et al v. HMKRO: Claim for damages resulting from alleged losses suffered by the
plaintiffs with respect to the disruption of their housing developments in the Caledonia area from protest activity.

14. Poorkid Investment Inc., et al v. Ontario, Solicitor General Sylvia Jones et al.: Plaintiffs seek damages for
misfeasance in public office, non-feasance and negligence for the defendants' alleged failure to enforce injunctions and adequately keep the peace in the Caledonia area.

------

##### [**Table of Contents**](#toc)
15. Fire Loss at York Memorial Collegiate – 2690 Eglinton Ave. West: TDSB received a statement of claim
against the Office of the Fire Marshal arising out of a fire on May 7, 2019 that burned down a substantial portion of the York Memorial Collegiate Secondary School and an adjacent community center owned by the City of Toronto.

16. Dell et al v Ontario et al.: Individuals residing in Niagara-on-the-Lake claim damages against HMK and others
in relation to an anaerobic digester located on a property in their neighborhood.

17. Banman, Martha v. HMKRO, et al.: Certified class action against HMKRO in relation to the operation of the
forensic program at the St. Thomas Psychiatric Hospital between 1976 and 1988.

18. Wheatley Gas Leak: A proposed class action related to the recurring gas leak and explosion in Wheatley Ontario.

19. Class Action – Birth Alerts: Certified class action alleging that, by issuing birth alerts, Ontario and
CASs breached pregnant persons' fundamental constitutional rights. Ontario is appealing the decision, with appeal to be perfected by September 15, 2025.

20. B.M. et al v. Ontario: Two-part class action alleging discrimination and the improper provision of services to
1) Indigenous youth under 18 who were not ordinarily resident on a Reserve and who were placed into out-of-home care; 2) Indigenous youth under age 18 who had a confirmed need for an essential service, and who faced a delay, denial or service gap in
the receipt of that essential service ("Essential Service Class").

21. Ontario First Nations Limited Partnership ("OFNLP") v HMKRO and iGaming Ontario
("iGO"): OFNLP raised objections that iGo had failed to properly account for OFNLP's share of its gross revenue under the Gaming Revenue Sharing and Financial Agreement (GRSFA) by treating all of its products as New Lottery Schemes
and calculating OFNLP's payments net of prizes.

22. Dent-X Canada: Notice of claim from Verona Medical Group Inc. operating as Dent-X Canada ("Dent-X")
for misrepresentation by HMKRO regarding the need for and commitment to purchase locally manufactured masks during the pandemic.

23. Class Action – Strip Search: Proposed class action concerning strip searches of young persons in youth
detention facilities.

24. Chippewas of Saugeen and Nawash First Nations - regarding Bruce Peninsula: Claim that the 1854 Treaty by which
most of the Bruce Peninsula was surrendered to the Crown was not intended to include the beds of water bodies internal to the Peninsula of the shorelines of those water bodies or along the shores of Lake Huron or Georgian Bay and claim of Aboriginal
title to said waterbeds, and also alleged breaches of fiduciary duty and honour of the Crown. The Aboriginal title claim was discontinued in June 2025. The second phase of the other claim concerning remedies for breach of the honour of the Crown is
proceeding.

25. Six Nations of the Grand River Band: The plaintiffs seek an accounting in respect of the Crown's
management and sale of the lands originally granted to them in the 1780's and 1790's and in respect of the proceeds of subsequent sales of portions of those lands. The ultimate financial impact of this matter on Ontario cannot be
determined at this time.

26. Fletcher, Chief John: Missanabie Cree First Nation v. Ontario and Canada: The Plaintiffs claim that they were
not parties to Treaty 9 and therefore have unextinguished Aboriginal title. In the alternative, the Plaintiffs claim if they are parties to Treaty 9 they have yet to receive their treaty land entitlement.

27. Wikwemikong Indian Band: Aboriginal title claim to islands in Lake Huron and Georgian Bay.

28. The Begetikong Anishnabe First Nation (aka the Ojibways of Pic River) Chief Roy Michano, Councillor Duncan
Michano and Councillor Arthur H. Fisher: The plaintiff First Nation claims to hold aboriginal title to a large tract of land on the northeastern shore of Lake Superior.

29. Whitesand First Nation & Red Rock First Nation Annuity Claims: Plaintiffs seek declaratory relief for
increased annuity payable pursuant to Robinson-Superior Treaty of 1850.

30. Twain, Jim Chief: Statement of claim for damages for negligence, breach of contract, fiduciary duty and treaty
rights.

------

##### [**Table of Contents**](#toc)
31. Pays Plat First Nation v. Canada and Ontario: Claim in which plaintiffs allege that they hold exclusive
aboriginal title over an area along the shore of Lake Superior.

32. Long Lake No. 58 First Nation: Plaintiffs allege that they hold exclusive aboriginal title over an area along
the shore of Lake Superior.

33. Biinjitiwaabik Zaaging Anishinabek First Nation (Rocky Bay Band): Claim in which plaintiffs allege that they
hold exclusive aboriginal title over an area along the shore of Lake Superior.

34. Sand Point First Nation: Claim in which plaintiffs allege that they hold exclusive aboriginal title over an
area along the shore of Lake Superior.

35. Pic Mobert First Nation: Claim in which plaintiffs allege that they hold exclusive aboriginal title over an
area along the shore of Lake Superior.

36. Atikameksheng Anishna-wbek v Attorney General of Canada and HMKRO: Claim for damages arising from the alleged
unlawful alienation of the Plaintiff from reserve lands described in the Robinson-Huron Treaty.

37. Restoule et al. v. Canada and Ontario: The plaintiffs seek declaratory relief recognizing an obligation on the
Crown, now and in the past, to increase [Robinson Huron] Treaty [of 1850] annuities to the extent the Crown can do so from the revenues generated by the surrendered lands, without incurring loss. They also seek an accounting and damages.

38. Aundeck OMNI Kaning First Nation et al: Amended claim seeking recognition of aboriginal title over waters
surrounding Manitoulin Island. Litigation on hold while parties attempt to negotiate a resolution.

39. Gull Bay First Nation v. Canada and Ontario: The plaintiff claims that the Crown did not survey the reserve to
which the plaintiff is entitled under the Robinson Superior Treaty of 1850 in a timely manner, which resulted in a smaller than agreed to reserve.

40. Grand Chief Coon Come, Mathew: Notice of Action for aboriginal title and rights over the traditional territory.

41. Kitigan Zibi Anishinabeg et al v. Attorney General of Canada, National Capital Commission and HMKRO: the
plaintiffs on behalf of the Algonquin Anishinabe Nation asserts Aboriginal title over lands in Ottawa on the Ottawa River at the west end of the city core.

42. Red Rock First Nation and Whitesand First Nation v. Canada and Ontario: The plaintiffs claim a treaty land
entitlement pursuant to the Robinson Superior Treaty on the basis that the plaintiff communities adhered to the treaty in 1850 by taking annuity payments.

43. Iskatewizaagegan No. 39 Independent First Nation v. The City of Winnipeg and HMKRO: The plaintiff claims
compensation from Winnipeg pursuant to an Ontario Order-in-Council from 1913 allowing Winnipeg to enter upon and divert water from Shoal Lake where the plaintiff's reserves are located. The plaintiff also claims damages from Ontario for breach
of fiduciary duty.

44. Ginoogaming First Nation v. Ontario et al.: Action by a Treaty 9 First Nation for damages, declarations and
injunctions respecting an early mineral exploration permit issued in June 2019 and pending permit application.

------

##### [**Table of Contents**](#toc)
45. Mississauga First Nation v MECP et al (application): Claim by Mississauga First Nation that the Crown breached
the Robinson Huron Treaty of 1850, breached its fiduciary duty, breached its duty to consult and accommodate, and infringed MFN's treaty rights with respect to the construction and operation of the Red Rock, Rayner, Aubrey and Wells Generating
Stations.

46. Mississaugas of Credit Nation: Claim asserting aboriginal title over portions of Lake Ontario, Lake Erie and
water bodies (with flood pains) situated on lands in between. Also seeking monetary compensation for water bodies in third party hands.

47. Cat Lake First Nation: Claim by Cat Lake First Nation seeking declarations of Title, declarations of breaches
of the Honour of the Crown and fiduciary duties, damages related to loss of use of their asserted Title Area, unjust enrichment injunctions related to activities contemplated under the Mining Act.

48. Treaty 9 Forestry Claim: Claim by Treaty 9 First Nations to stop the degradation of the boreal forest and
Ontario's failure to honour Treaty 9 promises.

49. Treaty 9 Jurisdiction Claim: Claim from a number of Treaty 9 First Nations, seeking declarations and
injunctions based on claims of shared jurisdiction over Treaty 9 territory.

50. Gauthier, Jason - (Treaty 9 annuities class action): Proposed class action seeking augmentation of Treaty 9
annuities and declaration that Treaty 9 surrender and release clauses should be set aside. Canada is taking steps to have Ontario added as a party.

51. Alderville First Nation et al v HMKRO et al (Bill 5): Challenge to the Protect Ontario by Unleashing our
Economy Act, 2025 (Bill 5) and the federal Building Canada Act brought by nine First Nations.

52. Marten Falls First Nation v HMKRO (Bill 5): Notice of claim from Marten Falls First Nation seeking various
declarations and damages in the amount of $300 million

53. OECTA v ON; OSSTF v ON; ETFO/AEFO v ON; OPSEU v ON; UNIFOR v ON; OFL Coalition v ON; CUASA v ON; Society of
United Professionals Local 160 v ON; PWU v ON. Challenge on whether Bill 124, Protecting a Sustainable Public Sector for Future Generations Act, 2019 and the Crown's conduct in 2019 central bargaining with teachers' unions infringe 2(d)
and 2(b).

54. Bemco Confectionary and Sales Ltd.et al v. Minister of Finance: The Assessments under appeal relate to the sale
of Cigars and Other Tobacco and include sales as far back as April 2010.

55. Vale Canada Inc. v. Minister of Finance: There are tax appeals under the Mining tax Act for the taxation years
1999-2008 and objections for the 2009-2017 years.

56. Windstream Energy LLC v. Government of Canada: Windstream Energy LLC alleges that measures and actions taken by
the Government of Ontario in relation to its feed-in tariff (FIT) contract in the context of Ontario's offshore wind moratorium, including the termination of the FIT contract violate Windstream's rights under NAFTA, Chapter 11.

57. Rosy Kapoor v. His Majesty the King in Right of Ontario: Proposed class action that reduction in ODSP payments
for students with disabilities based on increases to the Canada Student Grant for Students with Permanent Disabilities was contrary to the law or, in the alternative, discriminatory under Charter s.15.

58. Chippewas of Nawash Unceded First Nation and Saugeen First Nation ("SON") v. Ontario: The
plaintiffs seek declarations and damages for breach of the duty to consult in relation to the Crown's authorization of aggregate extraction in SON Territory. The plaintiffs also seek damages for negligence and breach of duty of care in
relation to the Crown's alleged failure to pursue a Resource Revenue Sharing (RRS) Agreement with SON in respect of the Goderich Salt Mine.

59. Gull Bay First Nation et al v Ontario and Canada (First Nation policing): Proposed class action proceeding
challenging Ontario's (and Canada's) alleged failure to fund/administer on-reserve police services at comparable levels to police services in non-Indigenous communities constitutes breach of Charter s. 15 amongst other claims for breach
of fiduciary duty, honor of the Crown, unconscionable bargaining and other contractual claims. Statement of Claim issued July 15, 2025 (although not yet served), with an unspecified claim for at least $100M in damages.

60. Celik, Serdar et al v MECP et al: Statement of claim (no notice) naming HMKRO (MECP) and a shooting range from
a group of residents regarding excessive noise levels on their properties. The plaintiffs allege that the Ministry has failed to investigate and/or enforce their complaints against the shooting range.

\* Updated for changes up to date of 18K filing.

------

##### [**Table of Contents**](#toc)
**Economic Data Tables** 

The following tables present a comprehensive review of Ontario's economy including, GDP information, imports and exports, demographics and labour markets between 2011-2024.

Note: Updated as of October 3, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ontario, Gross Domestic Product, 2011-2024** | | | | | | | **Table 1** |
|  | **($ Billions)** | **($ Billions)** | **($ Billions)** | **($ Billions)** | **($ Billions)** | **($ Billions)** | **($ Billions)** |
|  | **2011** | **2012** | **2013** | **2014** | **2015** | **2016** | **2017** |
|  Real GDP (chained $2017) | 728.4 | 738.0 | 748.3 | 767.1 | 785.9 | 802.4 | 825.0 |
|  Household Consumption | 405.7 | 411.7 | 420.6 | 431.8 | 444.7 | 455.5 | 474.6 |
|  Residential Construction | 59.1 | 61.9 | 60.8 | 61.2 | 65.9 | 71.1 | 71.6 |
|  Non-residential Construction | 22.5 | 24.3 | 23.2 | 25.9 | 29.0 | 26.7 | 26.8 |
|  Machinery and Equipment | 25.3 | 25.1 | 22.3 | 25.9 | 28.4 | 25.0 | 26.6 |
|  Exports | 366.1 | 374.9 | 387.5 | 404.1 | 413.2 | 419.1 | 421.0 |
|  Imports | 369.4 | 372.9 | 379.9 | 400.8 | 411.3 | 413.9 | 426.8 |
|  Nominal GDP | 660.4 | 680.8 | 696.2 | 727.0 | 760.4 | 790.7 | 825.0 |
|  Primary Household Income | 444.8 | 459.9 | 473.8 | 490.4 | 512.6 | 520.5 | 541.5 |
|  Compensation of Employees | 345.3 | 356.6 | 367.9 | 380.6 | 396.8 | 403.0 | 418.9 |
|  Net Operating Surplus - Corporations | 83.4 | 85.9 | 84.8 | 94.2 | 97.2 | 109.7 | 111.4 |
| **Table 1 (continued)** |  |  |  |  |  |  |  |
|  | **($ Billions)** | **($ Billions)** | **($ Billions)** | **($ Billions)** | **($ Billions)** | **($ Billions)** | **($ Billions)** |
|  | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** |
|  Real GDP (chained $2017) | 852.0 | 869.8 | 830.3 | 880.7 | 916.9 | 932.8 | 946.2 |
|  Household Consumption | 488.9 | 497.3 | 457.9 | 481.7 | 519.3 | 526.9 | 538.1 |
|  Residential Construction | 69.3 | 69.5 | 74.6 | 84.9 | 72.3 | 67.4 | 65.8 |
|  Non-residential Construction | 30.7 | 31.0 | 30.1 | 30.9 | 31.1 | 32.7 | 33.1 |
|  Machinery and Equipment | 28.4 | 30.3 | 27.0 | 31.2 | 29.7 | 29.1 | 29.6 |
|  Exports | 432.1 | 445.8 | 409.8 | 425.4 | 447.9 | 467.6 | 462.7 |
|  Imports | 438.1 | 441.0 | 403.4 | 432.0 | 456.2 | 459.6 | 453.4 |
|  Nominal GDP | 860.1 | 893.2 | 874.4 | 970.1 | 1061.7 | 1119.5 | 1178.4 |
|  Primary Household Income | 567.5 | 593.1 | 592.5 | 642.1 | 692.0 | 736.6 | 791.6 |
|  Compensation of Employees | 445.9 | 464.1 | 463.8 | 505.9 | 549.9 | 584.5 | 617.5 |
|  Net Operating Surplus - Corporations | 113.2 | 113.5 | 128.1 | 144.7 | 137.5 | 131.7 | 130.6 |
| Sources: Statistics Canada and Ontario Ministry of Finance. |  |  |  |  |  |  |  |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ontario, Growth in Gross Domestic Product, 2011-2024** | | | | | | | **Table 2** |
|  | **(Per Cent Change)** | **(Per Cent Change)** | **(Per Cent Change)** | **(Per Cent Change)** | **(Per Cent Change)** | **(Per Cent Change)** | **(Per Cent Change)** |
|  | **2011** | **2012** | **2013** | **2014** | **2015** | **2016** | **2017** |
|  Real GDP (chained $2017) | 2.4 | 1.3 | 1.4 | 2.5 | 2.5 | 2.1 | 2.8 |
|  Household Consumption | 1.7 | 1.5 | 2.2 | 2.7 | 3 | 2.4 | 4.2 |
|  Residential Construction | 3.6 | 4.7 | (1.8) | 0.7 | 7.7 | 7.8 | 0.8 |
|  Non-residential Construction | 22.7 | 8 | (4.4) | 11.2 | 12.1 | (7.7) | 0.4 |
|  Machinery and Equipment | 3.2 | (0.9) | (11.1) | 16 | 9.9 | (12.0) | 6.4 |
|  Exports | 5.4 | 2.4 | 3.4 | 4.3 | 2.3 | 1.4 | 0.5 |
|  Imports | 5.2 | 1 | 1.9 | 5.5 | 2.6 | 0.6 | 3.1 |
|  Nominal GDP | 4.6 | 3.1 | 2.3 | 4.4 | 4.6 | 4 | 4.3 |
|  Primary Household Income | 4.7 | 3.4 | 3 | 3.5 | 4.5 | 1.5 | 4 |
|  Compensation of Employees | 4.6 | 3.3 | 3.2 | 3.4 | 4.3 | 1.6 | 3.9 |
|  Net Operating Surplus – Corporations<br>| 12.1  | 3.0  | (1.2 )  | 11.0  | 3.2  | 12.9  | 1.6  |
| **Table 2 (continued)** |  |  |  |  |  |  |  |
|  | **(Per Cent Change)** | **(Per Cent Change)** | **(Per Cent Change)** | **(Per Cent Change)** | **(Per Cent Change)** | **(Per Cent Change)** | **(Per Cent Change)** |
|  | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** |
|  Real GDP (chained $2017) | 3.3 | 2.1 | (4.5) | 6.1 | 4.1 | 1.7 | 1.4 |
|  Household Consumption | 3 | 1.7 | (7.9) | 5.2 | 7.8 | 1.5 | 2.1 |
|  Residential Construction | (3.2) | 0.3 | 7.3 | 13.8 | (14.9) | (6.7) | (2.3) |
|  Non-residential Construction | 14.3 | 0.9 | (2.6) | 2.5 | 0.7 | 5.1 | 1.1 |
|  Machinery and Equipment | 6.9 | 6.6 | (10.8) | 15.2 | (4.8) | (1.9) | 1.9 |
|  Exports | 2.6 | 3.2 | (8.1) | 3.8 | 5.3 | 4.4 | (1.1) |
|  Imports | 2.7 | 0.7 | (8.5) | 7.1 | 5.6 | 0.7 | (1.3) |
|  Nominal GDP | 4.3 | 3.9 | (2.1) | 11 | 9.4 | 5.4 | 5.3 |
|  Primary Household Income | 4.8 | 4.5 | (0.1) | 8.4 | 7.8 | 6.4 | 7.5 |
|  Compensation of Employees | 6.4 | 4.1 | (0.1) | 9.1 | 8.7 | 6.3 | 5.7 |
|  Net Operating Surplus – Corporations | 1.6 | 0.3 | 12.8 | 12.9 | (5.0) | (4.2) | (0.9) |
| Sources: Statistics Canada and Ontario Ministry of Finance. |  |  |  |  |  |  |  |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ontario, Real Gross Domestic Product by Industry at Basic Prices, 2021-2024** | | | | **Table 3** |
|  | **(Chained $2017 Millions)** | **(Chained $2017 Millions)** | **(Chained $2017 Millions)** | **(Chained $2017 Millions)** |
|  | **2021** | **2022** | **2023** | **2024** |
|  Goods Producing Industries | 183096 | 187750 | 187216 | 182838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primary | 15415 | 16624 | 16923 | 17410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 14052 | 14420 | 14712 | 15159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction | 61577 | 60287 | 59079 | 57922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manufacturing<sup>1</sup> | 92313 | 96871 | 96987 | 92436 |
|  Services Producing Industries | 634182 | 662856 | 679067 | 694601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wholesale Trade | 55043 | 55360 | 56131 | 56562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail Trade | 38664 | 40197 | 40099 | 40628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation and Warehousing | 25225 | 30149 | 32826 | 33851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information and Cultural | 35343 | 37047 | 37539 | 37457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance and Insurance | 84785 | 86183 | 86005 | 89079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate, Rental and Leasing | 109558 | 108811 | 109200 | 112235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional and Administrative Services | 90818 | 98680 | 101857 | 102764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management of Companies and Enterprises | 1136 | 824 | 536 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Education | 46734 | 47735 | 49444 | 51825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care and Social Services | 57478 | 59920 | 62392 | 64437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arts, Entertainment and Recreation | 5024 | 7031 | 8070 | 8367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accommodation and Food | 11970 | 14563 | 15499 | 15747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Services | 14239 | 15758 | 16364 | 16465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Administration | 60327 | 61774 | 63791 | 65482 |
|  Total Production | 817266 | 850462 | 865860 | 876620 |
|  <sup>1</sup> See Table 5 for detailed manufacturing industries.<br> Sources: Statistics Canada and Ontario Ministry of Finance. |  |  |  |  |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ontario, Growth in Real Gross Domestic Product by Industry at Basic Prices, 2021-2024** | | | | **Table 4** |
|  | **(Per Cent Change)** | **(Per Cent Change)** | **(Per Cent Change)** | **(Per Cent Change)** |
|  | **2021** | **2022** | **2023** | **2024** |
|  Goods Producing Industries | 5.6 | 2.5 | (0.3) | (2.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primary | 4.2 | 7.8 | 1.8 | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | (2.5) | 2.6 | 2.0 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction | 6.0 | (2.1) | (2.0) | (2.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing<sup>1</sup> | 7.4 | 4.9 | 0.1 | (4.7) |
|  Services Producing Industries | 6.3 | 4.5 | 2.4 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale Trade | 4.8 | 0.6 | 1.4 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail Trade | 5.2 | 4.0 | (0.2) | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation and Warehousing | 5.5 | 19.5 | 8.9 | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information and Cultural | 7.5 | 4.8 | 1.3 | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance and Insurance | 8.3 | 1.6 | (0.2) | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate, Rental and Leasing | 2.8 | (0.7) | 0.4 | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional and Administrative Services | 11.3 | 8.7 | 3.2 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management of Companies and Enterprises | (29.7) | (27.5) | (34.9) | (29.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education | 6.3 | 2.1 | 3.6 | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care and Social Services | 6.8 | 4.2 | 4.1 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arts, Entertainment and Recreation | 16.2 | 39.9 | 14.8 | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accommodation and Food | 16.6 | 21.7 | 6.4 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Services | 3.7 | 10.7 | 3.8 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Administration | 3.6 | 2.4 | 3.3 | 2.7 |
|  Total Production | 6.1 | 4.1 | 1.8 | 1.2 |
|  <sup>1</sup> See Table 6 for detailed manufacturing industries.<br> Sources: Statistics Canada and Ontario Ministry of Finance. |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ontario, Real Gross Domestic Product at Basic Prices by Detailed Manufacturing Industries, 2021-2024** | | | | **Table 5** |
|  | **(Chained $2017 Millions)** | **(Chained $2017 Millions)** | **(Chained $2017 Millions)** | **(Chained $2017 Millions)** |
|  | **2021** | **2022** | **2023** | **2024** |
|  Manufacturing (Total) | 92313 | 96871 | 96987 | 92436 |
|  Food, Beverage and Tobacco Products | 14354 | 14869 | 14803 | 14374 |
|  Textile, Clothing and Leather Products | 891 | 944 | 939 | 910 |
|  Wood Products and Furniture | 4391 | 4833 | 4831 | 4704 |
|  Paper Products and Printing | 3813 | 3639 | 3372 | 3155 |
|  Chemical and Petroleum Products | 15503 | 15667 | 14930 | 15448 |
|  Plastic and Rubber Products | 5693 | 5961 | 5095 | 5209 |
|  Primary Metal and Fabricated Metal Products | 12129 | 12806 | 13197 | 12776 |
|  Machinery | 8190 | 8676 | 9193 | 8250 |
|  Electrical and Electronic Products | 5690 | 5902 | 5749 | 5465 |
|  Transportation Equipment | 14777 | 16521 | 18673 | 16710 |
|  Other Manufacturing | 6952 | 7252 | 6634 | 5700 |
| Sources: Statistics Canada and Ontario Ministry of Finance. |  |  |  |  |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ontario, Growth in Real Gross Domestic Product at Basic Prices by Detailed Manufacturing Industries, 2021-2024** | **Ontario, Growth in Real Gross Domestic Product at Basic Prices by Detailed Manufacturing Industries, 2021-2024** | | | **Table 6** |
|  | **(Per Cent Change)** | **(Per Cent Change)** | **(Per Cent Change)** | **(Per Cent Change)** |
|  | **2021** | **2022** | **2023** | **2024** |
|  Manufacturing (Total) | 7.4 | 4.9 | 0.1 | (4.7) |
|  Food, Beverage and Tobacco Products | 3.1 | 3.6 | (0.4) | (2.9) |
|  Textile, Clothing and Leather Products | 8.1 | 5.9 | (0.4) | (3.1) |
|  Wood Products and Furniture | 3.9 | 10.1 | (0.1) | (2.6) |
|  Paper Products and Printing | (1.1) | (4.6) | (7.3) | (6.4) |
|  Chemical and Petroleum Products | 6.2 | 1.1 | (4.7) | 3.5 |
|  Plastic and Rubber Products | 22.4 | 4.7 | (14.5) | 2.2 |
|  Primary Metal and Fabricated Metal Products | 9.2 | 5.6 | 3.0 | (3.2) |
|  Machinery | 25.5 | 5.9 | 6.0 | (10.3) |
|  Electrical and Electronic Products | 5.1 | 3.7 | (2.6) | (4.9) |
|  Transportation Equipment | (2.1) | 11.8 | 13.0 | (10.5) |
|  Other Manufacturing | 21.0 | 4.3 | (8.5) | (14.1) |
| Sources: Statistics Canada and Ontario Ministry of Finance. |  |  |  |  |
| **Ontario, Housing Market Indicators, 2021-2024** |  |  |  | **Table 7** |
|  | **2021** | **2022** | **2023** | **2024** |
|  New Housing Market |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Construction, Current $ Millions | 108992 | 105438 | 99596 | 97642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per Cent Change | 31.5 | (3.3) | (5.5) | (2.0) |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Residential Construction ($2017 Millions) | 84878 | 72273 | 67401 | 65847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per Cent Change | 13.8 | 14.9 | (6.7) | (2.3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing Starts (Units) | 99566 | 96080 | 89297 | 74573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per Cent Change | 22.5 | (3.5) | (7.1) | (16.5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Of which: Single-detached, urban areas (Units) | 26173 | 22339 | 15368 | 12973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per Cent Change | 25.9 | (14.6) | (31.2) | (15.6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Multiple, urban areas (Units) | 66458 | 69600 | 70936 | 59002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per Cent Change | 14.4 | 4.7 | 1.9 | 16.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Housing Price Index (Dec. 2016=100) | 119 | 127 | 126 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per Cent Change | 10.7 | 6.5 | (0.6) | (1.3) |
|  Resale Market |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Resales (Units) | 272881 | 183901 | 161784 | 169352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per Cent Change | 18.0 | (32.6) | (12.0) | (4.7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Average Resale Price ($) | 876446 | 936006 | 876320 | 868206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per Cent Change | 23.7 | 6.8 | (6.4) | (0.9) |
| Sources: Statistics Canada, Canada Mortgage and Housing Corporation, Canadian Real Estate Association and Ontario Ministry of Finance. | Sources: Statistics Canada, Canada Mortgage and Housing Corporation, Canadian Real Estate Association and Ontario Ministry of Finance. | Sources: Statistics Canada, Canada Mortgage and Housing Corporation, Canadian Real Estate Association and Ontario Ministry of Finance. | Sources: Statistics Canada, Canada Mortgage and Housing Corporation, Canadian Real Estate Association and Ontario Ministry of Finance. | Sources: Statistics Canada, Canada Mortgage and Housing Corporation, Canadian Real Estate Association and Ontario Ministry of Finance. |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Financial Indicators, 2011–2024** | **Table 8** | **Table 8** | **Table 8** | **Table 8** | **Table 8** | **Table 8** | **Table 8** |
|  | **(Per Cent)** | **(Per Cent)** | **(Per Cent)** | **(Per Cent)** | **(Per Cent)** | **(Per Cent)** | **(Per Cent)** |
|  | **2011** | **2012** | **2013** | **2014** | **2015** | **2016** | **2017** |
|  Interest Rates |  |  |  |  |  |  |  |
|  Bank Rate | 1.2 | 1.2 | 1.2 | 1.2 | 0.9 | 0.8 | 0.9 |
|  Prime Rate | 3 | 3 | 3 | 3 | 2.8 | 2.7 | 2.9 |
|  10-Year Government Bonds | 2.8 | 1.9 | 2.3 | 2.2 | 1.5 | 1.3 | 1.8 |
|  Three-month T-Bills | 0.9 | 0.9 | 1 | 0.9 | 0.5 | 0.5 | 0.7 |
|  Mortgage Rates |  |  |  |  |  |  |  |
|  5-Year Rate | 5.4 | 5.3 | 5.2 | 4.9 | 4.7 | 4.7 | 4.8 |
|  1-Year Rate | 3.5 | 3.2 | 3.1 | 3.1 | 3 | 3.1 | 3.2 |
| **Table 8 (continued)** | **(Per Cent)** | **(Per Cent)** | **(Per Cent)** | **(Per Cent)** | **(Per Cent)** | **(Per Cent)** | **(Per Cent)** |
|  | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** |
|  Interest Rates |  |  |  |  |  |  |  |
|  Bank Rate | 1.7 | 2 | 0.8 | 0.5 | 2.1 | 5 | 4.8 |
|  Prime Rate | 3.6 | 4 | 2.8 | 2.5 | 4.1 | 6.9 | 6.7 |
|  10-Year Government Bonds | 2.3 | 1.6 | 0.8 | 1.4 | 2.8 | 3.4 | 3.4 |
|  Three-month T-Bills | 1.4 | 1.7 | 0.4 | 0.1 | 2.2 | 4.7 | 4.3 |
|  Mortgage Rates |  |  |  |  |  |  |  |
|  5-Year Rate | 5.3 | 5.3 | 4.9 | 4.8 | 5.7 | 6.7 | 6.7 |
|  1-Year Rate | 3.5 | 3.6 | 3.2 | 2.8 | 4.5 | 7.2 | 7.6 |
| Source: Bank of Canada. | Source: Bank of Canada. | Source: Bank of Canada. | Source: Bank of Canada. | Source: Bank of Canada. | Source: Bank of Canada. | Source: Bank of Canada. | Source: Bank of Canada. |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ontario, International Merchandise Exports<sup>1</sup> by Major Commodity<sup>2</sup>, 2024** | **Ontario, International Merchandise Exports<sup>1</sup> by Major Commodity<sup>2</sup>, 2024** | | | **Table 9** |
| | | **Value<br>($ Millions)** | **2024 Growth<br>(Per Cent)** | **Per Cent<br>of Total** |
| 1 | Motor Vehicles and parts | 64106 | (11.5) | 25.4 |
| 2 | Precious metals & stones | 37083 | 26.4 | 14.7 |
| 3 | Mechanical equipment | 24689 | (5.6) | 9.8 |
| 4 | Electrical Machinery | 11241 | 13.2 | 4.5 |
| 5 | Plastic products | 10565 | 8 | 4.2 |
| 6 | Iron and steel | 8365 | (3.8) | 3.3 |
| 7 | Cereal and baked products | 7957 | 9 | 3.2 |
| 8 | Pharmaceutical products | 7215 | 7.7 | 2.9 |
| 9 | Scientific, photo & medical equipment | 5109 | 2.4 | 2 |
| 10 | Furniture and accessories | 4482 | (1.0) | 1.8 |
| 11 | Iron & Steel products | 4383 | (9.6) | 1.7 |
| 12 | Oils & other petroleum products | 3829 | (5.8) | 1.5 |
| 13 | Aluminum & articles thereof | 3359 | (3.9) | 1.3 |
| 14 | Inorganic chemicals | 3099 | 33.3 | 1.2 |
| 15 | Vegetables | 2887 | 14 | 1.1 |
| 16 | Nickel & articles thereof | 2699 | (28.4) | 1.1 |
| 17 | Miscellaneous chemical products | 2644 | (15.9) | 1 |
| 18 | Paper products | 2611 | 0.9 | 1 |
| 19 | Wood products | 2414 | 2.6 | 1 |
| 20 | Aircraft, spacecraft & articles thereof | 2367 | 0.3 | 0.9 |
| 21 | Perfumes and cosmetics | 2002 | (13.3) | 0.8 |
| 22 | Cocoa products | 1862 | 31.7 | 0.7 |
| 23 | Rubber products | 1857 | 10.9 | 0.7 |
| 24 | Miscellaneous food products | 1797 | 7.4 | 0.7 |
| 25 | Meat | 1784 | 2.7 | 0.7 |
|  | All other commodities | 31921 | (0.2) | 12.7 |
|  | Total Exports | 252327 | 0.1 | 100 |
| <sup>1</sup> International merchandise exports exclude re-exports and are reported on a customs basis.<br> <sup>2</sup> Product groupings based on two-digit Harmonized System codes.<br> Source: Statistics Canada. | <sup>1</sup> International merchandise exports exclude re-exports and are reported on a customs basis.<br> <sup>2</sup> Product groupings based on two-digit Harmonized System codes.<br> Source: Statistics Canada. | <sup>1</sup> International merchandise exports exclude re-exports and are reported on a customs basis.<br> <sup>2</sup> Product groupings based on two-digit Harmonized System codes.<br> Source: Statistics Canada. | <sup>1</sup> International merchandise exports exclude re-exports and are reported on a customs basis.<br> <sup>2</sup> Product groupings based on two-digit Harmonized System codes.<br> Source: Statistics Canada. | <sup>1</sup> International merchandise exports exclude re-exports and are reported on a customs basis.<br> <sup>2</sup> Product groupings based on two-digit Harmonized System codes.<br> Source: Statistics Canada. |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ontario, International Merchandise Imports by Major Commodity<sup>1</sup>, 2024** | **Ontario, International Merchandise Imports by Major Commodity<sup>1</sup>, 2024** | | | **Table 10** |
| | | **Value<br>($ Millions)** | **2024 Growth<br>(Per Cent)** | **Per Cent<br>of Total** |
| 1 | Motor Vehicles and parts | 94916 | 0 | 20.4 |
| 2 | Mechanical equipment | 64715 | 2.6 | 13.9 |
| 3 | Electrical Machinery | 50126 | (0.1) | 10.8 |
| 4 | Precious metals & stones | 23595 | 6.2 | 5.1 |
| 5 | Pharmaceutical products | 20578 | (1.9) | 4.4 |
| 6 | Plastic products | 17451 | 1.5 | 3.8 |
| 7 | Scientific, photo & medical equipment | 14317 | 6.4 | 3.1 |
| 8 | Oils & other petroleum products | 9201 | (11.4) | 2 |
| 9 | Iron & Steel products | 8293 | (1.9) | 1.8 |
| 10 | Organic Chemicals | 8249 | 1.3 | 1.8 |
| 11 | Iron and steel | 7816 | (6.3) | 1.7 |
| 12 | Furniture and accessories | 7220 | (3.7) | 1.6 |
| 13 | Paper products | 5888 | 8.5 | 1.3 |
| 14 | Perfumes and cosmetics | 5258 | 6.9 | 1.1 |
| 15 | Rubber products | 4740 | 0 | 1 |
| 16 | Miscellaneous chemical products | 4575 | (1.9) | 1 |
| 17 | Aluminum & articles thereof | 4544 | 4.3 | 1 |
| 18 | Fruits & nuts | 4392 | 8 | 0.9 |
| 19 | Cereal and baked products | 4278 | 3.9 | 0.9 |
| 20 | Aircraft, spacecraft & articles thereof | 4238 | (8.8) | 0.9 |
| 21 | Miscellaneous food products | 4165 | 6.9 | 0.9 |
| 22 | Toys & sporting goods | 4076 | 1 | 0.9 |
| 23 | Knitted Clothes | 4037 | 4.4 | 0.9 |
| 24 | Beverages | 3596 | 1 | 0.8 |
| 25 | Soap and organic surface agents | 3477 | 7 | 0.7 |
|  | All other commodities | 80588 | 3.9 | 17.4 |
|  | Domestic Imports | 461632 | 1.5 | 99.4 |
|  | Re-imports<sup>2</sup> | 2699 | (7.5) | 0.6 |
|  | Total Imports | 464331 | 1.4 | 100 |
|  <sup>1</sup> Product groupings based on two-digit Harmonized System codes. Data reported on a customs basis. Domestic imports exclude re-imports. Total imports are the sum of domestic imports and re-imports.<br> <sup>2</sup> These are goods re-entering (returned to) Ontario after having been exported abroad without having been materially altered or enhanced in value while abroad.<br> Source: Statistics Canada. | <sup>1</sup> Product groupings based on two-digit Harmonized System codes. Data reported on a customs basis. Domestic imports exclude re-imports. Total imports are the sum of domestic imports and re-imports.<br> <sup>2</sup> These are goods re-entering (returned to) Ontario after having been exported abroad without having been materially altered or enhanced in value while abroad.<br> Source: Statistics Canada. | <sup>1</sup> Product groupings based on two-digit Harmonized System codes. Data reported on a customs basis. Domestic imports exclude re-imports. Total imports are the sum of domestic imports and re-imports.<br> <sup>2</sup> These are goods re-entering (returned to) Ontario after having been exported abroad without having been materially altered or enhanced in value while abroad.<br> Source: Statistics Canada. | <sup>1</sup> Product groupings based on two-digit Harmonized System codes. Data reported on a customs basis. Domestic imports exclude re-imports. Total imports are the sum of domestic imports and re-imports.<br> <sup>2</sup> These are goods re-entering (returned to) Ontario after having been exported abroad without having been materially altered or enhanced in value while abroad.<br> Source: Statistics Canada. | <sup>1</sup> Product groupings based on two-digit Harmonized System codes. Data reported on a customs basis. Domestic imports exclude re-imports. Total imports are the sum of domestic imports and re-imports.<br> <sup>2</sup> These are goods re-entering (returned to) Ontario after having been exported abroad without having been materially altered or enhanced in value while abroad.<br> Source: Statistics Canada. |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ontario, International Merchandise Exports<sup>1</sup> by Top 25 Trading Partners, 2024** | **Ontario, International Merchandise Exports<sup>1</sup> by Top 25 Trading Partners, 2024** | | | **Table 11** |
|  |  | **Exports<br>($ Millions)** | **2024 Growth<br>(Per Cent)** | **Per Cent<br>of Total** |
| 1 | United States | 194742 | (5.0) | (77.2) |
| 2 | United Kingdom | 23082 | 127.4 | 9.1 |
| 3 | Mexico | 4088 | 8.4 | 1.6 |
| 4 | Switzerland | 2916 | 34.5 | 1.2 |
| 5 | China | 2769 | (14.6) | 1.1 |
| 6 | Hong Kong | 2193 | (42.8) | 0.9 |
| 7 | Germany | 2163 | (8.9) | 0.9 |
| 8 | Japan | 2089 | (13.2) | 0.8 |
| 9 | Norway | 2008 | (26.8) | 0.8 |
| 10 | Saudi Arabia | 1209 | (18.5) | 0.5 |
| 11 | France (incl. Monaco, French Antilles) | 980 | 12.9 | 0.4 |
| 12 | Netherlands | 972 | (3.4) | 0.4 |
| 13 | Korea, South | 950 | 8.2 | 0.4 |
| 14 | Italy (incl. Vatican City State) | 897 | 5.9 | 0.4 |
| 15 | Australia | 733 | (1.4) | 0.3 |
| 16 | Belgium | 647 | (8.2) | 0.3 |
| 17 | United Arab Emirates | 570 | 1.9 | 0.2 |
| 18 | India | 548 | (3.4) | 0.2 |
| 19 | Ireland | 512 | 25.0 | 0.2 |
| 20 | Singapore | 415 | 5.1 | 0.2 |
| 21 | Taiwan | 393 | 15.3 | 0.2 |
| 22 | Brazil | 376 | (12.2) | 0.1 |
| 23 | Malaysia | 362 | (2.3) | 0.1 |
| 24 | Ukraine | 346 | (11.7) | 0.1 |
| 25 | Türkiye | 286 | 66.0 | 0.1 |
|  | All other countries | 6079 | (2.2) | 2.4 |
|  | Total Exports | 252327 | 0.1 | 100.0 |
| <sup>1</sup> International merchandise exports exclude re-exports and are reported on a customs basis.<br> Source: Statistics Canada. | <sup>1</sup> International merchandise exports exclude re-exports and are reported on a customs basis.<br> Source: Statistics Canada. | <sup>1</sup> International merchandise exports exclude re-exports and are reported on a customs basis.<br> Source: Statistics Canada. | <sup>1</sup> International merchandise exports exclude re-exports and are reported on a customs basis.<br> Source: Statistics Canada. | <sup>1</sup> International merchandise exports exclude re-exports and are reported on a customs basis.<br> Source: Statistics Canada. |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ontario, International Merchandise Imports<sup>1</sup> by Top 25 Trading Partners, 2024** | **Ontario, International Merchandise Imports<sup>1</sup> by Top 25 Trading Partners, 2024** | | | **Table 12** |
| | | **Imports<br>($ Millions)** | **2024 Growth<br>(Per Cent)** | **Per Cent<br>of Total** |
| 1 | United States | 243335 | 0.9 | 52.4 |
| 2 | China | 50438 | 1.5 | 10.9 |
| 3 | Mexico | 37210 | 2 | 8 |
| 4 | Japan | 14311 | 3.5 | 3.1 |
| 5 | Korea, South | 12343 | 21.6 | 2.7 |
| 6 | Germany | 10992 | (6.4) | 2.4 |
| 7 | Vietnam | 9012 | 9.4 | 1.9 |
| 8 | Switzerland | 6200 | (6.1) | 1.3 |
| 9 | Italy (incl. Vatican City State) | 6173 | 2.1 | 1.3 |
| 10 | Brazil | 5432 | 7.9 | 1.2 |
| 11 | Peru | 4971 | 25.9 | 1.1 |
| 12 | India | 4427 | 3 | 1 |
| 13 | Taiwan | 3901 | (3.5) | 0.8 |
| 14 | France (incl. Monaco, French Antilles) | 3478 | 2.9 | 0.7 |
| 15 | United Kingdom | 3462 | 9.8 | 0.7 |
| 16 | Thailand | 3043 | 7.1 | 0.7 |
| 17 | Ireland | 2644 | 12.3 | 0.6 |
| 18 | Portugal | 2285 | (22.6) | 0.5 |
| 19 | Malaysia | 2223 | (1.2) | 0.5 |
| 20 | South Africa | 1821 | (16.1) | 0.4 |
| 21 | Belgium | 1803 | (17.9) | 0.4 |
| 22 | Netherlands | 1720 | 18.4 | 0.4 |
| 23 | Spain | 1712 | (2.8) | 0.4 |
| 24 | Sweden | 1698 | (3.8) | 0.4 |
| 25 | Indonesia | 1589 | (4.5) | 0.3 |
|  | All other countries | 28108 | (2.1) | 6.1 |
|  | Domestic Imports | 461632 | 1.5 | 99.4 |
|  | Re-imports<sup>2</sup> | 2699 | (7.5) | 0.6 |
|  | Total Imports | 464331 | 1.4 | 100 |

---

<sup>1</sup> Data reported on a customs basis. Domestic imports exclude re-imports. Total imports are the sum of domestic imports and re-imports. 

<sup>2</sup> These are goods re-entering (returned to) Ontario after having been exported abroad without having been materially altered or enhanced in value while abroad.

Source: Statistics Canada.

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ontario, Selected Demographic Characteristics, 2017–2025<sup>1</sup>** | **Ontario, Selected Demographic Characteristics, 2017–2025<sup>1</sup>** | **Ontario, Selected Demographic Characteristics, 2017–2025<sup>1</sup>** | **Ontario, Selected Demographic Characteristics, 2017–2025<sup>1</sup>** | | | | | | **Table 13** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
|  Total Population (000s) | 14078 | 14327 | 14574 | 14762 | 14842 | 15156 | 15632 | 16145 | 16258 |
|  Annual average Growth over Preceding Year (%) | 1.5 | 1.8 | 1.7 | 1.3 | 0.5 | 2.1 | 3.1 | 3.3 | 0.7 |
|  Median Age (Years) | 40.7 | 40.6 | 40.5 | 40.5 | 40.7 | 40.4 | 39.9 | 39.6 | 39.9 |
|  Age Group Shares (%) | Age Group Shares (%) | Age Group Shares (%) | Age Group Shares (%) | Age Group Shares (%) | Age Group Shares (%) | Age Group Shares (%) | Age Group Shares (%) | Age Group Shares (%) | Age Group Shares (%) |
| 0–4 | 5.1 | 5.1 | 5.0 | 4.9 | 4.9 | 4.7 | 4.6 | 4.4 | 4.4 |
| 5–14 | 10.9 | 10.8 | 10.8 | 10.7 | 10.7 | 10.6 | 10.4 | 10.2 | 10.2 |
| 15–24 | 13.0 | 13.0 | 12.9 | 12.6 | 12.2 | 12.4 | 12.7 | 12.9 | 12.5 |
| 25–44 | 26.5 | 26.7 | 27.0 | 27.3 | 27.6 | 28.0 | 28.8 | 29.5 | 29.6 |
| 45–64 | 27.9 | 27.5 | 27.1 | 26.8 | 26.6 | 26.0 | 25.2 | 24.6 | 24.4 |
| 65–74 | 9.4 | 9.6 | 9.8 | 10.0 | 10.3 | 10.3 | 10.2 | 10.2 | 10.4 |
|  75+ | 7.2 | 7.3 | 7.4 | 7.5 | 7.7 | 8.0 | 8.1 | 8.2 | 8.5 |
|  Total Fertility Rate<sup>2</sup> | 1.50 | 1.46 | 1.43 | 1.35 | 1.38 | 1.28 | 1.22 | 1.21 |  |
|  Life Expectancy at Birth (Years) <sup>2</sup> | Life Expectancy at Birth (Years) <sup>2</sup> | Life Expectancy at Birth (Years) <sup>2</sup> | Life Expectancy at Birth (Years) <sup>2</sup> | Life Expectancy at Birth (Years) <sup>2</sup> | Life Expectancy at Birth (Years) <sup>2</sup> | Life Expectancy at Birth (Years) <sup>2</sup> | Life Expectancy at Birth (Years) <sup>2</sup> | Life Expectancy at Birth (Years) <sup>2</sup> | Life Expectancy at Birth (Years) <sup>2</sup> |
|  Female | 84.4 | 84.3 | 84.7 | 84.3 | 84.3 | 84.1 | 84.5 |  |  |
|  Male | 80.2 | 80.2 | 80.4 | 79.7 | 79.6 | 79.6 | 80.1 |  |  |
|  Families (000s) | 3857 | 3899 | 3958 | 3990 | 4017 | 4070 | 4169 | 4260 |  |
|  Households (000s)<sup>3</sup> | 5393 | 5486 | 5608 | 5685 | 5741 | 5840 | 6014 | 6175 |  |

---

<sup>1</sup> Population estimates are for July 1.

<sup>2</sup> Calendar-year data.

<sup>3</sup> Households are from Census enumeration.

Source: Statistics Canada.

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ontario, Components of Population Growth, 2015-16 to 2024-25<sup>1</sup>** | | | | | **Table 14** |
|  | **(Thousands)** | **(Thousands)** | **(Thousands)** | **(Thousands)** | **(Thousands)** |
|  | **2015–16** | **2016–17** | **2017–18** | **2018–19** | **2019–20** |
|  Population at Beginning of Period | 13709 | 13877 | 14078 | 14327 | 14574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Births | 141 | 141 | 141 | 141 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deaths | 97 | 102 | 107 | 106 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immigrants | 120 | 99 | 133 | 139 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Emigrants<sup>2</sup> | 25 | 22 | 14 | 14 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Non-permanent Residents | 30 | 64 | 77 | 71 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interprovincial Arrivals | 72 | 72 | 70 | 67 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interprovincial Departures | 63 | 58 | 60 | 60 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Population Growth During Period | 167 | 202 | 248 | 247 | 188 |
|  Population at End of Period<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14762 |
|  Population Growth (%) | 1.2 | 1.5 | 1.8 | 1.7 | 1.3 |
| **Table 14 (continued)** | **(Thousands)** | **(Thousands)** | **(Thousands)** | **(Thousands)** | **(Thousands)** |
|  | **2020–21** | **2021–22** | **2022–23** | **2023–24** | **2024–25** |
|  Population at Beginning of Period | 14762 | 14842 | 15156 | 15632 | 16145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Births | 137 | 139 | 135 | 142 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deaths | 117 | 121 | 123 | 122 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immigrants | 108 | 227 | 199 | 198 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Emigrants<sup>2</sup> | 11 | 22 | 30 | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Non-permanent Residents | -26 | 121 | 325 | 368 | -49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interprovincial Arrivals | 56 | 77 | 77 | 69 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interprovincial Departures | 75 | 108 | 106 | 112 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Population Growth During Period | 81 | 313 | 477 | 512 | 113 |
|  Population at End of Period<sup>3</sup> | 14842 | 15156 | 15632 | 16145 | 16258 |
|  Population Growth (%) | 0.5 | 2.1 | 3.1 | 3.3 | 0.7 |

---

<sup>1</sup> Population estimates are for the period from July 1 to June 30 of each year (Census year).

<sup>2</sup> Net Emigrants = Emigrants plus net change in temporary emigrants minus returning emigrants.

<sup>3</sup> The sum of the components may not equal the total change in population due to residual deviation. 

Source: Statistics Canada.

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ontario, Labour Force, 2011–2024** | **Table 15** | **Table 15** | **Table 15** | **Table 15** | **Table 15** | **Table 15** | **Table 15** |
|  | **2011** | **2012** | **2013** | **2014** | **2015** | **2016** | **2017** |
|  Labour Force (000s) | 7229 | 7268 | 7352 | 7369 | 7366 | 7422 | 7568 |
|  Annual Labour Force Growth (%) | 0.7 | 0.5 | 1.2 | 0.2 | 0.0 | 0.8 | 2.0 |
|  Participation Rate (%) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Male | 71.5 | 71.1 | 71 | 70.6 | 70.3 | 69.9 | 70.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Female | 62.1 | 61.7 | 61.9 | 61.4 | 60.6 | 60.3 | 60.5 |
|  Share of Labour Force (%) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Youth (15–24) | 15.6 | 15.2 | 15.2 | 15.3 | 15 | 14.7 | 14.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Older Workers (55+) | 17.4 | 17.9 | 18.5 | 19.2 | 19.9 | 20.5 | 20.9 |
| **Table 15 (continued)** |  |  |  |  |  |  |  |
|  | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** |
|  Labour Force (000s) | 7674 | 7848 | 7806 | 8060 | 8222 | 8484 | 8755 |
|  Annual Labour Force Growth (%) | 1.4 | 2.3 | (0.5) | 3.3 | 2.0 | 3.2 | 3.2 |
|  Participation Rate (%) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Male | 69.6 | 70 | 68.6 | 69.9 | 69.9 | 70.1 | 69.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Female | 60.3 | 60.6 | 59 | 60.6 | 61 | 61.3 | 60.8 |
|  Share of Labour Force (%) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Youth (15–24) | 14.8 | 14.7 | 13.9 | 13.6 | 13.9 | 13.9 | 13.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Older Workers (55+) | 21.2 | 21.6 | 22.0 | 22.2 | 21.5 | 21.2 | 20.7 |

---

Source: Statistics Canada.

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ontario, Employment, 2011–2024** | **Table 16** | **Table 16** | **Table 16** | **Table 16** | **Table 16** | **Table 16** | **Table 16** |
|  | **2011** | **2012** | **2013** | **2014** | **2015** | **2016** | **2017** |
|  Total Employment (000s) | 6648 | 6685 | 6791 | 6823 | 6863 | 6935 | 7109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Male | 3461 | 3483 | 3533 | 3563 | 3596 | 3641 | 3736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Female | 3187 | 3203 | 3258 | 3261 | 3267 | 3294 | 3373 |
|  Annual Employment Growth (%) | 1.5 | 0.6 | 1.6 | 0.5 | 0.6 | 1 | 2.5 |
|  Net Job Creation (000s) | 100 | 38 | 106 | 33 | 39 | 72 | 175 |
|  Public-sector Employment (000s) | 1270 | 1241 | 1266 | 1255 | 1264 | 1263 | 1279 |
|  Private-sector Employment (000s) | 4355 | 4414 | 4493 | 4554 | 4548 | 4622 | 4749 |
|  Self-employment (000s) | 1023 | 1030 | 1032 | 1015 | 1050 | 1050 | 1081 |
|  Manufacturing Employment |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of total) | 11.6 | 11.7 | 11.4 | 11.3 | 11.2 | 11.3 | 11.3 |
|  Services Employment |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of total) | 79.1 | 78.8 | 79.3 | 79.6 | 79.6 | 79.3 | 79.4 |
|  Part-time (% of total) | 19.5 | 19.4 | 19.7 | 19.6 | 19 | 19.1 | 19.3 |
|  Average Hours Worked Per Week<sup>1</sup> | 36.3 | 36.5 | 36.2 | 35.8 | 36.3 | 36.3 | 35.9 |
| **Table 16 (continued)** |  |  |  |  |  |  |  |
|  | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** |
|  Total Employment (000s) | 7240 | 7413 | 7043 | 7405 | 7764 | 8006 | 8146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Male | 3814 | 3901 | 3738 | 3910 | 4094 | 4230 | 4298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Female | 3427 | 3512 | 3305 | 3495 | 3670 | 3776 | 3848 |
|  Annual Employment Growth (%) | 1.8 | 2.4 | (5.0) | 5.1 | 4.9 | 3.1 | 1.7 |
|  Net Job Creation (000s) | 131 | 173 | (370) | 361 | 359 | 242 | 140 |
|  Public-sector Employment (000s) | 1312 | 1343 | 1332 | 1441 | 1541 | 1570 | 1622 |
|  Private-sector Employment (000s) | 4819 | 4932 | 4614 | 4876 | 5153 | 5367 | 5422 |
|  Self-employment (000s) | 1110 | 1138 | 1097 | 1088 | 1070 | 1069 | 1102 |
|  Manufacturing Employment |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of total) | 11 | 10.5 | 10.5 | 10.6 | 10.3 | 10.3 | 10.2 |
|  Services Employment |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of total) | 79.5 | 80.1 | 79.8 | 80 | 79.9 | 79.8 | 80.6 |
|  Part-time (% of total) | 18.7 | 18.6 | 17.3 | 17.5 | 17.4 | 17.2 | 17.6 |
|  Average Hours Worked Per Week<sup>1</sup> | 36.3 | 35.9 | 35.9 | 36.2 | 36.1 | 36.2 | 36 |

---

<sup>1</sup> Average actual hours worked per week at all jobs, excluding persons not at work, in reference week.

Source: Statistics Canada.

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ontario, Unemployment, 2011–2024** | **Table 17** | **Table 17** | **Table 17** | **Table 17** | **Table 17** | **Table 17** | **Table 17** |
|  | **2011** | **2012** | **2013** | **2014** | **2015** | **2016** | **2017** |
|  Total Unemployment (000s) | 582 | 583 | 562 | 546 | 503 | 488 | 459 |
|  Unemployment Rate (%) | 8.0 | 8.0 | 7.6 | 7.4 | 6.8 | 6.6 | 6.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Male | 8.3 | 8.4 | 8.0 | 7.6 | 7.1 | 6.8 | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Female | 7.8 | 7.6 | 7.3 | 7.2 | 6.5 | 6.3 | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater Toronto Area (GTA)<sup>1</sup> | 8.6 | 8.9 | 8.3 | 8.1 | 7.2 | 6.9 | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Ontario | 8.0 | 7.3 | 7.6 | 6.8 | 7.2 | 7.4 | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Youth (15–24) | 15.6 | 16.7 | 15.6 | 15.3 | 14.4 | 13.4 | 11.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Older Workers (55+) | 6.2 | 6.0 | 5.8 | 5.6 | 5.0 | 5.1 | 4.7 |
|  Share of Total Unemployment (%) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term Unemployed (27 weeks+) | 23.6 | 21.8 | 22.9 | 22.5 | 19.9 | 19.6 | 19.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Youth (15–24) | 30.1 | 31.7 | 31 | 31.5 | 31.5 | 30 | 28.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Older Workers (55+) | 13.5 | 13.3 | 14.1 | 14.5 | 14.6 | 15.8 | 16.3 |
|  Average Duration (weeks) | 21.9 | 21.9 | 21.9 | 21.8 | 20.2 | 19.8 | 19.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Youth (15–24) | 12.0 | 12.5 | 12.4 | 13.2 | 12.1 | 11.0 | 10.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Older Workers (55+) | 34.7 | 34.0 | 32.3 | 32.1 | 31.7 | 30.7 | 31.3 |
| **Table 17 (continued)** |  |  |  |  |  |  |  |
|  | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** |
|  Total Unemployment (000s) | 434 | 435 | 762 | 655 | 457 | 478 | 609 |
|  Unemployment Rate (%) | 5.7 | 5.5 | 9.8 | 8.1 | 5.6 | 5.6 | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Male | 5.6 | 5.7 | 9.6 | 8.1 | 5.5 | 5.5 | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Female | 5.7 | 5.4 | 10 | 8.2 | 5.7 | 5.8 | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater Toronto Area (GTA)<sup>1</sup> | 6.0 | 5.9 | 11 | 9.1 | 6.3 | 6.2 | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Ontario | 6.1 | 6.0 | 8.0 | 6.8 | 4.6 | 5.2 | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Youth (15–24) | 11.7 | 11.7 | 22.1 | 15.9 | 11.4 | 12.5 | 15.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Older Workers (55+) | 4.3 | 4.3 | 7.3 | 7.5 | 4.6 | 4.1 | 4.7 |
|  Share of Total Unemployment (%) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term Unemployed (27 weeks+) | 16.3 | 15.2 | 15.0 | 28.3 | 18.1 | 16.7 | 22.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Youth (15–24) | 30.5 | 30.8 | 31.4 | 26.6 | 28.6 | 30.8 | 31.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Older Workers (55+) | 15.9 | 16.6 | 16.4 | 20.4 | 17.8 | 15.3 | 14.0 |
|  Average Duration (weeks) | 17.2 | 16.0 | 15.4 | 23.0 | 19.7 | 17.6 | 20.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Youth (15–24) | 9.2 | 9.4 | 11.7 | 14.4 | 10.1 | 11.5 | 15.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Older Workers (55+) | 28.3 | 27 | 21.1 | 28.9 | 29.9 | 26.2 | 26.0 |

---

<sup>1</sup> Based on Economic Region 530, which closely matches the GTA, the main exception being that it excludes the city of Burlington.

Source: Statistics Canada.

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ontario, Employment by Industry, 2015–2024** | **Table 18** | **Table 18** | **Table 18** | **Table 18** | **Table 18** |
|  | **(Thousands)** | **(Thousands)** | **(Thousands)** | **(Thousands)** | **(Thousands)** |
|  | **2015** | **2016** | **2017** | **2018** | **2019** |
|  Goods Producing Industries | 1402 | 1436 | 1464 | 1482 | 1476 |
|  Primary Industries | 115 | 109 | 101 | 105 | 109 |
|  Manufacturing | 767 | 783 | 800 | 799 | 777 |
|  Construction | 470 | 492 | 515 | 526 | 539 |
|  Utilities | 50 | 52 | 48 | 53 | 51 |
|  Services Producing Industries | 5461 | 5499 | 5646 | 5758 | 5937 |
|  Trade | 1061 | 1058 | 1103 | 1099 | 1119 |
|  Transportation and Warehousing | 319 | 329 | 338 | 371 | 394 |
|  Finance, Insurance, Real Estate and Leasing | 529 | 541 | 553 | 570 | 600 |
|  Professional, Scientific and Technical Services | 572 | 581 | 621 | 639 | 676 |
|  Business, Building and Other Support | 330 | 313 | 305 | 318 | 309 |
|  Educational Services | 509 | 497 | 493 | 515 | 532 |
|  Health Care and Social Assistance | 796 | 818 | 851 | 850 | 891 |
|  Information, Culture and Recreation | 297 | 307 | 305 | 301 | 305 |
|  Accommodation and Food Services | 440 | 442 | 444 | 466 | 458 |
|  Public Administration | 343 | 346 | 356 | 345 | 363 |
|  Other Services | 265 | 269 | 278 | 285 | 291 |
|  Total Employment | 6863 | 6935 | 7109 | 7240 | 7413 |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Table 18 (continued)** | **Ontario, Employment by Industry, 2015–2024** | **Ontario, Employment by Industry, 2015–2024** | **Ontario, Employment by Industry, 2015–2024** | **Ontario, Employment by Industry, 2015–2024** | **Ontario, Employment by Industry, 2015–2024** |
|  | **(Thousands)** | **(Thousands)** | **(Thousands)** | **(Thousands)** | **(Thousands)** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** |
|  Goods Producing Industries | 1424 | 1481 | 1559 | 1619 | 1584 |
|  Primary Industries | 103 | 102 | 112 | 121 | 115 |
|  Manufacturing | 739 | 782 | 798 | 829 | 830 |
|  Construction | 532 | 543 | 588 | 605 | 579 |
|  Utilities | 50 | 53 | 61 | 65 | 60 |
|  Services Producing Industries | 5620 | 5924 | 6205 | 6387 | 6563 |
|  Trade | 1057 | 1105 | 1152 | 1139 | 1126 |
|  Transportation and Warehousing | 350 | 365 | 381 | 402 | 422 |
|  Finance, Insurance, Real Estate and Leasing | 599 | 629 | 671 | 680 | 703 |
|  Professional, Scientific and Technical Services | 692 | 757 | 803 | 837 | 900 |
|  Business, Building and Other Support | 284 | 280 | 283 | 281 | 291 |
|  Educational Services | 514 | 552 | 571 | 580 | 606 |
|  Health Care and Social Assistance | 858 | 901 | 936 | 981 | 1007 |
|  Information, Culture and Recreation | 273 | 298 | 318 | 326 | 326 |
|  Accommodation and Food Services | 346 | 367 | 396 | 426 | 421 |
|  Public Administration | 384 | 412 | 445 | 463 | 472 |
|  Other Services | 263 | 258 | 251 | 273 | 290 |
|  Total Employment | 7043 | 7405 | 7764 | 8006 | 8146 |
| Note: Industrial groupings based on North American Industry Classification System (NAICS).<br> Source: Statistics Canada. | Note: Industrial groupings based on North American Industry Classification System (NAICS).<br> Source: Statistics Canada. | Note: Industrial groupings based on North American Industry Classification System (NAICS).<br> Source: Statistics Canada. | Note: Industrial groupings based on North American Industry Classification System (NAICS).<br> Source: Statistics Canada. | Note: Industrial groupings based on North American Industry Classification System (NAICS).<br> Source: Statistics Canada. | Note: Industrial groupings based on North American Industry Classification System (NAICS).<br> Source: Statistics Canada. |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ontario, Growth in Employment by Industry, 2015–2024** | **Table 19** | **Table 19** | **Table 19** | **Table 19** | **Table 19** |
|  | **(Per Cent Change)** | **(Per Cent Change)** | **(Per Cent Change)** | **(Per Cent Change)** | **(Per Cent Change)** |
|  | **2015** | **2016** | **2017** | **2018** | **2019** |
|  Goods Producing Industries | 0.7 | 2.4 | 1.9 | 1.3 | (0.4) |
|  Primary Industries | 5.2 | (5.8) | (7.2) | 3.7 | 4.6 |
|  Manufacturing | (0.1) | 2 | 2.2 | (0.1) | (2.8) |
|  Construction | 1 | 4.8 | 4.5 | 2.3 | 2.4 |
|  Utilities | (0.4) | 5.1 | (7.3) | 9.5 | (3.0) |
|  Services Producing Industries | 0.5 | 0.7 | 2.7 | 2 | 3.1 |
|  Trade | (0.8) | (0.3) | 4.3 | (0.4) | 1.8 |
|  Transportation and Warehousing | (2.4) | 3.2 | 2.6 | 9.8 | 6.2 |
|  Finance, Insurance, Real Estate and Leasing | 4.6 | 2.1 | 2.2 | 3.1 | 5.3 |
|  Professional, Scientific and Technical Services | 3.7 | 1.6 | 6.9 | 2.8 | 5.9 |
|  Business, Building and Other Support | (0.1) | (5.1) | (2.4) | 4.2 | (2.8) |
|  Educational Services | 4.6 | (2.5) | (0.8) | 4.6 | 3.2 |
|  Health Care and Social Assistance | 1.2 | 2.7 | 4.1 | (0.1) | 4.8 |
|  Information, Culture and Recreation | (3.0) | 3.5 | (0.6) | (1.4) | 1.2 |
|  Accommodation and Food Services | 0.3 | 0.4 | 0.4 | 5 | (1.7) |
|  Public Administration | (4.5) | 0.7 | 2.9 | (3.1) | 5.3 |
|  Other Services | (2.1) | 1.6 | 3.4 | 2.5 | 2 |
|  Total Employment | 0.6 | 1 | 2.5 | 1.8 | 2.4 |
| **Table 19 (continued)** | **Ontario, Growth in Employment by Industry, 2014–2023** | **Ontario, Growth in Employment by Industry, 2014–2023** | **Ontario, Growth in Employment by Industry, 2014–2023** | **Ontario, Growth in Employment by Industry, 2014–2023** | **Ontario, Growth in Employment by Industry, 2014–2023** |
|  | **(Per Cent Change)** | **(Per Cent Change)** | **(Per Cent Change)** | **(Per Cent Change)** | **(Per Cent Change)** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** |
|  **Goods Producing Industries** | (3.6) | 4 | 5.3 | 3.9 | (2.2) |
|  Primary Industries | (5.9) | (0.8) | 9.2 | 8.1 | (4.6) |
|  Manufacturing | (4.9) | 5.9 | 2 | 3.9 | 0.2 |
|  Construction | (1.3) | 2.1 | 8.3 | 2.9 | (4.4) |
|  Utilities | (3.1) | 7.7 | 14.8 | 5.2 | (7.8) |
|  **Services Producing Industries** | (5.3) | 5.4 | 4.7 | 2.9 | 2.7 |
|  Trade | (5.5) | 4.5 | 4.3 | (1.1) | (1.2) |
|  Transportation and Warehousing | (11.2) | 4.4 | 4.3 | 5.6 | 4.9 |
|  Finance, Insurance, Real Estate and Leasing | (0.2) | 5.1 | 6.5 | 1.3 | 3.5 |
|  Professional, Scientific and Technical Services | 2.4 | 9.4 | 6.1 | 4.2 | 7.5 |
|  Business, Building and Other Support | (8.2) | (1.4) | 1 | (0.5) | 3.4 |
|  Educational Services | (3.5) | 7.5 | 3.4 | 1.6 | 4.4 |
|  Health Care and Social Assistance | (3.7) | 5 | 3.9 | 4.8 | 2.7 |
|  Information, Culture and Recreation | (10.4) | 9.1 | 6.6 | 2.6 | 0 |
|  Accommodation and Food Services | (24.4) | 6.1 | 7.8 | 7.5 | (1.2) |
|  Public Administration | 6 | 7.1 | 8.2 | 4 | 2 |
|  Other Services | (9.4) | (1.9) | (2.7) | 8.7 | 6 |
|  **Total Employment** | (5.0) | 5.1 | 4.9 | 3.1 | 1.7 |

---

Note: Industrial groupings based on North American Industry Classification System (NAICS).

Source: Statistics Canada.

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ontario, Labour Compensation, 2011–2024** | **Table 20** | **Table 20** | **Table 20** | **Table 20** | **Table 20** | **Table 20** | **Table 20** |
|  | **2011** | **2012** | **2013** | **2014** | **2015** | **2016** | **2017** |
|  Average Weekly Earnings ($)<sup>1</sup> | 893.36 | 905.89 | 919.86 | 938.31 | 963.15 | 974.12 | 993.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (%) | 1.4 | 1.4 | 1.5 | 2 | 1.2 | 1.1 | 1.9 |
|  CPI Inflation (%) | 3.1 | 1.4 | 1 | 2.4 | 1.2 | 1.8 | 1.7 |
|  AWE Increase Less CPI Inflation (%) | (1.7) | 0 | 0.6 | (0.4) | 1.5 | (0.7) | 0.2 |
|  AWE – Manufacturing ($) | 1005.78 | 1036.52 | 1049.68 | 1070.97 | 1106.78 | 1118.95 | 1124.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (%) | 0.7 | 3.1 | 1.3 | 2 | 3.3 | 1.1 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase Less CPI Inflation (%) | (2.4) | 1.6 | 0.3 | (0.3) | 2.2 | (0.7) | (1.2) |
|  Wage Settlement Increases (%)<sup>2</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Sectors | 1.7 | 1.3 | 1 | 1.5 | 1 | 1.3 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public | 1.6 | 1.4 | 0.5 | 1.4 | 0.8 | 1.1 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private | 1.9 | 1.2 | 2.3 | 1.9 | 1.6 | 1.9 | 2 |
|  Person Days Lost Due to Strikes and Lockouts (000s) | 352 | 201 | 288 | 132 | 337 | 245 | 418 |
|  Minimum Wage at Year-end ($/hour) | 10.25 | 10.25 | 10.25 | 11.00 | 11.25 | 11.40 | 11.60 |
| **Table 20 (continued)** |  |  |  |  |  |  |  |
|  | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** |
|  Average Weekly Earnings ($)<sup>1</sup> | 1021.68 | 1049.46 | 1126.08 | 1165.85 | 1193.53 | 1232.27 | 1293.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (%) | 2.9 | 2.7 | 7.3 | 3.5 | 2.4 | 3.2 | 5 |
|  CPI Inflation (%) | 2.4 | 1.9 | 0.7 | 3.5 | 6.8 | 3.8 | 2.4 |
|  AWE Increase Less CPI Inflation (%) | 0.5 | 0.9 | 6.6 | 0.1 | (4.4) | (0.5) | 2.6 |
|  AWE – Manufacturing ($) | 1120.80 | 1161.63 | 1182.16 | 1203.37 | 1285.82 | 1332.29 | 1370.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (%) | (0.3) | 3.6 | 1.8 | 1.8 | 6.9 | 3.6 | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase Less CPI Inflation (%) | (2.7) | 1.8 | 1.1 | (1.7) | 0.1 | (0.2) | 0.5 |
|  Wage Settlement Increases (%)<sup>2</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Sectors | 1.7 | 1.9 | 1.4 | 1.2 | 2.7 | 3.9 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public | 1.7 | 1.7 | 1.4 | 1.1 | 2 | 3.8 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private | 1.9 | 2.2 | 1.8 | 2.1 | 4 | 4.1 | 3.5 |
|  Person Days Lost Due to Strikes and Lockouts (000s) | 303 | 355 | 849 | 246 | 948 | 328 | 500 |
|  Minimum Wage at Year-end ($/hour) | 14.00 | 14.00 | 14.25 | 14.35 | 15.50 | 16.55 | 17.20 |

---

<sup>1</sup> Average Weekly Earnings (AWE) includes overtime.

<sup>2</sup> Wage settlement increases are for collective agreements covering 200 or more employees for data prior to 2010 and 150+ employees from 2010 onwards, Ontario Ministry of Labour, Immigration, Training and Skills Development.

Sources: Statistics Canada, Ontario Ministry of Labour, Immigration, Training and Skills Development and Ontario Ministry of Finance.

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ontario, Employment Level by Economic Regions, 2015–2024** | **Table 21** | **Table 21** | **Table 21** | **Table 21** | **Table 21** |
|  | **(Thousands)** | **(Thousands)** | **(Thousands)** | **(Thousands)** | **(Thousands)** |
|  | **2015** | **2016** | **2017** | **2018** | **2019** |
|  Ontario | 6863 | 6935 | 7109 | 7240 | 7413 |
|  Region: <sup>1</sup> |  |  |  |  |  |
|  East | 882 | 899 | 907 | 924 | 970 |
|  Ottawa (510) | 683 | 689 | 698 | 716 | 749 |
|  Kingston-Pembroke (515) | 199 | 210 | 209 | 208 | 221 |
|  Greater Toronto Area (530)<sup>2</sup> | 3277 | 3316 | 3386 | 3459 | 3550 |
|  Central | 1584 | 1588 | 1666 | 1675 | 1708 |
|  Muskoka-Kawarthas (520) | 166 | 168 | 184 | 182 | 177 |
|  Kitchener-Waterloo-Barrie (540) | 709 | 708 | 737 | 742 | 766 |
|  Hamilton-Niagara Peninsula (550) | 709 | 712 | 746 | 751 | 766 |
|  Southwest | 773 | 784 | 795 | 821 | 821 |
|  London (560) | 328 | 331 | 334 | 344 | 345 |
|  Windsor-Sarnia (570) | 297 | 304 | 308 | 315 | 314 |
|  Stratford-Bruce Peninsula (580) | 148 | 149 | 153 | 162 | 163 |
|  North | 348 | 348 | 354 | 361 | 363 |
|  Northeast (590) | 249 | 247 | 249 | 255 | 257 |
|  Northwest (595) | 98 | 101 | 105 | 107 | 106 |
| **Table 21 (continued)** | **(Thousands)** | **(Thousands)** | **(Thousands)** | **(Thousands)** | **(Thousands)** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** |
|  Ontario | 7043 | 7405 | 7764 | 8006 | 8146 |
|  Region: <sup>1</sup> |  |  |  |  |  |
|  East | 921 | 967 | 1017 | 1053 | 1073 |
|  Ottawa (510) | 713 | 745 | 775 | 815 | 836 |
|  Kingston-Pembroke (515) | 207 | 223 | 243 | 238 | 236 |
|  Greater Toronto Area (530)<sup>2</sup> | 3368 | 3526 | 3674 | 3788 | 3852 |
|  Central | 1627 | 1713 | 1816 | 1880 | 1901 |
|  Muskoka-Kawarthas (520) | 175 | 180 | 192 | 203 | 198 |
|  Kitchener-Waterloo-Barrie (540) | 737 | 773 | 821 | 868 | 882 |
|  Hamilton-Niagara Peninsula (550) | 715 | 760 | 803 | 809 | 821 |
|  Southwest | 778 | 844 | 884 | 909 | 940 |
|  London (560) | 345 | 374 | 398 | 403 | 416 |
|  Windsor-Sarnia (570) | 276 | 306 | 320 | 345 | 356 |
|  Stratford-Bruce Peninsula (580) | 158 | 163 | 166 | 161 | 169 |
|  North | 350 | 355 | 374 | 378 | 380 |
|  Northeast (590) | 252 | 253 | 270 | 271 | 276 |
|  Northwest (595) | 98 | 102 | 103 | 107 | 104 |

---

<sup>1</sup> Standard deviations vary significantly across regions, decreasing as the size of the region increases.

<sup>2</sup> Economic Region 530 closely matches the GTA, the main exception being that it excludes the City of Burlington.

Bracketed numbers indicate the economic region code as defined by Statistics Canada, Standard Geographical Classification SGC 2016.

Note: All figures are average annual employment levels.

Source: Statistics Canada.

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ontario, Employment Level by Industry for Economic Regions, 2024** | **Table 22** | **Table 22** | **Table 22** | **Table 22** |
|  | **(Thousands)** | **(Thousands)** | **(Thousands)** | **(Thousands)** |
|  | **All Industries** | **Primary<br>Industries<sup>1</sup>** | **Utilities** | **Construction** |
|  Ontario | 8146 | 115 | 60 | 579 |
|  Region: |  |  |  |  |
|  East | 1073 | 11 | 2 | 87 |
|  Ottawa (510) | 836 | 8 | 2 | 65 |
|  Kingston-Pembroke (515) | 236 | 3 |  | 22 |
|  Greater Toronto Area (530) | 3852 | 11 | 23 | 224 |
|  Central | 1901 | 24 | 13 | 159 |
|  Muskoka-Kawarthas (520) | 198 | 2 | 2 | 22 |
|  Kitchener-Waterloo-Barrie (540) | 882 | 13 | 6 | 73 |
|  Hamilton-Niagara Peninsula (550) | 821 | 10 | 5 | 64 |
|  Southwest | 940 | 37 | 16 | 78 |
|  London (560) | 416 | 14 | 2 | 31 |
|  Windsor-Sarnia (570) | 356 | 10 | 4 | 27 |
|  Stratford-Bruce Peninsula (580) | 169 | 13 | 9 | 19 |
|  North | 380 | 30 | 4 | 32 |
|  Northeast (590) | 276 | 23 | 2 | 24 |
|  Northwest (595) | 104 | 6 | 2 | 8 |
| **Table 22 (continued)** |  |  |  | **(Thousands)** |
|  | **Manufacturing** | **Trade** | **Transportation<br>and warehousing** | **Finance, insurance,<br>real estate, rental and<br>leasing** |
|  Ontario | 830 | 1126 | 422 | 703 |
|  Region: |  |  |  |  |
|  East | 62 | 139 | 41 | 51 |
|  Ottawa (510) | 41 | 103 | 33 | 42 |
|  Kingston-Pembroke (515) | 21 | 36 | 9 | 9 |
|  Greater Toronto Area (530) | 354 | 534 | 231 | 456 |
|  Central | 250 | 273 | 83 | 129 |
|  Muskoka-Kawarthas (520) | 22 | 32 | 5 | 10 |
|  Kitchener-Waterloo-Barrie (540) | 137 | 119 | 41 | 62 |
|  Hamilton-Niagara Peninsula (550) | 90 | 122 | 37 | 57 |
|  Southwest | 142 | 126 | 46 | 52 |
|  London (560) | 59 | 57 | 21 | 28 |
|  Windsor-Sarnia (570) | 62 | 49 | 19 | 16 |
|  Stratford-Bruce Peninsula (580) | 22 | 21 | 5 | 8 |
|  North | 23 | 54 | 20 | 16 |
|  Northeast (590) | 18 | 40 | 15 | 12 |
|  Northwest (595) | 4 | 14 | 5 | 4 |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Table 22 (continued)** | | | | **(Thousands)** |
|  | **Professional, scientific and<br>technical services** | **Business, building and<br>other support services** | **Educational<br>services** | **Health care<br>and social<br>assistance** |
|  Ontario | 900 | 291 | 606 | 1007 |
|  Region: |  |  |  |  |
|  East | 109 | 34 | 80 | 134 |
|  Ottawa (510) | 89 | 25 | 60 | 95 |
|  Kingston-Pembroke (515) | 20 | 9 | 20 | 39 |
|  Greater Toronto Area (530) | 549 | 141 | 265 | 434 |
|  Central | 161 | 74 | 160 | 237 |
|  Muskoka-Kawarthas (520) | 13 | 9 | 17 | 31 |
|  Kitchener-Waterloo-Barrie (540) | 81 | 34 | 72 | 100 |
|  Hamilton-Niagara Peninsula (550) | 67 | 31 | 71 | 106 |
|  Southwest | 64 | 31 | 68 | 132 |
|  London (560) | 31 | 15 | 35 | 59 |
|  Windsor-Sarnia (570) | 21 | 11 | 26 | 51 |
|  Stratford-Bruce Peninsula (580) | 12 | 5 | 7 | 22 |
|  North | 18 | 11 | 34 | 71 |
|  Northeast (590) | 14 | 9 | 22 | 48 |
|  Northwest (595) | 4 | 3 | 11 | 22 |
| **Table 22 (continued)** |  |  |  | **(Thousands)** |
|  | **Information, culture and<br>recreation** | **Accommodation and<br>food services** | **Other<br>services** | **Public<br>administration** |
|  Ontario | 326 | 421 | 290 | 472 |
|  Region: |  |  |  |  |
|  East | 36 | 61 | 35 | 189 |
|  Ottawa (510) | 31 | 46 | 25 | 171 |
|  Kingston-Pembroke (515) | 6 | 15 | 10 | 18 |
|  Greater Toronto Area (530) | 176 | 181 | 135 | 140 |
|  Central | 74 | 108 | 71 | 85 |
|  Muskoka-Kawarthas (520) | 7 | 10 | 9 | 9 |
|  Kitchener-Waterloo-Barrie (540) | 34 | 42 | 31 | 40 |
|  Hamilton-Niagara Peninsula (550) | 33 | 57 | 32 | 37 |
|  Southwest | 30 | 55 | 35 | 29 |
|  London (560) | 14 | 24 | 15 | 11 |
|  Windsor-Sarnia (570) | 11 | 22 | 13 | 14 |
|  Stratford-Bruce Peninsula (580) | 5 | 9 | 7 | 4 |
|  North | 10 | 16 | 14 | 29 |
|  Northeast (590) | 7 | 11 | 10 | 21 |
|  Northwest (595) | 3 | 5 | 4 | 9 |

---

All figures are average annual employment levels.

Sub-regional figures may not add up to regional totals due to rounding.

Employment numbers under 1,500 are suppressed to meet the confidentiality requirements of the *Statistics Act*.

Bracketed numbers indicate the economic region code as defined by Statistics Canada, Standard Geographical Classification SGC 2021.

See GTA note from Table 21.

Industrial groupings based on North American Industry Classification System (NAICS).

<sup>1</sup> Includes Agriculture and Forestry, Fishing, Mining, Quarrying, Oil and Gas.

*Source:* Statistics Canada.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Ontario Economic Regions<sup>1</sup>** | **Table 23** |
|  **East** | **East** |
| Ottawa (510) | The United Counties of Stormont, Dundas and Glengarry, Prescott and Russell, Leeds and Grenville, Lanark County and the Ottawa Division |
| Kingston-Pembroke (515) | The Counties of Lennox and Addington, Hastings, Renfrew and Frontenac and the Prince Edward Division |
|  **Central** | **Central** |
| Muskoka-Kawarthas (520) | The Counties of Northumberland, Peterborough, Haliburton, the Muskoka District Municipality and the Kawartha Lakes Division |
| Kitchener-Waterloo-Barrie (540) | The Counties of Dufferin, Wellington and Simcoe and the Waterloo Regional Municipality |
| Hamilton-Niagara Peninsula (550) | The Divisions of Brant, Haldimand-Norfolk and Hamilton, the Niagara Regional Municipality and the City of Burlington |
|  **Greater Toronto Area<sup>2</sup>** | **Greater Toronto Area<sup>2</sup>** |
| Toronto (530) | The Toronto Division and the Regional Municipalities of Durham, York, Peel and Halton (excluding the City of Burlington) |
|  **Southwest** |  |
| London (560) | The Counties of Oxford, Elgin and Middlesex |
| Windsor-Sarnia (570) | The Counties of Lambton and Essex and the Chatham-Kent Division |
| Stratford-Bruce Peninsula (580) | The Counties of Perth, Huron, Bruce and Grey |
|  **North** | **North** |
| Northeast (590) | The Districts of Nipissing, Parry Sound, Manitoulin, Sudbury, Timiskaming, Cochrane, Algoma and the Greater Sudbury Division |
| Northwest (595) | The Districts of Thunder Bay, Rainy River and Kenora |

---

<sup>1</sup> As defined by Statistics Canada, Standard Geographical Classification SGC 2016.

<sup>2</sup> Economic Region 530 closely matches the GTA, the main exception being that it excludes the City of Burlington.

------

##### [**Table of Contents**](#toc)
![LOGO](g76244g33d43.jpg)