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JARVIS: Doug Ford’s budget continues borrowing binge

Doug Ford is responsible for a 44% increase to the Ontario debt since he took office in 2018.

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Ontario Premier Doug Ford talked a big game about former premier Kathleen Wynne’s spending mess, but his 2026 budget looks like it could have come from Wynne herself.

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The Ford government is borrowing $25.8 billion this year. That’s driving government debt to $485.1 billion.

JARVIS: Doug Ford’s budget continues borrowing binge Back to video

That means Ford is responsible for a 44% increase to the Ontario debt since he took office in 2018.

Ford’s big borrowing ways are a far cry from what he has been promising Ontarians for years.

What Ford used to say

Ford rightfully called out Wynne’s 2018 budget that added $14.6 billion to the government’s debt. But Ford’s 2026 budget has more red ink than Wynne’s.

Ford used to slam the Wynne government for handing out billions of dollars of corporate welfare. Now Ford is the corporate welfare king of Canada, wasting more money on business handouts than any other premier.

Ford used to criticize Wynne’s scheme of doling out millions of tax dollars to political parties. But instead of ending political welfare like he promised, Ford made it permanent.

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If Ford had only stuck to the promises he made a few years ago, his government wouldn’t be plunging into nearly as much debt as it is now.

This year the Ford government is spending $5.8 billion more than it did last year. If this government were serious about managing taxpayer dollars responsibly, it would be cutting spending instead of spending billions more every year.

Big corporations getting handouts

Ford keeps doling out billions of taxpayer dollars to big corporations instead of cutting taxes across the board and allowing consumers to pick winners and losers.

Ford’s new $4-billion Protect Ontario Account is just another corporate welfare slush fund that will cut cheques for a select few businesses with enough connections to win government grants.

The corporate welfare approach costs taxpayers a fortune and it’s failed.

Ontario’s unemployment rate is 7.6% as of February 2026, the second-highest of any province in Canada. It’s clear that corporate subsidies don’t do a good job at creating jobs.

Years of government overspending by Liberal and Progressive Conservative premiers is coming back to hit taxpayers’ pocketbooks.

Ontarians are on the hook for $17.2 billion in debt interest charges this year. That means debt interest charges will cost each Ontarian more than $1,000 this year.

That’s also $17.2 billion that can’t be used to build hospitals, pave roads, or cut taxes because that money is going to the bond fund managers just to pay interest on the government credit card.

Ford doesn’t seem to be concerned about rising debt interest charges. But most Ontarians are.

About 75% of Ontarians say they are concerned about rising debt interest charges, according to Leger polling.

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What are the bright spots in budget?

There are a couple bright spots for taxpayers in Ford’s budget.

The Ontario government is cutting small business taxes, which will help Ontario entrepreneurs create jobs. Ford is also expanding sales tax relief by removing the HST on all new homes. These tax cuts will save Ontarians $1.6 billion this year.

The only problem with Ford’s tax cuts is that they don’t go far enough.

Ontario needs broader tax cuts for families and businesses to ease the rising cost of living, make Ontario an attractive place to start businesses and weather the storm of American tariffs.

But until Ford cuts wasteful spending on things like corporate and political welfare, Ford won’t be able to provide meaningful tax relief without borrowing more.

Ford ran against Wynne’s big borrowing record, but now he’s replicating it.

Taxpayers can’t afford Ford’s borrowing binge. Ford needs to cut spending, cut the debt and cut taxes for all Ontarians.

— Noah Jarvis is the Ontario Director of the Canadian Taxpayers Federation

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