Ontario’s top expenses
- Health sector. $63.5 billion.
- Education sector. $41.2 billion.
- Children and social services sector. $16.7 billion.
- Interest on debt. $13.3 billion.
Where does Ontario’s budget go?
Budget 2022 underscores the government’s efforts to invest in infrastructure, affordability, labour, and productivity as a means for economic growth through a $199-billion spending plan, with nearly $160 billion earmarked for infrastructure over the next 10 years.
How much does Ontario spend on debt?
Interest on the debt in 2019-20 was CDN$12.5 billion, representing 8.0% of Ontario’s revenue and its fourth-largest spending area.
Ontario government debt.
| Fiscal Year | Net Debt (CDN$ billions) | Deficit (-) or Surplus (CDN$ billions) |
|---|---|---|
| 2020-21 | 373.6 | -16.4 |
| 2019-20 | 353.3 | -8.7 |
| 2018-19 | 338.5 | -7.4 |
| 2017-18 | 323.8 | -3.7 |
How does Ontario make its money?
The economy of Ontario is diversified. Ontario is the largest economy in Canada, making up around 38% of Canadian GDP. Though manufacturing plays an important role in Ontario’s economy responsible for 12.6% of Ontario’s GDP, the service sector makes up the bulk, 77.9%, of the economy.
How much does the Ontario government spend?
Government of Ontario Fiscal Plan
| Fiscal Year | 2022 Budget Plan | |
|---|---|---|
| Expenditures | 181.3 | 198.6 |
| % change | 10.0 | 6.1 |
| Program Spending | 169.0 | 185.2 |
| % change | 11.0 | 6.4 |
What drives the economy in Ontario?
Services industry. Although Ontario is a manufacturing powerhouse, the services sector is the largest part of Ontario’s economy. It employs 79% (or 5.3 million people) of the province and makes up 76.9% of the province’s economy.
What is Ontario’s economy based on?
With manufacturing revenue of $36.9 billion, Ontario is one of North America’s largest and most significant food and beverage processing sectors. We have nearly 3,000 registered food and beverage businesses.
Who does Ontario borrow money from?
The Province’s publicly-held debt consists of funds borrowed from the general public and institutional investors. Note: Publicly-held debt includes the offsetting of $7.1 billion in Ontario bonds and treasury bills purchased and held by the Province against Canadian dollar debt. Numbers may not add due to rounding.
Does Ontario have the highest debt?
As a share of the economy, Ontario’s debt (38.6 per cent) is more than five times larger than California’s debt (7.7 per cent). Ontario’s per capita debt ($17,922) is over four-and-a-half times that of California ($3,833).
How big is Ontario’s debt?
Despite balanced operating budget in 2021/22, Ontario faces mountain of debt. The province holds $380.4 billion in debt—or nearly $26,000 per Ontarian.
Is Ontario rich or poor?
Ontario is also the nation’s wealthiest province, having a substantial share of the country’s natural resources and its most mature and diversified industrial economy. It is at once Canada’s economic pacemaker and a major force in national politics.
What is Ontario best known for?
Besides being Canada’s main economic hub, Ontario is also known for its natural diversity, including vast forests, beautiful provincial parks, four of the five Great Lakes and the world-famous Niagara falls.
How much does Ontario spend on education?
In the 2022 Ontario Budget, the Province plans to invest $21.2 billion in education sector infrastructure over the 10-year period from 2022-23 to 2031-32, which is unchanged from the planned 10-year investment from the 2021 Ontario Budget.
What is Canada’s biggest expense?
Social protection remained the largest expense of the Canadian general government, at almost one-third (30.4%) of total spending. Of the $267.4 billion increase in total spending, social protection accounted for half (50.1%).
What are the top 3 government expenses?
Mandatory expenditures, such as Social Security, Medicare, and the Supplemental Nutrition Assistance Program, account for about 65% of the budget.
What are 3 of the government’s biggest expenses?
Major expenditure categories are healthcare, Social Security, and defense; income and payroll taxes are the primary revenue sources.
What is causing inflation in Ontario?
With further increases in goods prices in 2022 and a rapid rise in services prices, total CPI inflation rose sharply, reaching 8.1% in June. Over the last two years, the pandemic and the war have affected lives and livelihoods. They have also had a profound impact on inflation.
What is Ontario’s main resource?
Ontario’s natural resources include agricultural land, forests, lakes, rivers, hydroelectricity, minerals, and wind and solar energy. Ontario is the largest market for resource-based goods and services in Canada.
What does Ontario mainly produce?
Corn for grain is another major crop grown in Ontario, which made up 59.9% of Canada’s total corn for grain area, up from 59.8% in 2016.
Ontario is home to soybeans and corn for grain.
| percent | |
|---|---|
| Other | 19.2 |
Who is Ontario’s biggest trading partner?
Consider that:
- Ontario and the U.S. are highly-integrated and we’re a major force in the North American economy.
- Two-way trade between Ontario and the U.S. totalled CAD $391 billion in 2021, accounting for over 50 per cent of the total merchandise trade between Canada and the U.S.
How much money does Ontario make for Canada?
In 2021-22, total revenue in Ontario was $185.1 billion — 20.2 per cent, or $31.1 billion higher than the 2021 Budget forecast.