EX (99.8)

Exhibit 99.8

LOGO


MINISTRY OF FINANCE

2026–27 First Quarter Finances		August 2026


Contents		The First Quarter Finances report contains information about Ontario’s 2026–27 fiscal outlook, primarily as of June 30, 2026.
A. Ontario’s 2026–27 Fiscal Outlook	3
B. Ontario’s Economic Outlook	8
C. Details of Ontario’s Finances	10
D. Ontario’s 2026–27 Borrowing Program	16

Highlights

•

As of the 2026–27 First Quarter Finances, the province’s 2026–27 deficit is projected to be $13.8 billion, consistent with the outlook published in the 2026 Budget.

•

Revenues in 2026–27 are projected to be $232.0 billion, $0.1 billion higher than forecasted in the 2026 Budget.

•

Overall program expense in 2026–27 is projected to be $227.1 billion, $0.1 billion higher than forecasted in the 2026 Budget.

•

In the first calendar quarter of 2026, Ontario’s real gross domestic product (GDP) edged down 0.1 per cent, following a decline of 0.3 per cent in the previous quarter. The first quarter decline was largely due to weaker net trade, which was impacted by heightened external risks, including U.S. tariffs and geopolitical uncertainty.

•

Private-sector expectations for real GDP growth for 2026 and 2027 have been revised downward since the 2026 Budget. Uncertainty related to U.S. trade policy, along with geopolitical conflicts, continues to remain a key risk to Ontario’s economic outlook.

- 1 -

Introduction

Amid economic and geopolitical uncertainty, the 2026 Budget, released this past spring, delivered a balanced approach—supporting people and businesses through targeted investments, while maintaining prudent fiscal management and a sustainable medium-term outlook.

The 2026–27 First Quarter Finances builds on this successful approach. Ontario’s fiscal outlook remains consistent with the forecast presented in the 2026 Budget, while reflecting additional investments to strengthen social supports and advance economic development priorities. The government will continue to take the necessary actions to protect Ontario, including by building the most competitive economy in the G7 while also investing in critical public services.

While economic growth in Canada and Ontario was weak in the first quarter of 2026, a number of key monthly indicators suggest economic growth resumed in the second quarter of 2026.

Following the release of the 2026 Budget, all four major credit rating agencies—Moody’s, Fitch, Morningstar DBRS and S&P Global—affirmed Ontario’s AA credit rating with a stable outlook. This reflects Ontario’s commitment to maintaining its targets for debt sustainability measures, despite the economic and geopolitical uncertainties the province is currently facing.

The government will continue to monitor economic and fiscal risks, and will provide its next update as part of the 2026 Ontario Economic Outlook and Fiscal Review, to be released by November 15, 2026.

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Section A: Ontario’s 2026–27 Fiscal Outlook

The province’s 2026–27 deficit is projected to be unchanged from the outlook of $13.8 billion published in the 2026 Budget.

Revenues in 2026–27 are projected to be $232.0 billion, $0.1 billion higher than forecasted in the 2026 Budget.

Program expense in 2026–27 is projected to be $227.1 billion, $0.1 billion higher than forecasted in the 2026 Budget.

Interest and Other Debt Servicing Charges in 2026–27 is projected to remain unchanged at $17.2 billion, as forecasted in the 2026 Budget.

The net debt-to-GDP ratio is projected to be 37.7 per cent in 2026–27, consistent with the forecast in the 2026 Budget.

The 2026 Budget included a $1.5 billion reserve in 2026–27, to protect the fiscal outlook against any unforeseen changes in the province’s revenue and expense forecasts. With the release of the 2026–27 First Quarter Finances, the reserve has remained unchanged. The reserve provides prudence in the government’s fiscal framework and is distinct from contingency funds that are set aside for dedicated funding. The reserve can be used to safeguard against any events and uncertainty that may arise, or can be eliminated if not needed as part of year-end projections, supporting the government’s ability to protect the fiscal plan and uphold prudent financial management.

Additionally, the Contingency Fund is maintained to help mitigate expense risks for example, in cases where health and safety may be compromised, or unforeseen events which may otherwise adversely affect Ontario’s fiscal performance. The government has allocated $0.2 billion from this year’s Contingency Fund, leaving a balance of $1.3 billion for 2026–27.

Table 1

2026–27 In-Year Fiscal Performance

($ Millions)

2026 Budget

Current Outlook

In-Year Change

Revenue

231,856

231,996

140

Expense

Programs

226,963

227,103

140

Interest and Other Debt Servicing Charges

17,237

–

Total Expense

244,200

244,340

140

Surplus/(Deficit) Before Reserve

(12,344

)

(12,344

)

–

Reserve

1,500

–

Surplus/(Deficit)

(13,844

)

(13,844

)

–

Notes: Numbers may not add due to rounding. Current outlook primarily reflects information available as of June 30, 2026.

Sources: Ontario Treasury Board Secretariat and Ontario Ministry of Finance.

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Revenue

The outlook for revenue in 2026–27 is projected to be $232.0 billion, an increase of $0.1 billion compared to the 2026 Budget. The increase reflects federal funding to provide evacuation support services to First Nation communities affected by spring flooding and other emergencies.

Table 2

Key Changes to 2026–27 Revenue Projections


($ Millions)

	2026–27

*2026 Budget* Total Revenue		231,856



Revenue Changes Since the *2026 Budget*

Government of Canada Transfers		140

Total Revenue Changes Since the *2026 Budget*		140



*2026–27 First Quarter Finances* Total Revenue Outlook		231,996

Notes: Numbers may not add due to rounding. Current outlook primarily reflects information available as of June 30, 2026.

Source: Ontario Ministry of Finance.

Additional developments could materially affect the 2026–27 revenue outlook as new information becomes available during and after the end of the 2026–27 fiscal year. These include changes to the economic growth outlook, the results from tax return processing, revenue collections from Ontario-administered taxes and the earnings of government business enterprises. The government will monitor these developments and provide further details in future fiscal updates.

- 4 -

Expense

Total expense in 2026–27 is projected to be $244.3 billion, $0.1 billion higher than the 2026 Budget projection. In-year expenditure items in the first quarter of 2026 were fully offset through revenues or the Contingency Fund.

Table 3

Key Changes to 2026–27 Total Expense Projections



($ Millions)

		*2026–27*

*2026 Budget* Total Expense			244,200



Total Program Expense Changes Since the *2026 Budget*

Toronto New Deal Agreement – Shelter Operations and Homelessness	200

First Nations Emergency Evacuations on behalf of Indigenous Services Canada	140

Northern Shield Energy Corridor	14

Support Partner Needs Related to Critical Infrastructure and Priority Projects in Ring of Fire	6

Total Program Expense Changes Since the *2026 Budget*			360



Drawdown of the Contingency Fund			(220	)



Total Net Program Expense Changes Since the *2026 Budget*			140

Interest and Other Debt Servicing Charges Change Since the 2026 Budget			–

Total Expense Changes Since the *2026 Budget*			140



*2026–27 First Quarter Finances* Total Expense Outlook			244,340

Notes: Numbers may not add due to rounding. Current outlook primarily reflects information available as of June 30, 2026.

Sources: Ontario Treasury Board Secretariat and Ontario Ministry of Finance.

- 5 -

Program Expense Update

Total program expense in 2026–27 is projected to be $227.1 billion, $0.1 billion higher than forecasted in the 2026 Budget.

Key changes to program expense projections since the release of the 2026 Budget include:

•

$200.0 million as part of the New Deal for Toronto to support shelters and homelessness programs;

•

$140.0 million, reflecting federal funding to provide evacuation support services to First Nation communities affected by spring flooding and other emergencies;

•

$14.0 million to continue to support the feasibility study for the Northern Shield Energy Corridor, a 3,300 km crude oil pipeline and energy corridor from Alberta to Ontario; and

•

$5.7 million for community supports, as part of the continued implementation of the Community Partnership Agreements with the Webequie and Marten Falls First Nations, to unlock the economic benefits of the Ring of Fire.

Interest and Other Debt Servicing Charges Expense Update

Interest and Other Debt Servicing Charges expense is projected to be $17.2 billion in 2026–27, consistent with the forecast in the 2026 Budget. Interest rates have been within the range anticipated since the 2026 Budget. As a result, Ontario’s cost of borrowing for 2026–27 remains unchanged at 4.1 per cent.

- 6 -

Fiscal Prudence

The Fiscal Sustainability, Transparency and Accountability Act, 2019 requires Ontario’s fiscal plan to incorporate prudence in the form of a reserve, to protect the fiscal outlook against unforeseen changes in the province’s revenue and expenses, including those resulting from Ontario’s economic performance. The 2026 Budget included a reserve of $1.5 billion in 2026–27, which has been maintained as part of the current fiscal outlook.

The Contingency Fund is also maintained, to address expense risks such as circumstances that may impact health and safety or unforeseen events that could adversely affect Ontario’s fiscal performance. The remaining balance of the Contingency Fund is $1.3 billion in 2026–27.

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Section B: Ontario’s Economic Outlook

Economic Outlook

In the first calendar quarter of 2026, Ontario’s real GDP edged down 0.1 per cent, following a decline of 0.3 per cent in the previous quarter. The first quarter decline was largely due to weaker net trade, which was impacted by heightened external risks, including U.S. tariffs and geopolitical uncertainty. Several key monthly indicators suggest economic growth resumed in the second quarter of 2026.

Since the release of the 2026 Budget, expectations for Ontario’s real GDP growth from private-sector forecasters have, on average, been revised downward for 2026 and 2027. Private-sector forecasters, on average, project Ontario’s real GDP to rise by 0.6 per cent in 2026, below the 1.1 per cent growth projected at the time of the 2026 Budget. The private-sector forecast average for 2027 has been revised down slightly, to 1.7 per cent from 1.8 per cent at the time of the 2026 Budget.

The current private-sector forecast average for Ontario’s nominal GDP growth for 2026 is 3.1 per cent, below the projection of 3.3 per cent at the time of the 2026 Budget. The private-sector forecast average for 2027 has been revised slightly lower, to 3.9 per cent from 4.0 per cent.

LOGO

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Global economic growth has been resilient, despite uncertainty surrounding U.S. trade policy and geopolitical tensions. The International Monetary Fund projects global real GDP to rise by 3.0 per cent in 2026 and 3.4 per cent in 2027, compared to the projected increases of 3.3 per cent in 2026 and 3.2 per cent in 2027 at the time of the 2026 Budget.

In the United States, forecasters anticipate real GDP to increase by 2.1 per cent in 2026, revised down from 2.4 per cent at the time of the 2026 Budget, according to the Blue Chip Economic Indicators survey, while the forecast for real GDP growth in 2027 eased from 2.1 per cent to 2.0 per cent.

U.S. trade policy and associated uncertainty remain a key risk to Ontario’s economic outlook. Escalating trade tensions could continue to weaken export demand and business investment, dampening economic growth. A prolonged conflict in the Middle East could result in further supply-chain disruptions, contributing to volatility in energy prices and inflationary pressures.

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Section C: Details of Ontario’s Finances

Table 4

Revenue


($ Millions)

	2026–27

	*2026* *Budget*		Current Outlook		In-Year Change

Taxation Revenue

Personal Income Tax		65,108		65,108		–

Sales Tax		39,871		39,871		–

Corporations Tax		28,618		28,618		–

Education Property Tax		5,981		5,981		–

Employer Health Tax		9,812		9,812		–

Ontario Health Premium		5,518		5,518		–

Gasoline Tax		1,737		1,737		–

Land Transfer Tax		3,785		3,785		–

Tobacco Tax		602		602		–

Fuel Tax		540		540		–

Beer, Wine and Spirits Taxes		262		262		–

Electricity Payments in Lieu of Taxes		350		350		–

Ontario Portion of the Federal Cannabis Excise Duty		405		405		–

Other Taxes		1,043		1,043		–

		163,633		163,633		–

Government of Canada Transfers

Canada Health Transfer		22,406		22,406		–

Canada Social Transfer		7,000		7,000		–

Equalization		406		406		–

Infrastructure Programs		1,104		1,104		–

Labour Market Programs		1,064		1,064		–

Social Housing Agreement		98		98		–

Other Federal Payments		7,070		7,210		140

Direct Transfers to Broader Public Sector Organizations		684		684		–

		39,831		39,971		140

Income from Government Business Enterprises

Liquor Control Board of Ontario		1,896		1,896		–

Ontario Power Generation Inc./Hydro One Ltd.		1,818		1,818		–

Ontario Lottery and Gaming Corporation		2,219		2,219		–

Ontario Cannabis Store		236		236		–

iGaming Ontario		294		294		–

		6,462		6,462		–
continued

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Table 4 (continued)

Revenue

($ Millions)


	2026–27
	*2026* Budget		Current Outlook		In-Year Change

Other Non-Tax Revenue

Fees, Donations and Other Revenues from Hospitals, School Boards and Colleges		11,066		11,066	–

Vehicle and Driver Registration Fees		1,251		1,251	–

Miscellaneous Other Non-Tax Revenue		2,124		2,124	–

Other Fees and Licences		2,010		2,010	–

Sales and Rentals		2,069		2,069	–

Reimbursements		1,278		1,278	–

Royalties		311		311	–

Power Supply Contract Recoveries		42		42	–

Interest and Investment Income		1,779		1,779	–

		21,930		21,930	–

Total Revenue		231,856		231,996	140

Notes: Numbers may not add due to rounding. Current outlook primarily reflects information available as of June 30, 2026.

Source: Ontario Ministry of Finance.

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Table 5

Total Expense

($ Millions)



	2026–27

Ministry Expense	*2026 Budget*		Current Outlook		In-Year Change

Agriculture, Food and Agribusiness (Base)		320.9		320.9	–

Demand-Driven Risk Management and Time-Limited Programs		710.3		710.3	–

Agriculture, Food and Agribusiness (Total)		1,031.2		1,031.2	–

Attorney General (Base)		2,428.8		2,428.8	–

Bad Debt Expense		5.3		5.3	–

Attorney General (Total)		2,434.1		2,434.1	–

Board of Internal Economy (Total)		399.2		399.2	–

Children, Community and Social Services (Total)		21,425.5		21,425.5	–

Citizenship and Multiculturalism (Total)		83.0		83.0	–

Colleges, Universities, Research Excellence and Security (Base)		11,512.4		11,512.4	–

Student Financial Assistance		2,448.4		2,448.4	–

Colleges, Universities, Research Excellence and Security (Total)		13,960.8		13,960.8	–

Economic Development, Job Creation and Trade (Base)		210.5		210.5	–

Tax Credits for Business Investment and Research and Development¹		758.3		758.3	–

Time-Limited Investments		950.3		950.3	–

Economic Development, Job Creation and Trade (Total)		1,919.1		1,919.1	–

Education (Base)		40,762.1		40,762.1	–

Teachers’ Pension Plan		1,787.0		1,787.0	–

Education (Total)		42,549.1		42,549.1	–

Emergency Preparedness and Response (Base)		69.9		69.9	–

First Nations Emergency Evacuations on behalf of Indigenous Services Canada		–		140.0	140.0

Emergency Preparedness and Response (Total)		69.9		209.9	140.0

Energy and Mines (Base)		701.1		701.1	–

Electricity Cost Relief Programs		6,913.1		6,913.1	–

High-Speed Internet		351.1		351.1	–

Time-Limited Investments		89.8		89.8	–

Energy and Mines (Total)		8,055.0		8,055.0	–

Environment, Conservation and Parks (Total)		1,191.2		1,191.2	–

Executive Offices (Total)		82.6		82.6	–

Finance (Base)		1,072.1		1,072.1	–

Investment Management Corporation of Ontario		321.7		321.7	–

Ontario Municipal Partnership Fund		600.0		600.0	–

Temporary and Other Local Assistance		17.7		17.7	–

Power Supply Contract Costs		42.5		42.5	–

Finance (Total)		2,053.9		2,053.9	–

Francophone Affairs (Base)		8.9		8.9	–

Time-Limited Investments		4.4		4.4	–

Francophone Affairs (Total)		13.3		13.3	–

Health (Total)		91,800.0		91,812.0	12.0

Indigenous Affairs and First Nations Economic Reconciliation (Total)		179.0		184.7	5.7

Infrastructure (Base)		821.0		835.0	14.0

Federal-Provincial Infrastructure Programs		121.6		121.6	–

Waterfront Toronto Revitalization (Port Lands Flood Protection)		35.0		35.0	–

Municipal Infrastructure Program Investments		600.0		600.0	–

Realty		1,655.2		1,655.2	–

Infrastructure (Total)		3,232.7		3,246.7	14.0
continued...

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Table 5 (continued)

Total Expense

($ Millions)



	2026–27

Ministry Expense	*2026 Budget*		Current Outlook		In-Year Change

Labour, Immigration, Training and Skills Development (Base)		242.0		242.0	–

Co-operative Education Tax Credit		98.1		98.1	–

Demand-Driven Employment and Training Programs		1,631.1		1,631.1	–

Labour, Immigration, Training and Skills Development (Total)		1,971.2		1,971.2	–

Long-Term Care (Total)²		9,354.0		9,342.0	(12.0)

Municipal Affairs and Housing (Base)		803.1		803.1	–

Time-Limited Investments		991.3		1,191.3	200.0

Municipal Affairs and Housing (Total)		1,794.3		1,994.3	200.0

Natural Resources (Base)		739.5		739.5	–

Emergency Forest Firefighting		150.0		150.0	–

Natural Resources (Total)		889.5		889.5	–

Northern Economic Development and Growth (Total)		927.9		927.9	–

Public and Business Service Delivery and Procurement (Total)		1,522.1		1,522.1	–

Rural Affairs (Total)		19.3		19.3	–

Seniors and Accessibility (Base)		77.9		77.9	–

Seniors Tax Credit		100.2		100.2	–

Seniors and Accessibility (Total)		178.1		178.1	–

Solicitor General (Total)		4,832.3		4,832.3	–

Sport (Base)		63.9		63.9	–

Time-Limited Investments		221.2		221.2	–

Sport (Total)		285.1		285.1	–

Tourism, Culture and Gaming (Base)		1,201.8		1,201.8	–

Ontario Cultural Media Tax Credits		1,046.2		1,046.2	–

Tourism, Culture and Gaming (Total)		2,247.9		2,247.9	–

Transportation (Base)		8,073.1		8,073.1	–

Federal-Provincial Infrastructure Programs		556.3		556.3	–

Transportation (Total)		8,629.4		8,629.4	–

Treasury Board Secretariat (Base)		411.0		411.0	–

Employee and Pensioner Benefits		1,921.0		1,921.0	–

Operating Contingency Fund		1,350.0		1,136.0	(214.0)

Capital Contingency Fund		150.0		144.3	(5.7)

Treasury Board Secretariat (Total)		3,832.0		3,612.3	(219.7)

Interest and Other Debt Servicing Charges³		17,237.2		17,237.2	–

Total Expense		244,200.0		244,340.0	140.0

Includes the estimated cost of tax credit claims for the Regional Opportunities Investment Tax Credit (ROITC), the Ontario Innovation Tax Credit, the Ontario Business-Research Institute Tax Credit and the Ontario Made Manufacturing Investment Tax Credit (OMMITC). Amounts in 2026–27 for the ROITC include the wind-down of the credit for expenditures incurred after 2026. The OMMITC costs include costs starting in 2026–27 for the OMMITC enhancement, but not the OMMITC expansion, the impacts of which are reported separately as a revenue decrease.

The Ontario Ministry of Long-Term Care total includes expenses incurred by Ontario Health and hospitals for funding for long-term care. These amounts will be consolidated in the total expense of the Ontario Ministry of Health, including $8.0 billion in 2026–27.

Interest and Other Debt Servicing Charges is net of interest capitalized during construction of tangible capital assets of $1,261 million in 2026–27.

Notes: Numbers may not add due to rounding. Current outlook primarily reflects information available as of June 30, 2026.

Sources: Ontario Treasury Board Secretariat and Ontario Ministry of Finance

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Table 6

Infrastructure Expenditures

($ Millions)



	2026–27

	2026 Budget		Current Outlook						Change from *2026 Budget*

Sector	Total Infrastructure Expenditures		Investment in Capital Assets^1,2		Transfers and Other Infrastructure Expenditures³		Total Infrastructure Expenditures		Total Infrastructure Expenditures

Transportation

Transit		13,789		12,796		993		13,789	–

Provincial Highways		5,391		5,001		385		5,386	(5.7)

Other Transportation, Property and Planning		261		139		123		261	–

Health

Hospitals		5,602		5,579		22		5,602	–

Other Health		1,413		183		1,229		1,413	–

Education		4,211		4,134		77		4,211	–

Postsecondary Education

Colleges and Other		701		670		32		701	–

Universities		202		–		202		202	–

Social		583		40		543		583	–

Justice		1,102		1,006		96		1,102	–

Other Sectors⁴		5,386		3,035		2,355		5,390	3.7

Total Infrastructure Expenditures		38,641		32,583		6,056		38,639	(2.0)

Less: Other Partner Funding⁵		1,897		1,897		–		1,897	–

Total⁶		36,744		30,686		6,056		36,742	(2.0)

¹	Includes provincial investment in capital assets of $28.0 billion.

²	Includes $1,261 million in interest capitalized during construction.

³	Includes transfers to municipalities, universities and non-consolidated agencies.

⁴	Includes high-speed internet infrastructure, government administration, natural resources, and the culture and tourism industries.

⁵	Other Partner Funding refers to third-party investments, primarily in hospitals, colleges and schools.

⁶	Includes federal–municipal contributions to provincial infrastructure investments.

Notes: Numbers may not add due to rounding. Current outlook primarily reflects information available as of June 30, 2026.

Source: Ontario Treasury Board Secretariat.

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Table 7

Five-Year Review of Selected Financial and Economic Statistics^1,2

($ Millions)



			Actual				Interim		Current Outlook

	2022–23		2023–24		2024–25		2025–26		2026–27

Revenue		194,431		208,975		226,161		226,609		231,996

Expense

Programs		186,364		195,207		212,129		222,387		227,103

Interest and Other Debt Servicing Charges³		13,935		14,461		15,122		16,047		17,237

Total Expense		200,299		209,668		227,251		238,434		244,340

Reserve		–		–		–		500		1,500

Surplus/(Deficit)		(5,868)		(693)		(1,090)		(12,326)		(13,844)

Net Debt⁴		399,806		409,761		427,050		459,325		485,082

Accumulated Deficit		246,007		246,101		247,060		259,386		273,230

Gross Domestic Product (GDP) at Market Prices		1,065,260		1,138,592		1,197,020		1,246,433		1,286,319

Primary Household Income		689,842		740,660		797,253		831,931		862,712

Population — July (000s)⁵		15,156		15,632		16,145		16,258		16,099

Net Debt Per Capita⁴ (dollars)		26,380		26,212		26,451		28,252		30,131

Household Income Per Capita (dollars)		45,517		47,380		49,381		51,170		53,588

Net Debt as a Per Cent of Revenue⁴		207.3%		199.0%		191.2%		204.4%		210.7%

Interest as a Per Cent of Revenue		6.4%		5.5%		5.5%		6.3%		6.7%

Net Debt as a Per Cent of GDP⁴		37.5%		36.0%		35.7%		36.9%		37.7%

Accumulated Deficit as a Per Cent of GDP		23.1%		21.6%		20.6%		20.8%		21.2%

¹	Beginning in the 2025 Budget, the Total Revenue, Interest and Other Debt Servicing Charges (IOD), and Total Expense figures for all years have been restated to report interest and investment income as part of revenue and separate from IOD. These changes are fiscally neutral.

²	Actual results for 2023–24 are restated to present an accounting policy change implemented in the Public Accounts of Ontario 2024–2025 regarding the calculation of accrued Corporations Tax Revenue.

³	Interest and Other Debt Servicing Charges is net of interest capitalized during construction of tangible capital assets of $694 million in 2022–23, $978 million in 2023–24, $1,221 million in 2024–25, $1,309 million in 2025–26 and $1,261 million in 2026–27.

⁴	For 2026–27 and future years, Net Debt reflects financial assets less financial liabilities and is aligned with Net Financial Liabilities, as will be reported in the Public Accounts of Ontario 2026–2027. A one-year restatement will be provided in the Public Accounts of Ontario 2026–2027.

⁵ Population figures are for July 1 of the fiscal year indicated (i.e., for 2026–27, the population on July 1, 2026 is shown).

Notes: Numbers may not add due to rounding. Current outlook primarily reflects information available as of June 30, 2026.

Sources: Statistics Canada, Ontario Treasury Board Secretariat and Ontario Ministry of Finance.

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Section D: Ontario’s 2026–27 Borrowing Program

Table 8

Ontario’s 2026–27 Borrowing Program

($ Billions)


	2026–27
	*2026 Budget*		Current Outlook		Change from *2026 Budget*

Deficit/(Surplus)		13.8		13.8	–

Provincial Investment in Capital Assets		28.0		28.0	–

Amortization of Capital Assets¹		(10.2)		(10.2)	–

Non-Cash and Cash Timing Adjustments		(2.5)		(2.5)	–

Net Loans and Investments		5.2		5.2	–

Debt Maturities/Redemptions		26.9		26.9	–

Total Funding Requirement		61.2		61.2	–

Decrease/(Increase) in Short-Term Borrowing		(6.0)		(6.0)	–

Increase/(Decrease) in Year-End Cash and Cash Equivalents		(8.0)		(9.0)	(1.0)

Total Long-Term Borrowing		47.2		46.2	(1.0)

¹	Starting in the 2025 Budget, Amortization of Capital Assets will be reflected in a separate line in this table to reflect the increasing impact of the capital plan on the borrowing program.

Note: Numbers may not add due to rounding.

Source: Ontario Financing Authority.

On March 30, 2026, Ontario issued $1.0 billion, which increased borrowing to $59.6 billion for 2025–26 and reduced the 2026–27 borrowing requirement from $47.2 billion in the 2026 Budget to $46.2 billion.

Green Bonds remain a core component of Ontario’s borrowing program and are an important tool to help finance public transit initiatives, extreme weather-resilient infrastructure, as well as energy efficiency and conservation projects. Ontario remains the largest issuer of Canadian dollar Green Bonds, totalling $24.6 billion issued since 2014–15, with $19.85 billion outstanding.

Interest rates have been within the range forecasted in the 2026 Budget. As a result, Ontario’s cost of borrowing for 2026–27 remains unchanged at 4.1 per cent. Ontario is estimated to pay Interest and Other Debt Servicing Charges of $17.2 billion, consistent with the 2026 Budget.

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2026–27 Long-Term Borrowing

Table 9

2026–27 Long-Term Borrowing

($ Billions)



Canadian Dollar Issues			15.5

Foreign Currency Issues			13.3

Total			28.8

Notes: Numbers may not add due to rounding. As of August 5, 2026.

Source: Ontario Financing Authority.

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Ministry of Finance		www.ontario.ca/finance

For general inquiries regarding the 2026–27 First Quarter Finances, please call or email:


Toll-free English and French inquiries:		1–800–337–7222
Teletypewriter (TTY):		1–800–263–7776
Email:		FinanceCommunications.fin@ontario.ca

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Chart Descriptions: Alternative Text for

Web Accessibility

Chart 1: Ontario GDP Growth

This stacked bar chart shows private-sector average forecasts in January 2026 and July 2026 for Ontario real GDP growth, GDP inflation and nominal GDP growth in 2026 and 2027. Note that nominal GDP growth is the sum of real GDP growth and GDP inflation.

In January 2026, Ontario’s real GDP was projected to rise by 1.1 per cent in 2026 and nominal GDP to increase by 3.3 per cent. For 2027, real GDP was projected to rise by 1.8 per cent and nominal GDP to grow by 4.0 per cent.

In July 2026, the average of private-sector forecasts projects Ontario’s real GDP to rise by 0.6 per cent in 2026 and nominal GDP to grow by 3.1 per cent. For 2027, real GDP is projected to rise by 1.7 per cent and nominal GDP to increase by 3.9 per cent.

Source: Ontario Ministry of Finance Survey of Forecasters (January 16, 2026 and July 20, 2026).

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