From 2019 to 2021, Canada had the second-highest increase in gross debt as a share of the economy out of 33 countries.
The government projects a budget deficit of $21.5 billion for 2021-22.
The provincial net debt-to-GDP ratio went from about 5 per cent in the 1960s to more than 40 per cent in 2020.
Ottawa plans to create a national childcare system and introduce more “green” spending initiatives.
In 1990, Ontario’s debt-to-GDP ratio stood at 13 per cent.