Ontario’s recent credit rating upgrade to AA by Morningstar DBRS stands as clear evidence that the province’s Progressive Conservative government, led by Premier Doug Ford, is effectively balancing infrastructure growth with fiscal prudence. Since taking office in 2018, the government has been steadfast in its commitment to an ambitious plan that invests in Ontario’s future while simultaneously cutting taxes and fees.
Despite significant population growth—nearly a million new residents in the past two years alone—the government has resisted the temptation to raise taxes or cancel essential projects. Instead, Ontario is making historic investments in infrastructure, including new highways like Highway 413 and the Bradford Bypass, expanded GO Transit services, and major healthcare developments such as the construction of over 50 new and upgraded hospitals.
Ontario’s approach has not only attracted confidence from global investors but has also lowered the province’s interest on debt to its lowest level since the 1980s. This prudent fiscal management is projected to save the province around $2 billion in borrowing costs over the next three years.
In contrast to other governments that have seen their credit ratings downgraded due to ballooning deficits, Ontario is proving that it is possible to pursue an ambitious growth strategy while maintaining fiscal responsibility. By focusing on building a strong economy, robust infrastructure, and a sustainable future, the province is ensuring long-term benefits for its taxpayers without making life more unaffordable.
Ontario’s commitment to responsible governance and strategic investment is not only benefiting its residents today but is also laying the foundation for future generations. As the government continues to build Ontario, it remains focused on keeping costs low and fostering economic growth, all while maintaining a clear path to fiscal balance.
