Ontario Releases 2024-25 Public Accounts
Province making historic investments to protect Ontario workers and communities
September 26, 2025
Treasury Board Secretariat
TORONTO — Today, Ontario released the 2024-25 Public Accounts, which provide the final audited financial results of the province for the fiscal year ending March 31, 2025. The report highlights the government’s record investments to protect Ontario and transform it into the most competitive place to invest, create jobs and do business in the G7.
The government recorded a $1.1 billion deficit for the fiscal year ending March 31, 2025, compared to a forecasted deficit of $9.8 billion in the 2024 Budget. This is a result of stronger-than-anticipated tax revenues resulting from higher-than-forecasted economic growth as well as increased revenues from the broader public sector. The government will continue to guard against economic uncertainty caused by U.S. tariffs, maintaining flexibility to take targeted measures to lower costs for families and businesses.
In 2024-25, the government invested $212.1 billion across all programs, which represents an 8.7 per cent (or $16.9 billion) increase in program spending over the previous fiscal year. Infrastructure expenditures also increased nearly 24 per cent, continuing the trend of over 20 per cent increases year-over-year in the past two fiscal years. These investments are delivering on the province’s plan to build for future growth and keep workers on the job in the face of U.S. tariffs and economic uncertainty.
“Our government’s historic investments are helping protect Ontario’s economy and workers even as we continue to maintain a strong financial position in the face of tariffs and economic uncertainty,” said Caroline Mulroney, President of the Treasury Board. “These investments, including highways, public transit, schools and homes, will build the infrastructure our province needs to support strong and safe communities, keep workers on the job and drive economic growth.”
The government recorded total revenues of $226.2 billion, which is $17.2 billion or 8.2 per cent higher than the previous fiscal year. The interest and other debt servicing charges are $1.3 billion lower than the 2024 Budget forecast due to lower overall borrowing costs. The government is continuing its fiscally responsible approach, prudently managing provincial finances while maintaining its commitment and ability to provide critical financial supports that are required to protect Ontario’s economy and support jobs.
Some notable highlights from the 2024-25 Public Accounts include:
• Health-care sector investments increased by 7.2 per cent compared to 2023-24, to a total of $91.6 billion, to give people the right care in the right place, provide faster access to services and grow the province’s health care workforce.
• Postsecondary education sector investments increased by 6.9 per cent, to a total of $14.1 billion, to help train students for successful careers and good-paying, in-demand jobs.
• Education sector investments increased by 3.3 per cent, to a total of $38.4 billion, including more funding to renew and improve schools and to support new schools and expansions.
“The 2024-25 Public Accounts show the government’s continued commitment to protecting Ontario while taking a responsible and targeted approach to the province’s fiscal plan,” said Peter Bethlenfalvy, Minster of Finance. “By making strategic investments we are transforming Ontario into the most competitive place to invest in the G7, while building a more self-reliant and resilient economy in this time of economic uncertainty.”
As part of its continued commitment to regular and transparent financial updates, the government will release the 2025 Ontario Economic Outlook and Fiscal Review, also referred to as the Fall Economic Statement, on or before November 15, 2025.
Quick Facts
• This is the eighth year in a row that the government has received a clean audit opinion from Ontario’s Auditor General.
• In 2024, Ontario’s credit rating was upgraded to AA- by S&P and to AA by Morningstar DBRS. •
\
|
Liz Tuomi 9/27/2025 |
Contact: |
|
Informatii Utile despre Canada si emigrare.