Ontario Premier Doug Ford has long criticized former premier Kathleen Wynne's fiscal management, but his 2026 budget reveals a striking similarity to her spending patterns, according to analysis by Noah Jarvis of the Canadian Taxpayers Federation. The budget, introduced by Finance Minister Peter Bethlenfalvy on March 26, 2026, includes significant borrowing that has escalated the province's debt burden dramatically.
Substantial Borrowing and Debt Increase
The Ford government is set to borrow $25.8 billion this year, pushing the total government debt to $485.1 billion. This represents a 44% increase in Ontario's debt since Ford took office in 2018, a sharp contrast to his earlier promises of fiscal restraint. Ford had previously condemned Wynne's 2018 budget for adding $14.6 billion to the debt, yet his own budget now exceeds that in red ink.
Broken Promises and Corporate Welfare
Ford once slammed the Wynne administration for distributing billions in corporate welfare, but he has now become what critics call the corporate welfare king of Canada. His government continues to allocate taxpayer funds to big corporations through initiatives like the new $4-billion Protect Ontario Account, which functions as a slush fund for select businesses. This approach has failed to boost job creation, with Ontario's unemployment rate at 7.6% as of February 2026, the second-highest in Canada.
Additionally, Ford criticized Wynne for providing tax dollars to political parties but has made such political welfare permanent instead of ending it as pledged. If he had adhered to his initial promises, the debt accumulation would likely be less severe.
Rising Costs and Public Concern
The consequences of this borrowing binge are becoming increasingly apparent. Ontarians will face $17.2 billion in debt interest charges this year, equating to over $1,000 per person. This money could otherwise fund essential services like hospitals, road repairs, or tax reductions but is instead directed to bond fund managers. Polling by Leger indicates that about 75% of Ontarians are concerned about these rising interest charges, though Ford appears less alarmed.
Limited Bright Spots in the Budget
Despite the criticism, there are some positive elements in Ford's budget. The government is cutting small business taxes and removing the HST on all new homes, measures expected to save Ontarians $1.6 billion this year and support job creation. However, these tax cuts are viewed as insufficient by many analysts.
To provide meaningful tax relief without further borrowing, experts argue that Ford must first reduce wasteful spending on corporate and political welfare. Broader tax cuts for families and businesses are needed to address the rising cost of living and make Ontario more competitive amid external pressures like American tariffs.
In summary, while Ford campaigned against Wynne's fiscal policies, his 2026 budget replicates her big borrowing record. Taxpayers are bearing the brunt through increased debt and interest costs, highlighting the need for spending cuts and comprehensive tax reforms to ensure long-term financial stability for Ontario.
