Premier Doug Ford once fiercely criticized his predecessor Kathleen Wynne’s financial management, painting a picture of reckless spending. Yet, a look at his own 2026 budget reveals a startling parallel – a course that echoes the very practices he once condemned.
This year alone, the Ford government is borrowing a staggering $25.8 billion, pushing Ontario’s total debt to an alarming $485.1 billion. The numbers tell a clear story: a 44% increase in provincial debt since Ford assumed office in 2018.
The shift is a dramatic departure from the promises Ford made to Ontarians for years. He routinely attacked Wynne’s 2018 budget, which added $14.6 billion to the debt, but his current budget surpasses that figure in red ink.
Ford previously decried the Wynne government’s practice of offering billions in corporate handouts, labeling it wasteful. Now, his administration has become the leading proponent of corporate welfare in Canada, exceeding all other provincial governments in the amount of money directed to businesses.
The criticism didn’t stop at corporate subsidies. Ford also targeted Wynne’s allocation of tax dollars to political parties, vowing to end what he called “political welfare.” Instead of dismantling the system, however, he has made it a permanent fixture.
Had the current government adhered to its initial commitments, the province wouldn’t be facing such a substantial debt burden. This year’s spending is $5.8 billion higher than the previous year, a clear indication that restraint is not a priority.
Billions continue to flow to large corporations, a strategy that bypasses broad-based tax cuts and allows businesses, rather than consumers, to dictate economic winners. The newly established $4-billion Protect Ontario Account is essentially a slush fund, designed to funnel money to well-connected companies seeking government grants.
This approach has proven costly and ineffective. Despite the subsidies, Ontario’s unemployment rate remains stubbornly high, at 7.6% as of February 2026 – the second-highest in the nation. The evidence suggests that corporate handouts are not a reliable engine for job creation.
Years of unchecked spending by successive Liberal and Progressive Conservative governments are now directly impacting Ontarians. The province is facing $17.2 billion in debt interest charges this year alone, translating to over $1,000 per resident.
This $17.2 billion isn’t available for essential services like hospitals, roads, or tax relief; it’s simply servicing the debt. It’s money flowing to bond fund managers instead of being invested in the province’s future.
While the government appears unconcerned, public opinion suggests otherwise. Recent polling indicates that approximately 75% of Ontarians are worried about the escalating cost of debt interest.
The budget isn’t entirely without positive aspects. Small business tax cuts are included, offering some relief to entrepreneurs, and the removal of HST on new homes will save Ontarians $1.6 billion this year.
However, these tax cuts are insufficient to address the broader economic challenges. Ontario needs more comprehensive tax relief for families and businesses to combat the rising cost of living and attract investment, especially in the face of potential American tariffs.
Meaningful tax relief, however, remains elusive without a commitment to curtail wasteful spending, particularly on corporate and political welfare. The current trajectory mirrors the very borrowing practices Ford once vowed to dismantle.
Ontarians simply cannot afford this continued borrowing. A fundamental shift is needed: a commitment to cutting spending, reducing the debt, and delivering tax relief to all residents.
