Ontario Province Of 18-K Annual report (foreign governments)

Exhibit 99.2

ADDITIONAL INFORMATION RELATING TO THE PROVINCE ¹

	Page Number
Map of Ontario		1
Overview		2
Area and Population		2
Government		2
Constitutional Framework		2
Operational Framework		2
Implications for Provincial Financial Statements		2
Foreign Relations		3
The Budget and Quarterly Reporting		3
Public Finance		4
Revenue – Taxation		4
Revenue – Non-tax		7
Other Revenue		11
Public Debt		14
Publicly Held Debt Summary		14
Debt Issuances Since 2019-20 Fiscal Year End (to December  15, 2020)		15
Issues of Long Term Debt for the year ended March 31, 2020		17
Retirement of Long Term Debt for the year ended March 31, 2020		20
Net Change in Short Term Debt for the year ended March 31, 2020		26
Summary of Debt Outstanding as at March 31, 2020		27
Outstanding Debt Tables as at Fiscal Year End		29
SEC Registered Debt Outstanding as at December 15, 2020		51
Ontario Electricity Industry		52
Contingent Liabilities		54
Obligations Guaranteed by the Province of Ontario		54
Claims Against the Crown		56
Economic Data Tables		60
Ontario Economy
Ontario, Gross Domestic Product, 2006–2019		61
Ontario, Growth in Gross Domestic Product, 2006–2019		62
Ontario, Real Gross Domestic Product by Industry at Basic Prices, 2006–2019		63
Ontario, Growth in Real Gross Domestic Product by Industry at Basic Prices, 2006–2019		64
Ontario, Real Gross Domestic Product at Basic Prices in Selected Manufacturing Industries, 2006–2019		65
Ontario, Growth in Real Gross Domestic Product at Basic Prices in Selected Manufacturing Industries, 2006–2019		65
Ontario, Housing Market Indicators, 2006–2019		66
Selected Financial Indicators, 2006–2019		67

¹  Any dollar amounts in Exhibit 99.2 are expressed in Canadian dollars ($) unless otherwise specified or the context otherwise requires.

Ontario, International Merchandise Trade
Ontario, International Merchandise Exports by Major Commodity, 2019	68
Ontario, International Merchandise Imports by Major Commodity, 2019	69
Ontario, International Merchandise Exports by Top 25 Trading Partners, 2019	70
Ontario, International Merchandise Imports by Top 25 Trading Partners, 2019	71
Demographic Characteristics
Ontario, Selected Demographic Characteristics, 2013-2020	72
Ontario, Components of Population Growth, 2010-2011 to 2019-2020	73
Ontario Labour Markets
Ontario, Labour Force, 2006–2019	74
Ontario, Employment, 2006–2019	75
Ontario, Unemployment, 2006–2019	76
Ontario, Employment by Industry, 2006–2019	77
Ontario, Growth in Employment by Industry, 2009–2018	78
Employment Insurance (EI), 2006–2019	80
Ontario, Labour Compensation, 2006–2019	81
Ontario, Employment Level by Economic Regions, 2010-2019	82
Ontario, Employment Level by Industry for Economic Regions, 2019	83
Ontario Economic Regions	85

(Note: Data in the tables may not add to totals due to rounding.)

Province of Ontario’s Location in Canada

Province of Ontario’s Location in the World

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OVERVIEW

Area and Population

The Province of Ontario covers an area of approximately 1,076,395 square kilometres (415,598 square miles), about 10.8% of Canada, and is about 11% as large as the United States. The estimated population of Ontario on July 1, 2020 was 14.7 million, or 38.8% of Canada’s population of 38.0 million. Since 2000, the populations of Ontario and Canada have increased at average annual rates of 1.2% and 1.1%, respectively. Although it constitutes only 12% of the area of the Province, southern Ontario is home to approximately 94.4% of its population (as of July 1, 2019). The population of the Greater Toronto Area, the most populous metropolitan area in Canada, was estimated to be 7.0 million on July 1, 2019.

Government

Canada is a federation with a parliamentary system of government. Constitutional responsibilities are divided between the federal government, the 10 provinces and the 3 territories.

The Premier of the Province of Ontario (the “Premier”) is traditionally the leader of the political party with the greatest number of members elected to the Legislative Assembly. The Cabinet through the Lieutenant Governor, who represents the Crown, formally exercises executive power. Cabinet ministers are usually nominated from among members of the Premier’s party. The Legislative Assembly consists of 124 seats, each representing a specified territorial division of the Province, and is elected for a four-year term. A dissolution of the Legislative Assembly prior to the end of the four- year term may be requested by the Premier at the Premier’s own volition or if the government loses the confidence of the Legislative Assembly by being defeated on an important vote.

The last Provincial election was held on June 7, 2018. The Progressive Conservative Party currently has 72 seats in the Legislative Assembly, the New Democratic Party of Ontario has 40 seats, the Ontario Liberal Party of Ontario has 8 seats, the Green Party of Ontario has 1 seat and there are 3 Independent seats. The current government of the Province is formed by the Progressive Conservative Party.

Constitutional Framework

Canada is a federation and its constitution establishes the division of responsibilities between the federal and provincial levels of government. Each provincial government and the federal government has supremacy within its respective sphere of assigned responsibilities. Jurisdiction over the establishment and operation of municipalities is granted exclusively to the provinces.

The federal government is empowered to raise money by any mode or system of taxation. It has exclusive jurisdiction over such matters as the regulation of trade and commerce, currency and coinage, banks and banking, national defence, foreign affairs, postal services, railways and navigation, as well as those areas not exclusively assigned to the provinces. Each province has authority to raise revenue through direct taxation within the province. Areas of provincial constitutional authority include health care, education, social services, municipal institutions, property and civil rights, and natural resources.

Operational Framework

Ontario administers its constitutional responsibilities through government ministries and provincially created bodies such as government-owned corporations (“Crown corporations”), agencies, boards, commissions, municipalities, school boards and hospital boards. The use of these quasi- independent bodies decentralizes the administration of provincial responsibilities. However, the Province has elected to centralize the financing of these bodies by retaining the major taxing and borrowing powers at the provincial level. Some entities borrow in their own names in various capital markets as did Ontario Hydro prior to its restructuring in April 1999.

Implications for Provincial Financial Statements

The provincial governments’ delivery of services in areas such as health, postsecondary education and social assistance has been supported by transfer payments from the federal government, often established through federal-provincial agreements. In fiscal year 2019-20, approximately 16.3% of the Province’s revenue came from federal transfers.

Federal-provincial funding arrangements can be complex and extensive, involving financial relationships between the Province, the federal government and provincially-created organizations. These financial interrelationships are important in understanding the revenue, expense and financing activity of the Province. The performance of organizations controlled by the Province, such as Government Business Enterprises (GBEs), hospitals, school boards and colleges, has a direct impact on the Province’s financial results. For example, as at March 31, 2020, approximately 23.2% (2019, 25.4%) of the Financial Assets of the Province could be attributed to GBEs.

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Foreign Relations

The Province has no direct diplomatic relations with foreign countries, but has developed a high degree of international activity in order to facilitate investment in Ontario.

The Budget and Quarterly Reporting

The Fiscal Sustainability, Transparency and Accountability Act, 2019 (the FSTAA) sets out guidelines for public reporting of the fiscal plan. It requires that the Ontario Minister of Finance (“Minister”) release an annual budget that outlines a multi-year fiscal plan. In addition, it requires the Minister to release a mid-year review of the fiscal plan, known as the Ontario Economic Outlook and Fiscal Review. Each fiscal year, the Minister must release interim updates in the Summer and Winter on Ontario’s revenues and expenses for the current year. Finally, the FSTAA, among other things, also requires that quarterly information about Ontario’s economic accounts be released to the public.

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PUBLIC FINANCE

Revenue – Taxation

For the year ended March 31, 2020

This schedule summarizes the sources of the Province’s revenue by main classification.

	2020 ($)		2019 ($)
TAXATION
Personal Income Tax		37,743,092,450		35,381,261,442
Sales Tax		28,618,758,865		27,807,937,861
Corporations Tax		15,414,316,336		16,605,997,246
Employer Health Tax		6,731,084,884		6,543,571,404
Education Property Tax		6,179,154,482		6,171,415,951
Ontario Health Premium		4,059,193,559		3,819,428,268
Land Transfer Tax		3,067,143,373		2,761,475,545
Gasoline Tax		2,782,966,579		2,708,419,743
Tobacco Tax		1,117,575,631		1,241,273,992
Fuel Tax		806,776,278		774,364,160
Beer, Wine and Spirits Tax		582,196,309		603,028,259
Electricity Payments-In-Lieu of Taxes		505,000,000		435,000,000
Corporation Preferred Share Dividend Tax		289,419,939		337,765,187
Estate Administration Tax		214,507,699		207,126,700
Mining Profits Tax		71,863,938		65,348,009
Ontario Portion of the Federal Cannabis Excise Duty		47,628,350		18,640,449
Provincial Land Tax		37,166,944		31,448,647
Gross Revenue Charge – Property Tax Component		4,363,048		4,432,510
Race Tracks Tax		3,933,231		4,245,599
Acreage Tax – The Mining Act		1,523,220		2,034,727
Other Taxation		(92,940)		—
TOTAL TAXATION		108,277,572,176		105,524,215,698

Source: Ontario Ministry of Finance

Personal Income Tax revenue is collected by the federal government on behalf of the Province. The amount reported by the Province in 2019-20 is net of $1,615,069 in Ontario tax credits, excluding tax credits reported as expenses.

For 2021, the Ontario Personal Income Tax rates are: 5.05% for taxable income of up to $45,142; 9.15% for taxable income over $45,142 and up to $90,287; 11.16% for taxable income over $90,287 and up to $150,000; 12.16% for taxable income over $150,000 and up to $220,000; and 13.16% for taxable income over $220,000. For 2020, the Ontario Personal Income Tax rates are: 5.05% for taxable income of up to $44,740; 9.15% for taxable income over $44,740 and up to $89,482; 11.16% for taxable income over $89,482 and up to $150,000; 12.16% for taxable income over $150,000 and up to $220,000; and 13.16% for taxable income over $220,000. For 2019, the Ontario Personal Income Tax rates are: 5.05% for taxable income of up to $43,906; 9.15% for taxable income over $43,906 and up to $87,813; 11.16% for taxable income over $87,813 and up to $150,000; 12.16% for taxable income over $150,000 and up to $220,000; and 13.16% for taxable income over $220,000. Ontario non-refundable tax credits are provided for individual and family circumstances (e.g., basic amount, spouse, medical expenses) at the rate of 5.05% (11.16% for charitable donations in excess of $200), before calculating the provincial surtax and Ontario Tax Reduction. Many Ontario non-refundable tax credit amounts are indexed annually. The Ontario Dividend Tax Credits are calculated after the provincial surtax and before the Ontario Tax Reduction. In 2020 and 2021, these credits were provided at a rate of 10% for eligible dividends and at a rate of 2.9863% for non-eligible dividends. In 2019, these credits are provided at a rate of 10% for eligible dividends and at a rate of 3.2863% for non-eligible dividends.

Those who owe a higher amount of Ontario personal income tax are subject to a surtax. For 2021, the surtax is equal to 20% of Ontario income tax in excess of $4,874, plus 36% of Ontario income tax in excess of $6,237. For 2020, the surtax is equal to 20% of Ontario income tax in excess of $4,830, plus 36% of Ontario income tax in excess of $6,182. For 2019, the surtax is equal to 20% of Ontario income tax in excess of $4,740, plus 36% of Ontario income tax in excess of $6,067.

If a taxfiler’s Ontario tax exceeds their threshold amount, the Ontario Tax Reduction may reduce their Ontario tax. For 2021, the basic threshold amount is $251, and the additional amount for each dependent child age 18 and under and each disabled or infirm dependant is $464. For 2020, the basic threshold amount is $249, and the additional amount for each dependent child age 18 and under and each disabled or infirm dependant is $460. For 2019, the basic threshold amount is $244 and the additional amount for each dependent child age 18 and, under, and each disabled or infirm dependant, is $452.

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The Harmonized Sales Tax (HST) is a single value-added tax based on the federal Goods and Services Tax. The provincial portion of the HST is 8% and the federal portion is 5%, for a combined HST rate of 13%. The federal government is responsible for the collection and administration of the tax, with HST revenues distributed to the Province based on a revenue allocation formula. Ontario also maintains a Retail Sales Tax of 8% on certain insurance premiums and 13% on private transfers of specified vehicles, which is collected and administered by the Province. The Sales Tax amounts reported by the Province are net of sales tax credits of $1,979,389,427 in 2019-20 and $1,863,144,252 in 2018-19.

Corporations Tax is comprised of three types of taxes levied on corporations: income tax, insurance premium tax and special additional tax on life insurance corporations. Details of these taxes follow.

Income Tax: The general statutory Corporate Income Tax (CIT) rate is 11.5%. Active business income from manufacturing and processing, mining, logging, fishing and farming is subject to a lower CIT rate of 10%. Small Canadian-controlled private corporations (CCPCs) are also eligible for a lower CIT rate of 3.2% on the first $500,000 of active business income (the small business CIT rate was reduced from 3.5% to 3.2%, effective January 1, 2020, and is prorated for taxation years that straddle this date). The small business CIT rate is phased out for large CCPCs, and associated groups of CCPCs, that have more than $10 million (fully eliminated if more than $15 million) of taxable capital employed in Canada in the previous year. The Province also levies a Corporate Minimum Tax (CMT), which is effectively a pre- payment of regular CIT. CMT is calculated as the amount by which 2.7% of a corporation’s adjusted net income for accounting purposes exceeds CIT payable.

Insurance Premium Tax: Insurance companies are subject to a 2% insurance premium tax on life, accident and sickness insurance premiums, 3.5% on property insurance premiums and 3% on other (e.g. casualty) insurance premiums.

Special Additional Tax: Life insurance corporations pay a special additional tax at a rate of 1.25% of taxable capital employed in Ontario that exceeds a minimum capital allowance of $10 million, with corporate income tax and CMT creditable against this tax.

The Employer Health Tax is paid by employers on their Ontario payroll. Employers with annual Ontario payroll of $200,000 or less calculate tax payable at 0.98% of their taxable annual Ontario payroll; employers with annual Ontario payroll over $200,000 and up to $400,000 calculate tax payable at graduated rates that apply to their taxable annual Ontario payroll starting at 1.101% through to 1.829%; and employers with annual Ontario payroll in excess of $400,000 calculate tax payable at 1.95% of their taxable annual Ontario payroll. A tax exemption is provided for the amount of annual Ontario payroll paid by private sector employers, including their associated entities, up to a threshold level. The Ontario government has increased the EHT exemption threshold for 2020 from $490,000 to $1 million. The government has proposed that this $1 million threshold be made permanent starting with 2021. It has also proposed that the exemption be adjusted for inflation every five - years period using the Ontario Consumer Price Index and that the next adjustment occur in 2029. Employers with annual Ontario payroll in excess of $5,000,000 are generally not eligible for the exemption.

Education property taxes are collected by municipalities and transferred to school boards for the purposes of funding education. Education property tax rates are set annually by the Minister of Finance for each class of real property. The tax is levied on the assessed value of property at a uniform rate of 0.161% for residential properties, in 2019. Rates for commercial, industrial, pipeline and landfill properties vary across the province. These rates are regulated under the Education Act. The Education Property Tax amounts shown are net of $1,183,784,624 in property tax credits and grants in 2019-20 and $1,120,555,598 in 2018-19. The amounts also reflect a number of rebates, reductions and exemptions available across the province.

The Ontario Health Premium (OHP) helps ensure the government’s ability to make investments in the province’s health care system. OHP supports expenditure in all areas of the health sector and is not earmarked by program area. In 2019-20, OHP revenue increased by $240 million to $4,059 million, up from $3,819 million in 2018-19. During the same period, expenses in the health sector increased by $1,810 million to $63,716 million, up from $61,906 million in 2018-19.

In 2019-20, revenue from the health premium was $4,059 million, or 6.4 per cent of the $63,716 million in total expenses for the health sector. This compares to $3,819 million or 6.2 per cent of $61,906 million in 2018-19. Below is a table that shows an example of how the health premium revenue supports major investments in the health care sector and also the level of support each sector would receive if the percentage shares in 2018-19 and 2019-20 were allocated proportionately across each expense area.

Example of How the Health Premium Supports Investments in the

Health Care Sector: OHP Revenue as a Share of Total Health

Expenditures Applied Proportionately Across Expense Areas

($ Millions)	2019-20 6.4%		2018-19 6.2%
Hospitals		1,215		1,155
OHIP		1,012		918
Home Care, Community and Mental Health Services		405		377
Long–Term Care Homes		279		265
Ontario Drug Programs		305		292
Public Health, Health Promotion and Other		844		813
Total		4,059		3,819

Source: Ontario Ministry of Finance

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The Ontario Health Premium is paid by individuals resident in Ontario on the last day of the taxation year. An individual’s Ontario Health Premium liability is: $0 for taxable income of up to $20,000; 6% of taxable income over $20,000 for taxable income over $20,000 up to $25,000; $300 for taxable income over $25,000 up to $36,000; $300 plus 6% of taxable income over $36,000 for taxable income over $36,000 up to $38,500; $450 for taxable income over $38,500 up to $48,000; $450 plus 25% of taxable income over $48,000 for taxable income over $48,000 up to $48,600; $600 for taxable income over $48,600 up to $72,000; $600 plus 25% of taxable income over $72,000 for taxable income over $72,000 up to $72,600; $750 for taxable income over $72,600 up to $200,000; $750 plus 25% of taxable income over $200,000 for taxable income over $200,000 up to $200,600; and $900 for taxable income over $200,600.

Land Transfer Tax is collected on the transfer of land and is payable on the value of the consideration, which is generally the purchase price. Land Transfer Tax rates are 0.5% on the amount up to and including $55,000; 1% on the amount over $55,000, up to and including $250,000; 1.5% on the amount over $250,000, up to and including $400,000; and 2% on the amount over $400,000. For land with one or two single family residences, the tax rate on the amount over $2,000,000 is 2.5%. Eligible first-time homebuyers may receive a refund of Land Transfer Tax up to a maximum amount of $4,000. An additional 15% Non- Resident Speculation Tax applies to the purchase or acquisition of an interest in certain residential property located in the Greater Golden Horseshoe Region by individuals who are not citizens or permanent residents of Canada, or by foreign corporations (foreign entities) and taxable trustees. Non-Resident Speculation Tax exemptions and rebates may be available if taxpayers meet specific eligibility requirements.

Gasoline Tax is levied on gasoline, propane used in a licensed motor vehicle, and aviation fuel. The tax rate for gasoline is 14.7 cents per litre. The tax rate for propane used in licensed motor vehicles is 4.3 cents per litre. The tax rate for aviation fuel is 6.7 cents per litre; however, as of January 1, 2020, the aviation fuel tax rate in Northern Ontario (the geographic areas of Algoma, Cochrane, Kenora, Manitoulin, Nipissing, Parry Sound, Rainy River, Sudbury, Thunder Bay and Timiskaming) is 2.7 cents per litre. Gasoline tax is pre- collected by registered collectors and importers.

Tobacco Tax covers all forms of tobacco products. The specific tax rate per cigarette and per gram or part gram of fine cut tobacco and all other tobacco products except cigars was last increased from 16.475 cents to 18.475 cents on March 29, 2018. The rate of tax on cigars is 56.6% of the taxable price of the cigar. The majority of tax is collected for the Province by Ministry-designated tobacco and cigar wholesalers.

Fuel Tax is levied on clear middle distillate petroleum fuels, such as those used in diesel-powered vehicles. The fuel tax rate is 14.3 cents per litre, unless the fuel is used in railway equipment, in which case the rate is 4.5 cents per litre. Fuel Tax is pre-collected by registered collectors and importers.

Beer, Wine and Spirits Taxes apply on purchases where the Liquor Control Board of Ontario (LCBO) is not the retailer or wholesaler of the alcohol product. Beer taxes apply on purchases of beer from a beer manufacturer’s on-site store, brew pub, the Beer Store, or a licensed establishment. Wine taxes apply on purchases of wine and wine cooler from on and off-site winery retail stores. Spirits taxes apply on purchases of spirits and spirits cooler from a spirits manufacturer’s on-site store.

Municipal electricity utilities, Ontario Power Generation Inc. and its subsidiaries that are exempt from regular corporate income taxes are liable to make payments in lieu of federal and provincial corporate tax (PILs) to the Ontario Electricity Financial Corporation (OEFC). PILs are equal to regular federal and Ontario corporate income taxes that are levied under the Income Tax Act (Canada), Corporations Tax Act and Taxation Act, 2007 on entities that are not tax exempt.

OEFC is the Ontario Hydro successor company that is responsible for servicing and retiring the debt and certain other liabilities of the former Ontario Hydro. All PILs received by OEFC are used to service and retire its obligations. As a result of an initial public offering of Hydro One common shares in 2015, Hydro One ceased to be exempt from federal and provincial corporate income taxes and is no longer subject to the PILs regime. The Minister of Finance is required by statute to make payments to the OEFC equal to the amount of provincial tax payable by Hydro One Inc. under the Taxation Act, 2007.

Ontario Power Generation (OPG), Hydro One and municipal electricity utilities also make payments in lieu of additional municipal and school taxes to the OEFC. The Gross Revenue Charge (GRC) portion payable to OEFC is also recorded under electricity PILs.

The federal government remits to the province 35 per cent of the net taxes that it collects with respect to preferred share dividends paid by corporations with operations in Ontario.

The Estate Administration Tax is payable by the estate of a deceased person on the issuance of a certificate of appointment of an estate trustee (referred to as an “estate certificate”) by an Ontario court. There is no tax payable if the value of the estate is $50,000 or less. For estates valued over $50,000, the amount of tax is equal to $15 for each $1,000 (or part thereof) of the value of the estate exceeding $50,000.

Ontario levies a mining tax on profits in excess of $500,000 derived from the extraction of mineral substances raised and sold by operators of Ontario mines. The $500,000 annual deduction must be shared by associated corporations. The tax rate on taxable profit subject to mining tax is 10% for non-remote mines and 5% for remote mines. A mining tax exemption on up to $10 million of profit during an exempt period is available for each new mine. The exempt period for a new non-remote mine is three years and the exempt period for a new remote mine is 10 years. The mining tax exemption is also available for a major expansion of an existing non-remote mine. Mining tax does not apply to diamond mining. Diamonds are subject to a royalty on the value of a diamond mine’s output. The royalty rate is the lesser of 13% and the amount calculated on the value of output according to a graduated rate scale.

Provincial Land Tax is levied on land in areas without municipal organization at the rates prescribed by regulation. The rate that applies depends on which property class the land is classified and whether the land is in a locality as defined by the Assessment Act.

The Cannabis Excise Duty is imposed by the federal government on cannabis products, payable by the federal licensee that packages the cannabis products (typically the producer) or, in the case of imports, payable by the importer, owner or other person liable under the Customs Act (Canada). The sale of edible cannabis, cannabis extracts and cannabis topicals became legal under the federal Cannabis Act effective October 17, 2019 and such products are also subject to the federal duty. The federal government is responsible for the collection and administration of the tax. For dried cannabis flower, the excise duty rate is the greater of $1/gram or 10% of the federal licensee’s selling price for the packaged product when delivered to a purchaser (different rates apply for different product types). Ontario receives 75% of the excise duty collected on cannabis products intended for sale in Ontario, plus an additional sales tax adjustment of 3.9% on the federal licensee’s selling price.

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Effective January 1, 2001, the existing property taxes and water rental charges paid by hydro-electric generating station owners and water power leaseholders were replaced with taxes and charges on the gross revenues of hydro-electric generating stations.

The Property Tax component payable to the OEFC is included as PILs on consolidation to the Province and the Property Tax component payable to the Province is reported under Taxation revenue. The Water Rental component of the GRC is included under Other Revenue – Royalties.

The Race Tracks Tax is levied at the rate of 0.5% on all wagers made in Ontario, and is collected and remitted to the Province by track operators.

The Mining Land Tax is a tax levied under the Mining Act, on lands or mining rights liable under the Act, at a rate of $4 per hectare.

Revenue – Non-tax

For the year ended March 31, 2020

	2020		2019
	$		$
GOVERNMENT OF CANADA
Canada Health Transfer		15,639,873,000		14,851,943,000
Canada Social Transfer		5,650,306,000		5,450,733,000
Labour Market Development Agreement		723,262,341		719,250,217
Social Housing		483,899,694		393,550,992
Home Care and Mental Health		426,270,716		328,513,712
Direct Transfers to Hospitals, School Boards and Colleges		413,891,496		390,291,182
Infrastructure Programs		399,572,160		604,392,623
Workforce Development Agreement		330,970,601		296,494,169
Indian Welfare Services Agreement		283,336,660		281,355,182
Early Learning and Childcare		145,159,307		160,168,271
Bilingualism Development		94,351,509		84,745,112
Legal Aid – Criminal		89,764,168		64,330,657
Youth Criminal Justice		53,063,791		52,647,352
Canadian Agricultural Partnership		44,745,406		37,754,552
Student Assistance		24,467,016		28,598,227
Immigration Holds Agreement		12,304,307		12,465,789
Equalization Payments		—		963,165,000
Other		582,746,738		369,304,947
TOTAL GOVERNMENT OF CANADA		25,397,984,910		25,089,703,984

Source: Ontario Ministry of Finance

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The Canada Health Transfer (CHT) is a federal block transfer that supports health care spending in the provinces and territories. Beginning in 2014-15, the CHT has been allocated to provinces and territories on an equal per capita basis. To receive CHT transfers, provinces and territories must comply with the principles of the Canada Health Act.

The Canada Social Transfer (CST) is a federal block transfer that supports provincial and territorial expenditures on post-secondary education, social assistance and social services, including early childhood development, and early learning and child care services. Beginning in 2007-08, the CST has been allocated to provinces and territories on an equal per capita basis. To receive CST transfers, provinces and territories cannot impose residency requirements in determining eligibility for social assistance to Canadian citizens, permanent residents, persons with a temporary resident permit, and refugee claimants waiting to receive permanent resident status.

Equalization is the federal government’s transfer program for addressing fiscal disparities among provinces. The Equalization program aims to ensure that provincial governments have sufficient revenues to provide reasonably comparable levels of public services at reasonably comparable levels of taxation. Equalization payments are unconditional – receiving provinces are free to spend the funds according to their own priorities.

The Labour Market Development Agreement (LMDA) provides for the transfer to Ontario of labour market development programs and services previously delivered by the federal government. The LMDA is funded under the legislative authority of Part II of the Employment Insurance Act. LMDA funding supports Ontario’s skills and employment training programs, particularly for those who are eligible as Employment Insurance (EI) clients under the EI Act.

Infrastructure funding to Ontario is provided through the Investing in Canada Infrastructure Program, agreement for the Investment in Affordable Housing, Post-Secondary Institutions Strategic Investment Fund, Building Canada Fund, Clean Water and Wastewater Fund, Public Transit Infrastructure Fund and other federal provincial infrastructure programs. These agreements support the construction, renewal, improvement and expansion of the Province’s physical capital, including roads, bridges, public transit, affordable housing and water systems.

Social Housing Agreement reimbursements are the federal portion of the cost of subsidizing low- rental housing programs. The Province receives funding from the Canada Mortgage and Housing Corporation (CMHC) to administer social housing in Ontario.

Direct Transfers to Hospitals, School Boards and Colleges (BPS Organizations) represent various federal government funding to BPS Organizations for research, long term and complex hospital care for veterans, enhanced community care for Northern Ontario, Language Instruction for Newcomers to Canada (LINC), Employment Assistance, and post-secondary education programs.

Targeted federal funding for access to home and community care and mental health and addictions services is provided to Ontario, beginning in 2017-18, over a 10-year period. This funding is guided by a Common Statement of Principles on Shared Health Priorities that all provinces and territories agreed on.

The Workforce Development Agreement (WDA) provides funds for training and skills development for Ontarians, including those in need of essential skills development, programming for people with disabilities, youth, newcomers and adult learners.

The Memorandum of Agreement Respecting Welfare Programs for Indians (Indian Welfare Services Agreement, 1965) is a bilateral (Ontario-Canada) cost-sharing agreement under which Canada reimburses Ontario for a portion of expenditures incurred providing eligible social services to status First Nation individuals living on reserve (and off reserve for up to 12 months). The Agreement recognizes a shared Ontario-Canada commitment to make available to status First Nation individuals living on reserve, and to those who have moved off reserve for up to one year, eligible social services programs available to the population of the province not living on reserve. As a bilateral agreement between Canada and Ontario, First Nations are not signatories to the Agreement. The Agreement outlines a formula to determine Canada’s financial contribution for services in the four program areas, outlined in the Agreement, that are provided and funded by Ontario: child protection and child welfare prevention, child care, financial/employment assistance (Ontario Works) and homemakers and nurses services.

Through the Canada-Ontario Early Learning and Child Care Agreement, the federal government provides contributions to Ontario to further improve Ontario’s early learning and child care system.

Bilingualism Development reimbursements are the federal government’s portion of the costs of providing services in both official languages and of providing adequate educational facilities for teaching the second official language. The federal government also contributes to Ontario’s initiatives in French-language schools, such as the establishment of administrative structures in new French-language school boards, and initiatives designed to improve the achievements of French-language students.

Legal Aid payments are the federal government’s contribution to assist in providing legal aid services to economically disadvantaged people in serious criminal matters and proceedings under the Youth Criminal Justice Act. They also help ensure that certain minimum standards of legal aid are maintained in accordance with the Agreement Respecting Legal Aid in Criminal Law, the Youth Criminal Justice Act and immigration and refugee matters.

Youth justice programs are ongoing and mandated under the federal Youth Criminal Justice Act. Programs are delivered by the Ministry of Children, Community and Social Services and/or Transfer Payment Partners. As the administration of justice is a joint responsibility between the federal government and the provinces and territories, a portion of the Ontario expenditures are submitted for funding support through a Contribution Agreement with federal Department of Justice on an annual basis.

The Canadian Agricultural Partnership (CAP) is a five-year federal-provincial-territorial commitment to support Ontario’s agri-food and agri-products sectors that focuses on the key priority areas of economic development, environmental stewardship, and protection and assurance. CAP came into effect on April 1, 2018 and replaced Growing Forward 2.

8

Student Assistance includes the Canada Student Grant for Services and Equipment for Students with Permanent Disabilities and the administration of Canada Student Loans Program.

The Immigration Holds Agreement represents reimbursement by the federal government for the cost of detaining people awaiting an immigration examination, inquiry or removal.

Other payments from the federal government included, among others:

a) Funding to support sector-specific services covered under different agreements, such as the First Nation Policing Agreement, Biology Casework Analysis Contribution Program Agreement for DNA testing, Veteran Priority Access Beds Agreement, Firearms Control Agreement, Exchange of Services Agreement, and Canadian Families Justice Fund for family law services;

b) Annual subsidies under the Constitution Act, 1907;

c) Interest on the Common School Fund.

FEES, DONATIONS AND OTHER REVENUES FROM HOSPITALS, SCHOOL BOARDS AND COLLEGES (BPS)	2020 $		2019 $
Hospitals		4,112,369,788		4,165,613,641
School Boards		1,507,021,166		1,587,024,095
Colleges		3,661,174,309		3,484,668,978
TOTAL FEES, DONATIONS AND OTHER REVENUES FROM HOSPITALS, SCHOOL BOARDS AND COLLEGES (BPS)		9,280,565,263		9,237,306,714

Source: Ontario Ministry of Finance

Fees, Donations and Other Revenues from Hospitals, School Boards and Colleges (BPS Organizations) represent third-party revenues that BPS Organizations received from the public such as patient fees, tuition fees, ancillary services, donations and other revenues from non-provincial sources.

9

	2020		2019
INCOME FROM GOVERNMENT ENTERPRISES	$		$
Liquor Control Board of Ontario		2,401,600,000		2,276,126,000
Ontario Lottery and Gaming Corporation		2,308,932,386		2,464,177,000
Ontario Power Generation Inc.		751,271,677		836,830,000
Hydro One Limited		415,911,532		(64,915,727	)
Ontario Cannabis Retail Corporation		18,643,749		(42,705,548	)
TOTAL INCOME FROM GOVERNMENT ENTERPRISES		5,896,359,344		5,469,511,725

Source: Ontario Ministry of Finance

Income from Government Enterprises represents amounts received by the Province from government business enterprises.

The Ontario Lottery and Gaming Corporation (OLG) conducts and manages gaming on behalf of the Province of Ontario, including: lottery, casinos, electronic bingo, and its internet gaming site PlayOLG. OLG continues to integrate horse racing into its gaming strategy, including the administration of ongoing funding.

Private service providers have taken over daily operations of most of OLG casinos in order to optimize revenue and increase operational efficiencies. These providers have and will continue to make capital investments necessary to provide enhanced gaming and entertainment experiences for customers. This will help grow OLG revenues to pay for important public services such as healthcare and education.

Liquor Control Board of Ontario (LCBO) profits are generated from the sale of beer, wine, coolers, and spirits.

Hydro One Incorporated (now a subsidiary of Hydro One Limited) and Ontario Power Generation Incorporated (OPG) were created as part of the restructuring of the former Ontario Hydro. The Province’s proportional share of net income from Hydro One Limited (and previously Hydro One Inc.) and the net income from OPG are consolidated in the Province’s finances. OPG revenue is derived primarily from the sale of electricity from its generating stations. Hydro One revenue is derived primarily from the transmission and distribution of electricity.

Ontario Cannabis Retail Corporation (OCRC), operating as the Ontario Cannabis Store (OCS), is the sole online retailer of recreational cannabis in Ontario. It is also the exclusive wholesaler of recreational cannabis to the Province’s authorized private retail stores. Its net income is generated from the sale of recreational cannabis.

10

For the year ended March 31, 2020

	2020 ($)		2019 ($)
OTHER REVENUE
Sales and Rentals		1,369,097,202		1,476,591,028
Fees, Licences and Permits:
Vehicle and Driver Registration Fees		2,055,185,890		1,990,908,993
Other Fees and Licences:
Local Registrars		66,682,708		57,818,572
Personal Property Security Act		63,230,127		61,496,039
Companies – Incorporations		26,603,214		26,255,287
Gaming Revenues		6,366,518		15,181,035
Drive Clean		1,397,608		2,821,958
Other		767,130,666		697,102,496
Total Fees, Licences and Permits		2,986,596,732		2,851,584,380
Royalties:
Gross Revenue Charge – Water Rental Component		119,740,738		119,024,919
Teranet – Polaris Royalties		44,972,220		41,415,505
Crown Charges – Forestry		40,480,789		61,156,861
Other Royalties		77,922,707		29,118,252
Total Royalties		283,116,453		250,715,537
Recovery of Prior Years’ Expenditures		553,150,800		1,301,778,322
Reimbursement of Expenditures		1,005,142,760		997,972,694
Miscellaneous:
Independent Electricity System Operator Revenue		224,920,197		227,336,866
Power Supply Contract Recoveries		122,000,000		173,000,000
Fines and Penalties		68,222,121		62,611,243
Net Reduction of Power Purchase Contracts		30,000,000		41,000,000
Carbon Allowance Proceeds		—		472,138,014
Electricity Debt Retirement Charge		—		15,000,000
Other		600,359,296		509,741,122
Total Miscellaneous		1.045,501,614		1,500,827,245
TOTAL OTHER REVENUE		7,242,605,561		8,379,469,208

Source: Ontario Ministry of Finance

Sales and Rentals includes proceeds from the disposal of real property, supplies and equipment, rental of real property, leasing of Crown land and sales of goods and services provided by Provincial institutions.

Vehicle and Driver Registration fees include vehicle registration, carrier, and driver fees. Vehicle registration fees are for the authorization to operate a motor vehicle on a public road. For commercial vehicles the current fee ranges from $265.25-$4,693.00. Current fees for passenger vehicles and light commercial vehicles weighing 3,000 kilograms or less used for personal purposes are $120.00 per year in Southern Ontario and $60.00 per year in Northern Ontario. Fees for motorcycles and mopeds are $42 and $12 per year respectively in Southern Ontario and $21 and $12 per year respectively in Northern Ontario. Driver fees consist primarily of driver license renewals.

Personal Property security registration service fees are remittances for the registration of security interests and searches of personal property pledged as collateral to secure a loan. The fees are collected at the time of registration or search.

On September 28, 2018, the Premier announced the cancellation of the light-duty Drive Clean emissions testing program, saving money for Ontario taxpayers and reducing the regulatory burden on Ontario families while committing to enhanced regulations for the biggest polluters on Ontario’s roads, heavy- duty vehicles.

Companies’ service fees are remittances for registration and search services pertaining to incorporations, limited partnerships and other unincorporated entities. The fees are collected at the time of registration or search.

11

Gaming-related fees collected by the Alcohol and Gaming Commission of Ontario include fees for registering operators, gaming-related and non-gaming-related suppliers, trade unions and gaming employees of gaming sites for the charitable, commercial and iGaming sectors. Also included are fees for issuing lottery licenses to eligible charitable and/or religious organizations.

Effective January 1, 2001, holders of water power leases are required to pay a water rental charge calculated at a rate of 9.5 per cent on gross revenues from the annual generation from hydro-electric- generating stations. This is the Gross Revenue Charge - Water Rental component referenced in the Other Revenue table.

Teranet – Polaris Royalties - The Province completed the sale of its 50% ownership in Teranet in 2003-04. In 2010-11 the Province negotiated an extension to the original Teranet agreement, resulting in a 50-year extension beyond the original term. $1 billion in cash was received from Teranet in 2010-11 for it to retain exclusive rights related to the operation of the electronic land registration system. This amount is represented as deferred royalties to be amortized over a 56-year period from fiscal 2011-12 to 2066-67. The annual amortization for the extension is $18 million. As negotiated in the extension agreement between Teranet and the Province, effective for the period starting from April 1, 2017, Teranet resumed making royalty payments to the Province. The royalty payment is based on a percentage of various eligible Teranet revenues and is paid quarterly. The royalty stream is to be in place until the end of Teranet’s exclusive licence term in 2067.

In 2019-20, the Province reported a total of $45.0 million ($41.4 million in 2018-19) in royalty revenue from Teranet.

Crown Charges – Timber royalties are remittances for the harvesting of Crown timber on Crown land or when timber rights are reserved to the Crown on patent land. Crown charges are typically charged on a per cubic metre basis related to the tree species, end products produced and harvest volume. A base price per cubic metre, adjusted annually, is established as a minimum price. The minimum price for most harvested timber during 2019-2020 was set at $4.72, or $0.62 or zero (for bioproducts only) per cubic metre depending on the tree species and commodity group. The $0.62 per cubic metre rates were assessed on timber species that are in over-supply due to relatively low market value, have limited application, and/or are harvested primarily for forest improvement purposes. A residual value price, based on a percentage of the difference between the cost of manufacturing and the selling price of the forest product, is also assessed. This compsonent based on commodity market prices is adjusted monthly and varied from $0.00 to $4.83 per cubic metre, depending on different species groups and product sectors.

Beginning in 2006, funds for the Forest Resource Inventory (FRI) have been collected through the stumpage system. In 2019-2020 the FRI rate was set at either $2.50 or $0.62, depending on species group and end-use, and set aside in the Forestry Futures Trust fund account for FRI expenses, until a targeted $10 million contribution to the FRI account is achieved. After reaching the intended $10 million level, the FRI charge is set to zero². The FRI collection results in no net effect to the forest industry with respect to stumpage charges, as the minimum price is reduced an equivalent amount to FRI charges, while FRI charges are being collected.

Recovery of Prior Years’ Expenditures represents monies recovered subsequent to the fiscal year- end in which the related expenditures were made. These receipts represent amounts, which, except for the timing of the recovery, would have been classified as expenditure refunds.

Reimbursements of expenditures are repayments of expenses incurred by the government under formal agreement, understanding or arrangement that the expenses will be recovered in whole or in part.

Fines and Penalties are remittances for infractions of laws, regulations and rules.

The Debt Retirement Charge (DRC) was eliminated as of April 1, 2018. The DRC was paid by electricity consumers based on consumption of electricity. The Electricity Act, 1998, allowed for the DRC to be in place until the residual stranded debt was retired. Residual stranded debt originated from the restructuring of the former Ontario Hydro and restructuring of the electricity sector. The Electricity Act, 1998 was amended by the Budget Measures Act, 2015 to provide for a legislated fixed end-date for the DRC of March 31, 2018 and was no longer linked to the residual stranded debt. Therefore, as part of the legislative amendments, and, effective December 10, 2015, the “residual stranded debt” concept and requirements, including the requirement to determine the residual stranded debt from time-to-time, were removed from the Electricity Act. Ontario removed the DRC from residential electricity users’ bills as of January 1, 2016 and eliminated the DRC for commercial, institutional, industrial and other users as of April 1, 2018. Residual payments of DRC for the period prior to April 1, 2018, have been received, resulting in residual revenues recorded in 2018-19.

Power purchase contracts were entered into by the former Ontario Hydro with non-utility generators (NUGs) located in Ontario. As the legal continuation of Ontario Hydro, as of April 1, 1999, the OEFC is the counterparty to these contracts. The contracts provide for the purchase of power at prices that were expected to be in excess of market prices. Accordingly, a power purchase contract liability was recorded on a discounted cash-flow basis. Under legislated reforms to the electricity market, OEFC began receiving actual contract prices for power from ratepayers, effective January 1, 2005, and no longer incurs losses on these power purchase contracts. At that time, the decision was made to amortize the liability to revenue over the period when most existing electricity contracts expire with the liability fully eliminated in fiscal 2021–22.

The Reduction of Power Purchase Contracts represents the effective elimination over time of the power purchase contract liability. The amount of change reflects the deduction for estimated in-year losses used to calculate the liability prior to the legislated reforms to the electricity market that effectively eliminated over time the power purchase liability.

²  The only exception to this rule is bioproducts sector, for which FRI is collected at the rate of $0.59/m3 throughout the fiscal year.

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The Independent Electricity System Operator (IESO) was established by the Electricity Act, 1998. It operates independently as a non-profit corporation without share capital. Licensed by the Ontario Energy Board (OEB), it reports to the legislature through the Ministry of Energy, Northern Development and Mines. The IESO directs the operation and maintains the reliability of the province’s power system. The IESO balances demand for electricity against available supply through the wholesale market and directs the flow of electricity across the transmission system. IESO’s revenue is derived primarily from OEB-approved fees for each megawatt of electricity withdrawn from the IESO-controlled grid.

	2020		2019
TOTAL REVENUES	$	156,095,087,252	$	153,700,207,328

Source: Ontario Ministry of Finance

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PUBLIC DEBT

Publicly Held Debt Summary

Publicly held debt is debt issued to the general public. As at March 31, 2020, the total publicly held debt issued was $372,718 million, $312,739 million of which was issued in Canadian dollars (includes $19,175 million of treasury bills), $44,223 million in U.S. dollars (includes $3,891 million in U.S. commercial paper), $11,351 million in euros, $1,127 million in Swiss francs and $3,278 million in other currencies. The above Canadian dollars includes Ontario bonds of $7,383 million and treasury bills of $2,555 million held by the Province in cash equivalents and investments.

From April 1, 2020 through December 15, 2020, the Province announced public offerings of bonds and notes totaling approximately CAD 41.1 billion for provincial purposes. The tables below provide a summary of the publicly held debt issued by the Province from April 1, 2020 to December 15, 2020.

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Debt Issuances Since 2019-20 Fiscal Year End

(from April 1, 2020 to December 15, 2020)

DEBT ISSUED BY THE PROVINCE FOR PROVINCIAL PURPOSES

Series	Date of Issue	Date of Maturity	Interest Rate (%)		Funds	Principal		References
						(in millions)
DMTN245	April 8, 2020	September 8, 2025		1.750	Canadian$		1,000.0		(2) (4)
EMTN117	April 25, 2019	April 25, 2022		2.550	EUR		1,000.0		(3) (5)
DMTN243	April 9, 2020	June 2, 2030		2.050	Canadian$		800.0		(2) (6)
DMTN245	April 13, 2020	September 8, 2025		1.750	Canadian$		1,500.0		(2) (4)
DMTN243	April 16, 2020	June 2, 2030		2.050	Canadian$		3,600.0		(2) (6)
DMTN245	April 27, 2020	September 8, 2025		1.750	Canadian$		1,000.0		(2) (4)
DMTN245	May 6, 2020	September 8, 2025		1.750	Canadian$		1,250.0		(2) (4)
EMTN118	May 6, 2020	October 2, 2040		0.700	EUR		50.0		(3) (7)
G85	May 21, 2020	May 21, 2027		1.050	US$		1,750.0		(2) (8)
DMTN243	May 22, 2020	June 2, 2030		2.050	Canadian$		750.0		(2) (6)
DMTN242	May 29, 2020	December 2, 2050		2.650	Canadian$		600.0		(2) (9)
EMTN119	June 3, 2020	December 15, 2023		0.500	GBP		1,000.0		(3) (10)
DMTN242	June 5, 2020	December 2, 2050		2.650	Canadian$		600.0		(2) (9)
DMTN243	June 8, 2020	June 2, 2030		2.050	Canadian$		750.0		(2) (6)
DMTN245	June 11, 2020	September 8, 2025		1.750	Canadian$		1,500.0		(2) (4)
DMTN242	June 18, 2020	December 2, 2050		2.650	Canadian$		600.0		(2) (9)
DMTN234	June 25, 2020	June 2, 2027		2.600	Canadian$		750.0		(2) (11)
DMTN242	July 2, 2020	December 2, 2050		2.650	Canadian$		750.0		(2) (9)
DMTN242	July 20, 2020	December 2, 2050		2.650	Canadian$		750.0		(2) (9)
DMTN243	July 30, 2020	June 2, 2030		2.050	Canadian$		750.0		(2) (6)
DMTN246	August 20, 2020	December 2, 2051		1.900	Canadian$		600.0		(2) (12)
DMTN247	August 24, 2020	September 8, 2027		1.050	Canadian$		1,000.0		(2) (13)
DMTN246	August 28, 2020	December 2, 2051		1.900	Canadian$		600.0		(2) (12)
DMTN246	September 4, 2020	December 2, 2051		1.900	Canadian$		750.0		(2) (12)
DMTN247	September 8, 2020	September 8, 2027		1.050	Canadian$		1,000.0		(2) (13)
DMTN243	September 14, 2020	June 2, 2030		2.050	Canadian$		1,000.0		(2) (6)
DMTN246	September 17, 2020	December 2, 2051		1.900	Canadian$		750.0		(2) (12)
DMTN243	September 22, 2020	June 2, 2030		2.050	Canadian$		1,250.0		(2) (6)
G86	October 7, 2020	July 10, 2030		1.125	US$		1,250.0		(2) (14)
DMTN244	October 8, 2020	February 1, 2027		1.850	Canadian$		1,500.0		(2) (15)
DMTN248	October 13, 2020	December 2, 2030		1.350	Canadian$		750.0		(2) (16)
DMTN248	November 12, 2020	December 2, 2030		1.350	Canadian$		1,250.0		(2) (16)
EMTN120	November 24, 2020	November 25, 2030		0.010	EUR		2,500.0		(3) (17)
DMTN246	November 26, 2020	December 2, 2051		1.900	Canadian$		750.0		(2) (12)
DMTN246	December 3, 2020	December 2, 2051		1.900	Canadian$		600.0		(2) (12)
DMTN248	December 8, 2020	December 2, 2030		1.350	Canadian$		1,000.0		(2) (16)

References

(1) Interest is paid quarterly

(2) Interest is paid semi-annually

(3) Interest is paid annually

(4) DMTN245: During the fiscal year 2020-21, the Series DMTN245 was re-opened, bringing the total issue size to $9,050 million.

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(5) EMTN117: The Province entered into currency exchange agreements that effectively converted 1,000 million of these Euro obligations to Canadian dollar obligations at an exchange rate of 1.55786

(6) DMTN243: During the fiscal year 2020-21, the Series DMTN243 was re-opened, bringing the total issue size to $11,650 million.

(7) EMTN118: The Province entered into currency exchange agreements that effectively converted 50 million of these Euro obligations to Canadian dollar obligations at an exchange rate of 1.52000

(8) G85: The Province entered into currency exchange agreements that effectively converted 1,750 million of these US dollar obligations to Canadian dollar obligations at an exchange rate of 1.39360

(9) DMTN242: During the fiscal year 2020-21, the Series DMTN242 was re-opened, bring the total issue size to $14,100 million, including $26.1 million for OEFC.

(10) EMTN119: The Province entered into currency exchange agreements that effectively converted 1,000 million of these Great Britain Pound obligations to Canadian dollar obligations at an exchange rate of 1.69411

(11) DMTN234: During the fiscal year 2020-21, the Series DMTN234 was re-opened, bringing the total issue size to $8,400 million.

(12) DMTN246: During the fiscal year 2020-21, the Series DMTN246 was issued for a total of $4,050 million.

(13) DMTN247: During the fiscal year 2020-21, the Series DMTN247 was issued for a total of $2,000 million.

(14) G86: The Province entered into currency exchange agreements that effectively converted 1,250 million of these US dollar obligations to Canadian dollar obligations at an exchange rate of 1.32957

(15) DMTN244: During the fiscal year 2020-21, the Series DMTN244 was re-opened, bringing the total issue size to $2,000 million.

(16) DMTN248: During the fiscal year 2020-21, the Series DMTN248 was issued for a total of $3,000 million.

(17) EMTN120: The Province entered into currency exchange agreements that effectively converted 2,500 million of these Euro obligations to Canadian dollar obligations at an exchange rate of 1.55333

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ISSUES OF LONG TERM DEBT

For the year ended March 31, 2020

This schedule details the borrowing transactions during the year, which served to increase the outstanding debt of the Province.

Series	Interest Rate	Date of Maturity	Par value
	%		$
PUBLICLY HELD DEBT
PAYABLE IN CANADA IN CANADIAN DOLLARS
DMTN232	1.35	March 8, 2022		1,000,000,000
DMTN241	2.30	September 8, 2024		1,500,000,000
DMTN245	1.75	September 8, 2025		2,800,000,000
DMTN244	1.85	February 1, 2027		500,000,000
DMTN240	2.70	June 2, 2029		6,758,201,000
DMTN243	2.05	June 2, 2030		2,750,000,000
DMTN236	2.90	June 2, 2049		1,200,000,000
DMTN242	2.65	December 2, 2050		10,773,900,000
				27,282,101,000

PAYABLE IN GLOBAL IN CANADIAN DOLLARS
G77	2.65	February 5, 2025	750,000,000
			750,000,000
INCREASE IN PUBLIC DEBT CANADIAN DOLLAR BORROWING			28,032,101,000

17

ISSUES OF LONG TERM DEBT - Continued

For the year ended March 31, 2020

Series	Interest Rate	Date of Maturity	Par value
	%		$
PUBLICLY HELD DEBT (Cont’d)
PAYABLE IN AUSTRALIA IN AUSTRALIAN DOLLARS
AD17	2.70	October 26, 2029		40,000,000
AD18	2.00	October 3, 2034		320,000,000
				360,000,000
CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $0.90744				326,680,000
PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS
G81	2.55	April 25, 2022		1,750,000,000
G82	1.75	January 24, 2023		3,000,000,000
G83	2.30	June 15, 2026		1,750,000,000
G84	2.00	October 2, 2029		1,250,000,000
				7,750,000,000
CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $1.32471				10,266,479,750
INCREASE IN FOREIGN CURRENCY BORROWING				10,593,159,750

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ISSUES OF LONG TERM DEBT - Continued

For the year ended March 31, 2020

Series	Interest Rate	Date of Maturity	Par value
	%		$
Foreign exchange differences on translating foreign currency denominated debt into Canadian dollars				143,048,866
Adjustment for Consumer Price Index (CPI) for real return bonds				54,951,200
ISSUES OF PROVINCIAL PURPOSE DEBT				38,823,260,816
Net consolidation and other adjustments - Other Government Organizations				1,645,747,205
ISSUE OF PROVINCIAL PURPOSE DEBT AFTER NET CONSOLIDATION AND OTHER ADJUSTMENTS				40,469,008,021
Issues of Debt for Ontario Electricity Financial Corporation				113,759,000
TOTAL ISSUES OF LONG-TERM DEBT				40,582,767,021

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RETIREMENT OF LONG TERM DEBT

For the year ended March 31, 2020

Series	Interest Rate	Date of Maturity	Par value
	%		$
NON-PUBLIC DEBT
PAYABLE IN CANADA IN CANADIAN DOLLARS
Canada Pension Plan Investment Board:
CP654	5.63	April 5, 2019		50,000,000
CP655	5.50	April 9, 2019		35,000,000
CP656	5.54	April 12, 2019		2,850,000
CP657	5.67	May 3, 2019		44,000,000
CP658	5.70	May 7, 2019		44,000,000
CP659	5.72	May 10, 2019		46,836,000
CP660	6.01	June 4, 2019		44,000,000
CP661	5.99	June 7, 2019		104,121,000
CP662	6.12	July 5, 2019		30,000,000
CP663	6.08	July 9, 2019		31,190,000
CP664	6.08	July 12, 2019		30,000,000
CP665	6.29	August 9, 2019		41,503,000
CP666	6.31	September 9, 2019		31,125,000
CP667	6.48	October 15, 2019		76,321,000
CP668	6.50	November 5, 2019		45,000,000
CP669	6.53	November 8, 2019		31,183,000
CP670	6.57	December 6, 2019		36,174,000
CP671	6.41	December 10, 2019		20,000,000
CP672	6.91	January 10, 2020		14,790,000
CP673	6.40	March 6, 2020		80,000,000
CP674	6.40	March 10, 2020		31,796,000

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RETIREMENT OF LONG TERM DEBT - Continued

For the year ended March 31, 2020

Series	Interest Rate	Date of Maturity	Par value
	%		$
NON-PUBLIC DEBT (Cont’d)
Canada Mortgage and Housing Corporation:
CMHC	7.625 to 15.75	April 1, 2019 to March 2, 2020		7,655,917
Ontario Immigrant Investor Corporation:
OIIC 157	2.18	April 24, 2019		483,509
OIIC 158	2.02	May 24, 2019		451,013
OIIC 159	2.06	June 24, 2019		16,959,369
OIIC 160	2.10	July 25, 2019		705,195
OIIC 161	2.04	August 23, 2019		1,761,588
OIIC 162	2.05	September 23, 2019		4,221,219
OIIC 163	2.05	October 24, 2019		2,155,756
OIIC 164	1.87	November 25, 2019		3,239,369
OIIC 165	1.78	December 19, 2019		1,736,122
OIIC 166	1.11	January 23, 2020		689,028
OIIC 167	1.22	February 21, 2020		801,726
OIIC 168	1.26	March 25, 2020		530,680
RETIREMENT OF NON-PUBLIC DEBT				911,279,491

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RETIREMENT OF LONG TERM DEBT

For the year ended March 31, 2020

Series	Interest Rate	Date of Maturity	Par value
	%		$
PUBLICLY HELD DEBT
PAYABLE IN CANADA IN CANADIAN DOLLARS
DMTN195	4.40	May 14, 2019 to June 3, 2019..........................		7,050,000,000
DMTN105	5.35	June 3, 2019		100,000,000
JA	9.4688	July 10, 2019 to January 10, 2020		954,779
DMTN226	3M CBA + 0.09	August 26, 2019		1,921,000,000
DMTN225	2.10	September 9, 2019		4,150,000,000
				13,221,954,779

22

RETIREMENT OF LONG TERM DEBT - Continued

For the year ended March 31, 2020

Series	Interest Rate	Date of Maturity	Par value
	%		$
ONTARIO SAVINGS BONDS
1995	Various	March 1, 2000		16,200
1996	Various	June 21, 2001		22,700
1997	Various	June 21, 2000 to June 21, 2004		5,700
1998	Various	June 21, 2001 to June 21, 2005		29,500
1999	Various	June 21, 2002 to June 21, 2006		39,600
2000	Various	June 21, 2003 to June 21, 2007		55,600
2001	Various	June 21, 2004 to June 21, 2008		138,600
2002	Various	June 21, 2005 to June 21, 2009		120,300
2003	Various	June 21, 2006 to June 21, 2010		102,900
2004	Various	June 21, 2007 to June 21, 2011		74,000
2005	Various	June 21, 2008 to June 21, 2012		93,600
2006	Various	June 21, 2009 to June 21, 2013		191,800
2007	Various	June 21, 2010 to June 21, 2014		246,000
2008	Various	June 21, 2011 to June 21, 2015		144,400
2009	Various	June 21, 2012 to June 21, 2016		184,100
2010	Various	June 21, 2013 to June 21, 2020		998,300
2011	Various	June 21, 2014 to June 21, 2021		622,600
2012	Various	June 21, 2015 to June 21, 2022		1,128,200
2013	Various	June 21, 2016 to June 21, 2023		1,482,600
2014	Various	June 21, 2017 to June 21, 2024		424,525,000
2015	Various	June 21, 2018 to June 21, 2025		1,511,600
2016	Various	June 21, 2019 to June 21, 2026		9,927,400
2017	Various	June 21, 2020 to June 21, 2027		1,617,000
2018	Various	June 21, 2021 to June 21, 2028		3,481,800
				446,759,500

23

RETIREMENT OF LONG TERM DEBT - Continued

For the year ended March 31, 2020

Series	Interest Rate	Date of Maturity	Par value
	%		$
PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS
G73	1.25	June 17, 2019		1,750,000,000
G59	1.65	September 27, 2019		1,250,000,000
G44	4.00	October 7, 2019		2,000,000,000
				5,000,000,000
CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $ 1.2246				6,123,006,250
PAYABLE IN EUROPEAN MARKET IN EUROS
EMTN97	4.75	April 23, 2019		1,500,000,000
EMTN100	4.00	December 3, 2019		1,750,000,000
				3,250,000,000
CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $ 1.48102				4,813,327,935

24

RETIREMENT OF LONG TERM DEBT - Continued

For the year ended March 31, 2020

Series	Interest Rate	Date of Maturity	Par value
	%		$
PAYABLE IN EUROPEAN MARKET IN SWISS FRANCS
EMTN95	3.375	April 29, 2019		225,000,000
EMTN99	2.50	December 4, 2019		275,000,000
				500,000,000
CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $ 1.06365				531,825,558
TOTAL RETIREMENT OF PUBLICLY HELD FOREIGN CURRENCY DEBT				11,468,159,743
Contribution to and return on Sinking Fund of School Board Trust Debt				23,526,027
RETIREMENT OF PROVINCIAL PURPOSE DEBT				26,071,679,541
Net consolidation and other adjustments – Other Government Organizations				13,944,930
RETIREMENT OF PROVINCIAL PURPOSE DEBT AFTER NET CONSOLIDATION AND OTHER ADJUSTMENTS				26,085,624,471
Retirement of Debt Issued for Ontario Electricity Financial Corporation				1,384,239,000
TOTAL RETIREMENT OF LONG-TERM DEBT				27,469,863,471

25

NET CHANGE IN SHORT TERM DEBT

For the year ended March 31, 2020

Series	Interest Rate	Date of Maturity	Par value
	%		$
Provincial purpose
Treasury bills				1,580,276,000
U.S. Commercial Paper				28,363,189
				1,608,639,189
Ontario Electricity Financial Corporation
Treasury bills				(701,000	)
				(701,000	)
Net Consolidation and other adjustments – Other Government Organization				49,003,276
TOTAL NET INCREASE/(DECREASE) IN SHORT-TERM DEBT				1,656,941,465

26

SUMMARY OF DEBT OUTSTANDING

As at March 31, 2020

	2020			2019
	$			$
Debt Issued for Provincial Purposes:
Canada Pension Plan Investment Board		9,087,581,000			9,957,470,000
Ontario Immigrant Investor Corporation		9,110,618			42,845,192
Canada Mortgage and Housing Corporation		2,304,585			9,960,501
TOTAL NON-PUBLIC DEBT		9,098,996,203			10,010,275,693
Public Investors		330,464,602,024			316,351,318,543
Ontario Savings Bonds		363,612,500			810,372,000
Treasury Bills		18,897,002,000			17,316,726,000
U.S. Commercial Paper		3,891,234,985			3,862,871,797
TOTAL PUBLICLY-HELD DEBT		353,616,451,509			338,341,288,340
School Board Trust Debt		583,713,293			607,239,320
TOTAL DEBT ISSUED FOR PROVINCIAL PURPOSES		363,299,161,005			348,958,803,353
Net Consolidation and Other Adjustments		1,810,230,562			129,425,012
TOTAL PROVINCIAL PURPOSE DEBT AFTER NET CONSOLIDATION AND OTHER ADJUSTMENTS		365,109,391,567			349,088,228,365
Debt Issued for Ontario Electricity Financial Corporation (OEFC):
Canada Pension Plan Investment Board		230,466,000			230,466,000
Public Investors		10,907,567,465			11,696,109,019
Treasury Bills		655,067,000			655,768,000
TOTAL DEBT ISSUED FOR OEFC		11,793,100,465			12,582,343,019
Direct OEFC Debt		5,825,380,000			6,309,619,000
TOTAL OEFC DEBT		17,618,480,465			18,891,962,019
TOTAL CONSOLIDATED DEBT		382,727,872,032			367,980,190,384
Less: Holdings of own Ontario Bonds and T-Bills		(9,937,593,000	)		(13,716,280,000	)
REVISED TOTAL CONSOLIDATED DEBT		372,790,279,032			354,263,910,384
Debt Issued for Investment Purposes*:
Ontario Power Generation Inc.		5,126,000,000			5,126,000,000
Hydro One Inc		1,677,516,013			1,775,601,693
TOTAL DEBT ISSUED FOR INVESTMENT PURPOSES		6,803,516,013			6,901,601,693

* Debt Issued for Investment Purposes, as a result of a debt for equity swap between the Province and Ontario Power Generation Inc. and Hydro One Inc., is eliminated upon consolidation.

27

SUMMARY OF DEBT OUTSTANDING - Concluded

As at March 31, 2020

The Canada Pension Plan Investment Board (CPPIB) invests funds in the Province of Ontario’s non-marketable securities. Effective July 1, 2005, under a side-letter agreement signed between the CPPIB and the Province, CPPIB offered the Province upon maturity of the debentures held to the credit of the Canada Pension Plan Investment Fund (CPPIF) that were issued before January 1, 1998, an option of issuing new replacement debentures to the CPPIB with a maximum term of 30 years (minimum term of 5 years and with subsequent roll over options subject to the 30 years maximum from the date of issue of the first replacement debenture) at a rate based on capital market rates at the time of roll over.

The Ontario Immigrant Investor Corporation (OIIC) is an operational enterprise of the Ontario Government incorporated on April 30, 1999 under the Development Corporations Act. The corporation was established to act as Province’s receiving vehicle for immigrant investor monies under the federal government’s Immigrant Investor Program (IIP). The Ontario Financing Authority manages these monies under an investment management agreement with the OIIC, and the OFA invests these funds received from the IIP in Ontario’s bonds.

The Canada Mortgage and Housing Corporation (CMHC) has accepted serial debentures issued by the Province in return for financing a significant proportion of the construction cost of Provincially-owned waste control facilities. The interest rate is based on the rate for the Government of Canada long-term Canadian public borrowing cost at the time that the Corporation agreed to participate in the project.

The Province of Ontario has issued to public investors in the capital market bonds denominated in Canadian dollar, United States dollar, Japanese yen, Australian dollar, Euro, Swiss franc, and UK pound sterling.

Ontario Savings Bonds (OSBs) were first issued in 1995. OSBs are retail bonds sold by the Province to the residents of Ontario. The bonds are issued once a year and are available for sale through most financial institutions. There are three types of bonds: Variable-Rate Bonds, Step-Up Bonds and Fixed-Rate Bonds. All are available with annual or compound interest. The issuance of new OSBs was discontinued in 2019.

Under the Treasury Bill financing program, non-interest bearing Treasury Bills, with various maturities up to three years, are sold by tender on a regular basis.

U.S. Commercial Paper issues are non-interest bearing debt with maturities up to 270 days.

A School Board Trust was created in June 2003 to permanently refinance debt incurred by 55 school boards. The Trust issued 30-year sinking fund debentures amounting to $891 million and $882 million of the proceeds was provided to the 55 school boards in exchange for the irrevocable right to receive future transfer payments from the Province. An annual transfer payment is made by the Ministry of Education to the Trust’s sinking fund under the School Board Operating Grant program to retire the debt over 30 years.

Net consolidation and other adjustments include third party debt issued by other government organizations after elimination of Provincial debt held by these organizations.

Debt Issued for OEFC: The Province, on behalf of Ontario Electricity Financial Corporation (OEFC), borrows from the Canada Pension Investment Board and issues debentures and treasury bills in the public markets. The proceeds of all such borrowings are advanced to OEFC in exchange for bonds and short term notes with like terms and conditions.

Debt issued for Investment Purposes: On April 1, 1999, under the Energy Competition Act, five corporations, together with their subsidiaries, were formed from the former Ontario Hydro. Ontario Power Generation Inc. (OPG) and Hydro One Inc. are two of these five corporations. In order for OPG and Hydro One Inc. to have capital structures competitive with those of other industry participants, the two companies entered into a debt-for-equity swap with the Province of Ontario. The Province assumed $8,885 million of the debt issued by the two corporations in exchange for $5,126 million in equity from OPG and $3,759 million in equity from Hydro One Inc. The change in the value of the debt issued for Hydro One Inc. is the result of proceeds from the sale of Hydro One shares sold in 2015-16, 2016-17, 2017-18 and 2019-20.

28

OUTSTANDING DEBT

As at March 31, 2020

Date of Maturity	Date of Issue		Series	Interest Rate	Outstanding		Reference
				%	$
DEBT ISSUED FOR PROVINCIAL PURPOSES
NON-PUBLIC DEBT
PAYABLE IN CANADA IN CANADIAN DOLLARS
To Canada Pension Plan Investment Board:
Year ending March 31
2021		2001	CPP	6.33 to 6.67		609,834,000
2022		2002	CPP	6.22 to 6.47		330,994,000
2024		2004	CPP	5.26 to 5.97		688,007,000
2025		2005	CPP	5.15 to 5.79		1,133,182,000
2026		2006	CPP	4.67 to 5.19		574,612,000
2031		2009	CPP	4.79		43,880,000
2032		2009	CPP	4.75		52,000,000
2036		2006-2014	CPP	3.41 to 4.73		725,953,000
2037		2007	CPP	4.50 to 4.76		351,269,000
2038		2008-2017	CPP	2.64 to 4.68		375,952,000
2039		2009	CPP	4.70 to 5.48		493,439,000
2040		2010-2012	CPP	4.36 to 5.03		1,179,395,000
2041		2011	CPP	4.20 to 4.86		799,613,000
2042		2012	CPP	4.23 to 4.56		954,179,000
2043		2013	CPP	3.36 to 3.62		775,272,000
						9,087,581,000	(3)

29

OUTSTANDING DEBT - Continued

As at March 31, 2020

Date of Maturity	Date of Issue	Series	Interest Rate	Outstanding		Reference
			%	$
To Ontario Immigrant Investor Corporation:
Year ending March 31
2021	2016	OIIC169-180	1.30 to 1.62		6,992,917
2021	2017	OIIC181	1.40		139,935
2022	2017	OIIC182-188	1.212 to 1.709		1,827,947
2023	2018	OIIC189	2.015		149,819
					9,110,618	(4)
To Canada Mortgage and Housing Corporation:
Year ending March 31
2021	1979-1981	CMHC	9.50 to 15.75		2,116,497
2022	1982	CMHC	9.75 to 15.75		188,088
					2,304,585	(5)
TOTAL NON-PUBLIC DEBT					9,098,996,203

30

OUTSTANDING DEBT - Continued

As at March��31, 2020

Date of Maturity	Date of Issue	Series	Interest Rate	Outstanding		Reference
			%	$
PUBLICLY HELD DEBT
PAYABLE IN CANADA IN CANADIAN DOLLARS
June 2, 2020	February 22, 2005	DMTN140	4.85		562,000,000
June 2, 2020	February 23, 2010	DMTN200	4.20		10,025,000,000
September 4, 2020	September 4, 1998	LY	6.30		15,000,000
March 16, 2021	March 16, 2016	DMTN230	3M CBA + 0.44		1,364,600,000	(6)
June 2, 2021	December 27, 2007	DMTN180	4.50		75,000,000	(6)
June 2, 2021	January 12, 2011	DMTN207	4.00		8,915,000,000
October 27, 2021	October 27, 2016	DMTN233	3M CBA + 0.26		1,200,000,000	(6)
March 8, 2022	August 23, 2016	DMTN232	1.35		6,750,000,000
June 2, 2022	November 8, 2011	DMTN212	3.15		11,771,700,000
June 27, 2022	June 27, 2017	DMTN235	3M CBA + 0.15		1,601,500,000	(6)
July 13, 2022	July 13, 1992	HC	9.50		1,590,438,000
June 2, 2023	November 6, 2012	DMTN215	2.85		9,322,700,000
August 21, 2023	August 21, 2018	DMTN239	3M CBA + 0.05		2,650,000,000	(6)
September 8, 2023	September 8, 1993	HP	8.10		940,570,000
September 8, 2023	July 31, 2007	DMTN177	4.95		75,000,000
September 8, 2023	February 8, 2018	DMTN237	2.60		4,750,000,000
June 2, 2024	November 25, 2013	DMTN223	3.50		10,000,000,000
September 8, 2024	February 21, 2019	DMTN241	2.30		2,750,000,000
June 2, 2025	December 20, 1994	JE	9.50		460,000,000
June 2, 2025	January 9, 2015	DMTN227	2.60		12,550,000,000
September 8, 2025	February 24, 2020	DMTN245	1.75		2,800,000,000

31

OUTSTANDING DEBT - Continued

As at March 31, 2020

Date of Maturity	Date of Issue	Series	Interest Rate	Outstanding		Reference
			%	$
PUBLICLY HELD DEBT (Cont’d)
PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont’d)
December 2, 2025	October 5, 1995	JQ	8.50		1,000,000,000
February 6, 2026	February 6, 1996	JY	8.00		12,500,000
June 2, 2026	December 21, 1995	JU	8.00		1,000,000,000
June 2, 2026	February 3, 2016	DMTN229	2.40		7,500,000,000
December 2, 2026	February 13, 1997	KR	8.00		386,500,000
December 2, 2026	January 20, 1999	MH	7.00		124,584,000	(7)
February 1, 2027	February 14, 2020	DMTN244	1.85		500,000,000
February 3, 2027	August 5, 1997	KN	7.50		58,220,000
February 3, 2027	August 5, 1997	KT	6.95		8,726,000
February 3, 2027	April 1, 1998	KY	7.50		11,549,000
February 3, 2027	December 4, 1998	LA	7.50		5,507,000
February 4, 2027	February 4, 1998	KQ	7.375		990,000
June 2, 2027	February 9, 2017	DMTN234	2.60		7,650,000,000
June 2, 2027	October 17, 1996	KJ	7.60		4,734,700,000
June 2, 2028	April 6, 2018	DMTN238	2.90		9,550,000,000
August 25, 2028	February 25, 1998	LQ	6.25		2,020,000
March 8, 2029	January 8, 1998	LK	6.50		4,727,000,000
June 2, 2029	February 7, 2019	DMTN240	2.70		9,258,201,000
June 2, 2030	January 27, 2020	DMTN243	2.05		2,750,000,000
January 13, 2031	September 8, 1995	JN	9.50		125,000,000
June 2, 2031	March 27, 2000	NF	6.20		3,000,000,000
June 2, 2031	November 25, 2010	DMTN206	5.20		133,300,000
March 8, 2033	February 17, 2003	DMTN61	5.85		4,674,610,000
March 8, 2033	April 29, 2004	DMTN110	5.85		188,000,000

32

OUTSTANDING DEBT - Continued

As at March 31, 2020

Date of Maturity	Date of Issue	Series	Interest Rate	Outstanding		Reference
			%	$
PUBLICLY HELD DEBT (Cont’d)
PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont’d)
March 8, 2033	July 23, 2004	DMTN116	5.85		100,000,000	(6)
July 13, 2034	September 21, 2005	DMTN157	5.00		47,500,000	(8)
November 3, 2034	November 3, 1994	HY	9.75		248,800,000
January 10, 1995 to January 10, 2035	November 30, 1994	HZ	9.4688		2,315,904	(9)
“	“	JA	9.4688		2,315,904	(9)
“	“	JB	9.4688		8,482,324	(9)
“	“	JC	9.4688		4,764,354	(9)
“	“	JD	9.4688		3,171,134	(9)
January 12, 2035	January 12, 2007	JG	9.50		110,950,000
February 8, 2035	February 8, 1995	JJ	9.875		32,000,000
June 2, 2035	August 25, 2004	DMTN119	5.60		7,338,509,000
June 2, 2035	January 12, 2005	DMTN133	5.35		150,000,000
June 20, 2036	June 20, 1996	KC	8.25		98,984,000
December 1, 2036	March 8, 2006	DMTN158	2.00 Real Return		2,736,172,801	(10)
June 2, 2037	February 22, 2006	DMTN164	4.70		8,700,000,000
December 2, 2037	February 1, 2005	DMTN138	5.20		100,000,000
June 2, 2038	July 28, 2004	DMTN117	10.00		75,000,000	(11)
June 20, 2038	September 16, 1996	KG	8.10		120,000,000
July 13, 2038	July 29, 1998	LS	5.75		50,000,000
August 25, 2038	August 17, 1998	LT	6.00		86,500,000

33

OUTSTANDING DEBT - Continued

As at March 31, 2020

Date of Maturity	Date of Issue	Series	Interest Rate	Outstanding		Reference
			%	$
PUBLICLY HELD DEBT (Cont’d)
PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont’d)
June 2, 2039	January 15, 2008	DMTN182	4.60		9,600,000,000
July 13, 2039	February 2, 1999	MK	5.65		223,858,000
December 2, 2039	February 25, 2000	NE	5.70		1,489,000,000
July 13, 2040	April 18, 2002	DMTN44	6.20		100,000,000
June 2, 2041	June 15, 2010	DMTN204	4.65		11,368,000,000
December 2, 2041	August 15, 2001	DMTN10	6.20		340,000,000
March 8, 2042	December 4, 2001	DMTN29	6.00		41,000,000
June 2, 2042	January 18, 2002	DMTN33	6.00		240,000,000
June 2, 2043	February 24, 2003	DMTN62	5.75		75,000,000
June 2, 2043	January 31, 2012	DMTN214	3.50		11,000,000,000
June 2, 2044	September 13, 2006	DMTN169	4.60		27,000,000
January 10, 2045	May 25, 1995	JL	8.435		35,531,176	(12)
March 1, 2045	March 1, 1995	JK	9.50		150,000,000
June 2, 2045	August 31, 2005	DMTN153	4.50		175,000,000
June 2, 2045	May 10, 2013	DMTN220	3.45		15,525,000,000
June 2, 2046	May 24, 2006	DMTN166	4.85		154,700,000
December 2, 2046	February 2, 2015	DMTN228	2.90		14,550,250,000
June 2, 2047	February 28, 2007	DMTN176	4.50		158,000,000
June 2, 2048	May 6, 2008	DMTN184	4.70		50,000,000
June 2, 2048	June 21, 2016	DMTN231	2.80		12,049,000,000

34

OUTSTANDING DEBT - Continued

As at March 31, 2020

Date of Maturity	Date of Issue	Series	Interest Rate	Outstanding			Reference
			%	$
PUBLICLY HELD DEBT (Cont’d)
PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont’d)
June 2, 2049	November 30, 2017	DMTN236	2.90		12,624,500,000
December 2, 2050	May 28, 2019	DMTN242	2.65		10,773,900,000
June 2, 2054	July 22, 2008	DMTN185	4.60		40,000,000
June 2, 2062	November 8, 2012	DMTN216	3.25		475,000,000
					268,850,119,597
CPI adjustment to Real Return Swap					(79,588,614	)	(10)
					268,770,530,983

35

OUTSTANDING DEBT - Continued

As at March 31, 2020

Date of Maturity	Date of Issue	Series	Interest Rate	Outstanding		Reference
			%	$
PUBLICLY HELD DEBT (Cont’d)
ONTARIO SAVINGS BONDS
June 21, 2020	June 21, 2010	Annual	4.25		40,736,200
June 21, 2020	June 21, 2010	Compound	4.25		29,361,200
June 21, 2020	June 21, 2015	Annual	Step-up		7,117,500
June 21, 2020	June 21, 2015	Compound	Step-up		6,235,100
June 21, 2020	June 21, 2017	Annual	Variable		391,400
June 21, 2020	June 21, 2017	Compound	Variable		3,088,900
June 21, 2020	June 21, 2017	Annual	1.00		3,420,400
June 21, 2020	June 21, 2017	Compound	1.00		2,314,900
June 21, 2021	June 21, 2011	Annual	3.80		11,024,500
June 21, 2021	June 21, 2011	Compound	3.80		12,616,100
June 21, 2021	June 21, 2016	Annual	Step-up		3,675,500
June 21, 2021	June 21, 2016	Compound	Step-up		5,683,700
June 21, 2021	June 21, 2018	Annual	Variable		1,530,400
June 21, 2021	June 21, 2018	Compound	Variable		2,058,500
June 21, 2021	June 21, 2018	Annual	2.10		4,990,700
June 21, 2021	June 21, 2018	Compound	2.10		2,475,000
June 21, 2022	June 21, 2012	Annual	2.80		3,679,600
June 21, 2022	June 21, 2012	Compound	2.80		5,024,600
June 21, 2022	June 21, 2017	Annual	Step-up		5,579,900
June 21, 2022	June 21, 2017	Compound	Step-up		4,508,500
June 21, 2023	June 21, 2013	Annual	3.10		10,398,100
June 21, 2023	June 21, 2013	Compound	3.10		7,050,300

36

OUTSTANDING DEBT - Continued

As at March 31, 2020

Date of Maturity	Date of Issue	Series	Interest Rate	Outstanding		Reference
			%	$
PUBLICLY HELD DEBT (Cont’d)
ONTARIO SAVINGS BONDS (Cont’d)
June 21, 2023	June 21, 2018	Annual	Step-up		57,782,400
June 21, 2023	June 21, 2018	Compound	Step-up		23,085,600
June 21, 2024	June 21, 2014	Annual	3.10		18,418,900
June 21, 2024	June 21, 2014	Compound	3.10		9,409,100
June 21, 2025	June 21, 2015	Annual	2.35		3,856,100
June 21, 2025	June 21, 2015	Compound	2.35		2,737,500
June 21, 2026	June 21, 2016	Annual	2.20		4,761,100
June 21, 2026	June 21, 2016	Compound	2.20		6,319,800
June 21, 2027	June 21, 2017	Annual	2.15		4,024,900
June 21, 2027	June 21, 2017	Compound	2.15		2,736,900
June 21, 2028	June 21, 2018	Annual	2.85		711,200
June 21, 2028	June 21, 2018	Compound	2.85		1,125,100
Active Series					307,929,600	(13)
Matured Series					55,682,900	(14)
TOTAL ONTARIO SAVINGS BONDS					363,612,500
TOTAL PAYABLE IN CANADA IN CANADIAN DOLLARS					269,134,143,483

37

OUTSTANDING DEBT - Continued

As at March 31, 2020

Date of Maturity	Date of Issue	Series	Interest Rate	Outstanding		Reference
			%	$
PUBLICLY HELD DEBT (Cont’d)
PAYABLE IN GLOBAL MARKET IN CANADIAN DOLLARS
January 27, 2023	January 29, 2016	G72	1.95		1,550,000,000
February 7, 2024	February 7, 1994	HS	7.50		1,106,700,000
February 5, 2025	February 5, 2018	G77	2.65		2,700,000,000
TOTAL PAYABLE IN GLOBAL MARKET IN CANADIAN DOLLARS					5,356,700,000
PAYABLE IN EUROPE IN CANADIAN DOLLARS
July 13, 2034	July 13, 1994	EMTN5	9.40		300,000,000
TOTAL PAYABLE IN EUROPE IN CANADIAN DOLLARS					300,000,000

38

OUTSTANDING DEBT - Continued

As at March 31, 2020

Date of Maturity	Date of Issue	Series	Interest Rate	Outstanding		Reference
			%	$
Foreign Currency Debt						(15)
PAYABLE IN AUSTRALIA IN AUSTRALIAN DOLLARS
September 29, 2020	September 29, 2010	ADI2	6.25		500,000,000
August 22, 2024	August 22, 2014	ADI3	4.25		350,000,000
August 26, 2025	February 26, 2015	ADI4	3.10		365,000,000
January 27, 2027	January 27, 2017	ADI5	3.50		315,000,000
October 12, 2028	April 12, 2018	ADI6	3.20		80,000,000
October 26, 2029	April 26, 2019	ADI7	2.70		40,000,000
October 3, 2034	October 3, 2019	ADI8	2.00		320,000,000
TOTAL PAYABLE IN AUSTRALIA IN AUSTRALIAN DOLLARS					1,970,000,000
CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $ 0.97787					1,926,400,720	(15a)
PAYABLE IN EUROPE IN EURO
September 28, 2020	September 28, 2010	EMTN107	3.00		1,250,000,000
May 21, 2024	May 21, 2014	EMTN110	1.875		1,750,000,000
June 14, 2024	June 14, 2017	EMTN114	0.375		1,500,000,000
January 21, 2025	January 21, 2015	EMTN111	0.875		1,250,000,000
April 17, 2025	April 17, 2018	EMTN116	0.625		1,500,000,000
June 28, 2041	January 29, 2016	EMTN112	1.82		52,000,000
TOTAL PAYABLE IN EUROPE IN EURO					7,302,000,000
CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $ 1.55452					11,351,087,641	(15b)

39

OUTSTANDING DEBT - Continued

As at March 31, 2020

Date of Maturity	Date of Issue	Series	Interest Rate	Outstanding		Reference
			%	$
PUBLICLY HELD DEBT (Cont’d)
PAYABLE IN EUROPE IN POUND STERLING
November 10, 2020	May 10, 2017	EMTN113	3M GBP LIBOR + 0.09		500,000,000
TOTAL PAYABLE IN EUROPE IN POUND STERLING					500,000,000
CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $ 1.76510					882,550,000	(15c)
PAYABLE IN EUROPE IN JAPANESE YEN
June 8, 2020	June 7, 2010	EMTN105	1.65		36,900,000,000
TOTAL PAYABLE IN EUROPE IN JAPANESE YEN					36,900,000,000
CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $ 0.012704					468,775,368	(15d)

40

OUTSTANDING DEBT - Continued

As at March 31, 2020

Date of Maturity	Date of Issue	Series	Interest Rate	Outstanding		Reference
			%	$
PUBLICLY HELD DEBT (Cont’d)
PAYABLE IN EUROPE IN SWISS FRANCS
May 7, 2020	May 7, 2010	EMTN101	2.375		400,000,000
June 29, 2029	June 28, 2017	EMTN115	0.25		400,000,000
TOTAL PAYABLE IN EUROPE IN SWISS FRANCS					800,000,000
CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $ 1.4086					1,126,883,039	(15e)

41

OUTSTANDING DEBT - Continued

As at March 31, 2020

Date of Maturity	Date of Issue	Series	Interest Rate	Outstanding		Reference
			%	$
PUBLICLY HELD DEBT (Cont’d)
PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS
April 14, 2020	April 14, 2010	G48	4.40		2,000,000,000
May 21, 2020	May 21, 2015	G70	1.875		2,000,000,000
February 12, 2021	February 12, 2018	G78	2.55		3,000,000,000
September 10, 2021	September 11, 2014	G67	2.50		2,000,000,000
February 8, 2022	February 8, 2017	G74	2.40		2,500,000,000
April 25, 2022	April 25, 2019	G81	2.55		1,750,000,000
May 18, 2022	May 18, 2017	G76	2.25		2,000,000,000
June 29, 2022	June 29, 2012	G58	2.45		1,000,000,000
October 3, 2022	October 3, 2017	G75	2.20		2,000,000,000
January 24, 2023	January 24, 2020	G82	1.75		3,000,000,000
October 17, 2023	October 17, 2018	G80	3.40		2,500,000,000
January 29, 2024	January 29, 2019	G79	3.05		2,500,000,000
May 16, 2024	May 16, 2014	G66	3.20		1,250,000,000
April 27, 2026	April 27, 2016	G69	2.50		1,000,000,000
June 15, 2026	June 20, 2019	G83	2.30		1,750,000,000
October 2, 2029	October 2, 2019	G84	2.00		1,250,000,000
TOTAL PAYABLE IN GLOBAL MARKET IN U.S. DOLLARS					31,500,000,000
CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $ 1.28038					40,331,840,250	(15f)

42

OUTSTANDING DEBT - Continued

As at March 31, 2020

Date of Maturity	Date of Issue	Series	Interest Rate	Outstanding			Reference
			%	$
PUBLICLY HELD DEBT (Cont’d)
TOTAL BONDS					330,878,380,502
UNAMORTIZED FOREIGN EXCHANGE GAINS/ (LOSSES)					(50,165,978	)
TOTAL BONDS NET OF UNAMORTIZED FOREIGN EXCHANGE GAIN/(LOSS)					330,828,214,524
TREASURY BILLS					18,897,002,000
U.S. COMMERCIAL PAPER (in U.S. Dollars)					2,924,000,000		(16)
CANADIAN DOLLAR EQUIVALENT EXCHANGE RATE OF $ 1.33079					3,891,234,985
TOTAL PUBLICLY HELD DEBT					353,616,451,509
TOTAL NON-PUBLIC AND PUBLIC DEBT					362,715,447,712
SCHOOL BOARD TRUST DEBT
Year ending March 31
2034	2004		5.90		891,000,000
Sinking Fund					(303,286,707	)
					583,713,293		(17)

43

OUTSTANDING DEBT - Continued

As at March 31, 2020

Date of Maturity	Date of Issue	Series	Interest Rate	Outstanding			Reference
			%	$
PUBLICLY HELD DEBT (Cont’d)
TOTAL DEBT ISSUED FOR PROVINCIAL PURPOSES					363,299,161,005
CONSOLIDATION ADJUSTMENTS – OTHER GOVERNMENT ORGANIZATIONS
NON-PUBLIC DEBT ISSUED BY AGENCIES:
Ontario Mortgage and Housing Corporation					96,937,538
Ontario Immigrant Investor Corporation					9,282,000		(4)
PUBLIC DEBT ISSUED BY AGENCIES:
Fair Hydro Trust					1,764,706,000
Infrastructure Ontario					300,000,000
Niagara Parks Commission					17,112,307
Ornge					246,069,917
Ottawa Convention Centre Corporation					1,201,429
ONTARIO SECURITIES HELD BY AGENCIES:
Bonds					(247,947,618	)
Treasury Bills					(377,131,011	)
TOTAL CONSOLIDATION ADJUSTMENTS					1,810,230,562		(18)
TOTAL PROVINCIAL PURPOSE DEBT AFTER CONSOLIDATION ADJUSTMENTS					365,109,391,567

44

OUTSTANDING DEBT - Continued

As at March 31, 2020

Date of Maturity	Date of Issue	Series	Interest Rate	Outstanding		Reference
			%	$
DEBT ISSUED FOR ONTARIO ELECTRICITY FINANCIAL CORPORATION (OEFC)
NON PUBLIC DEBT
PAYABLE IN CANADA IN CANADIAN DOLLARS
Canada Pension Plan Investment Board:
2021	2001	CPP	6.08		19,375,000
2022	2002	CPP	6.17 to 6.29		172,961,000
2023	2003	CPP	6.16		38,130,000
TOTAL NON-PUBLIC DEBT					230,466,000		(3)
PUBLICLY HELD DEBT
PAYABLE IN CANADA IN CANADIAN DOLLARS
June 2, 2020	February 22, 2005	DMTN140	4.85		29,000,000
June 2, 2020	April 22, 2010	DMTN200	4.20		775,000,000
June 2, 2021	April 15, 2011	DMTN207	4.00		85,000,000
June 2, 2022	May 3, 2012	DMTN212	3.15		478,300,000
June 2, 2023	November 6, 2012	DMTN215	2.85		2,777,300,000
September 8, 2023	November 29, 2004	HP	8.10		50,000,000
June 2, 2024	November 25, 2013	DMTN223	3.50		1,550,000,000
June 2, 2025	January 9, 2015	DMTN227	2.60		1,050,000,000

45

OUTSTANDING DEBT - Continued

As at March 31, 2020

Date of Maturity	Date of Issue	Series	Interest Rate	Outstanding		Reference
			%	$
PUBLICLY HELD DEBT (Cont’d)
PAYABLE IN CANADA IN CANADIAN DOLLARS (Cont’d)
June 2, 2027	February 11, 2000	KJ	7.60 .......................		100,500,000
August 25, 2028	April 13, 1999	LQ	6.25 .......................		78,600,000
June 2, 2029	August 30, 2019	DMTN240	2.70 .......................		66,799,000
December 1, 2036	October 4, 2005	DMTN158	2.00 Real Return ...		893,340,000	(10)
June 2, 2037	September 1, 2006	DMTN164	4.70 .......................		400,000,000
June 2, 2039	July 10, 2009	DMTN182	4.60 .......................		100,000,000
June 2, 2041	March 9, 2011	DMTN204	4.65 .......................		282,000,000
June 2, 2043	May 15, 2012	DMTN214	3.50 .......................		200,000,000
June 2, 2045	October 1, 2013	DMTN220	3.45 .......................		525,000,000
December 2, 2046	February 2, 2015	DMTN228	2.90 .......................		149,750,000
June 2, 2048	June 19, 2017	DMTN231	2.80 .......................		651,000,000
June 2, 2049	January 25, 2018	DMTN236	2.90 .......................		625,500,000
December 2, 2050	August 21, 2019	DMTN242	2.65 .......................		26,100,000
TOTAL PAYABLE IN CANADA IN CANADIAN DOLLARS					10,893,189,000
TOTAL BONDS					10,893,189,000
UNAMORTIZED FOREIGN EXCHANGE GAINS/(LOSSES)					14,378,465
TOTAL BONDS NET OF UNAMORTIZED FOREIGN EXCHANGE GAIN/ (LOSS)					10,907,567,465

46

OUTSTANDING DEBT - Continued

As at March 31, 2020

Date of Maturity	Date of Issue	Series	Interest Rate	Outstanding			Reference
			%	$
PUBLICLY HELD DEBT (Cont’d)
TREASURY BILLS					655,067,000
TOTAL PUBLICLY HELD DEBT					11,562,634,465
TOTAL DEBT ISSUED BY THE PROVINCE FOR OEFC					11,793,100,465
DIRECT OEFC DEBT					5,825,380,000
TOTAL OEFC DEBT					17,618,480,465
TOTAL CONSOLIDATED DEBT					382,727,872,032
Less: HOLDINGS OF OWN ONTARIO BONDS AND T-BILLS					(9,937,593,000	)
REVISED TOTAL CONSOLIDATED DEBT					372,790,279,032

47

OUTSTANDING DEBT - Continued

As at March 31, 2020

Date of Maturity	Date of Issue	Series	Interest Rate	Outstanding		Reference
			%	$
DEBT ISSUED FOR INVESTMENT PURPOSES*
ONTARIO POWER GENERATION INC					5,126,000,000
HYDRO ONE INC					1,677,516,013
TOTAL DEBT ISSUED FOR INVESTMENT PURPOSES					6,803,516,013

* Debt for Investment Purposes, as a result of a debt for equity swap between the Province and Ontario Power Generation Inc. and Hydro One Inc., is eliminated upon consolidation.

48

OUTSTANDING DEBT - Continued

As at March 31, 2020

References:

1. All debt issues are non-callable, except as stated in the notes below. Debt is payable at a fixed rate, or a floating rate with reference to a stated index, reset usually every three months (3M). These floating rate indices are CBA - Canadian Bankers’ Acceptance Rate, and Libor - London Interbank Offered Rate.

2. The following debt series are issued for Provincial purposes and for OEFC: DMTN140, DMTN200, DMTN207, DMTN212, DMTN215, HP, DMTN223, DMTN227, KJ, LQ, DMTN240, DMTN158, DMTN164, DMTN182, DMTN204, DMTN214, DMTN220, DMTN228, DMTN231, DMTN236, and DMTN242.

3. The Canada Pension Plan Investment Board (CPPIB) invests funds in the Province of Ontario’s non-marketable securities. Effective July 1, 2005, under a side-letter agreement signed between the CPPIB and the Province, CPPIB offered the Province upon maturity of the debentures held to the credit of the Canada Pension Plan Investment Fund (CPPIF) that were issued before January 1, 1998, an option of issuing new replacement debentures to the CPPIB with a maximum term of 30 years (minimum term of 5 years and with subsequent roll over options subject to the 30 years maximum from the date of issue of the first replacement debenture) at a rate based on the capital market rates at the time of roll over. These debentures are not negotiable or transferable and are assignable only to a wholly- owned subsidiary of the Canada Pension Plan Investment Board. On April 1, 2007, all debentures held to the credit of the CPPIF or purchased by the Minister of Finance of Canada in accordance with Section 110 of the Canada Pension Plan were transferred to the CPPIB.

4. OIIC: Total outstanding amount is $9 million issued by the Province.

5. CMHC: The terms of these debentures require that equal payments be made each year until their maturity. Each payment consists of blended principal and interest.

6. The Province entered into interest rate agreements for certain Canadian bonds to effectively convert their interest rate obligations according to the Province’s risk management strategy. These bonds and effective rates are: DMTN230 1.41%, DMTN180 4.52%, DMTN233 1.31%, DMTN235 1.70%, DMTN239 2.61% and DMTN116 4.22%.

7. MH: The terms of these debentures require that a special one-time interest payment of 25% of the principal amount outstanding be made at maturity

8. DMTN157: Interest is payable semi-annually at 15.0% until January 13, 2006 and thereafter at 5.0%.

9. Series HZ, JA, JB, JC, JD: These are zero coupon bonds which require unequal payments consisting of principal and interest to be made at predetermined irregular intervals with final payment on January 10, 2035. During the fiscal year 2019-20, principal repaid was $1.0 million. The total principal and interest to be payable over the life of these bonds is $1,092 million.

10. DMTN158: This Real Return Bond bears interest to the index adjusted principal in relation to All-Items Consumer Price Index for Canada (the “CPI”), issued with a base index of 127.54839 on October 4, 2005. Consequent to the change of official time base reference period from 1992 to 2002 by the Bank of Canada on June 19, 2007, the base index has been changed to 107.18352. Total issue size is $2,844 million in principal, of which $700 million has been on-lent to OEFC, and $300 million has been swapped effectively to a nominal debt paying a fixed rate of 4.23%. The amount outstanding represents the indexed value of the principal.

11. DMTN117: The bond was issued at a high premium in 2004 to offer a yield of 5.74%.

12. JL: The terms of these debentures require unequal payments, consisting of both principal and interest, to be made at predetermined irregular intervals with the final payment on January 10, 2045. The total principal and interest to be payable over the life of the debenture is $1,325 million.

49

OUTSTANDING DEBT-Continued As at March 31, 2020

13. OSB: Ontario Savings Bonds are redeemable at the option of the holders on June 21 and December 21 and for 14 calendar days following the redemption date of June 21 and December 21, with the exception of Fixed-Rate bonds which are redeemable at maturity only. Starting in 2009, Variable Rate Bonds are redeemable annually only on June 21. All current outstanding OSBs may be redeemed upon the death of the beneficial owner. OSBs are no longer issued from 2019 onward.

OSB - Fixed Rate:

In 2009, fixed rate bonds were issued for a term of two, three and five years. In 2010 and 2011, fixed rate bonds were issued for a term of three, seven and ten years. In 2012, 2013, 2014, 2015, 2016, 2017, and 2018, fixed-rate bonds were issued for a term of three and ten years only

OSB - Step-up Rate:

2015 Series: Interest is payable at 0.75%, 0.9%, 1.05%, 1.2% and 1.35%,

2016 Series: Interest is payable at 0.60%, 0.75%, 1.0%, 1.25%, and 1.5%,

2017 Series: Interest is payable at 0.60%, 0.8%, 1.05%, 1.3%, and 1.65%,

2018 Series: Interest is payable at 1.50%, 1.8%, 2.15%, 2.3%, and 2.55%,

in year 1, 2, 3, 4 and 5 respectively.

OSB - Variable Rate:

Starting in 2009, the interest rate on the Variable Rate Bond is reset yearly, on June 21 only.

2015 Series: Interest is payable at 0.80% for the period from June 21, 2015 to June 20, 2016, 0.65% for the period from June 21, 2016 to June 20,

2017, and 0.65% for the period from June 21, 2017 to June 20, 2018

2016 Series: Interest is payable at 0.65% for the period from June 21, 2016 to June 20, 2017, 0.65% for the period from June 21, 2017 to June 20,

2018, and 1.65% for the period from June 21, 2018 to June 20, 2019

2017 Series: Interest is payable at 0.65% for the period from June 21, 2017 to June 20, 2018, 1.65% for the period from June 21, 2018 to

June 20, 2019, and 1.50% for the period from June 21, 2019 to June 20, 2020

2018 Series: Interest is payable at 1.65% for the period from June 21, 2018 to June 20, 2019, and 1.50% for the period from June 21, 2019 to

June 20, 2020

14. OSB: The outstanding amount represent bonds matured but not yet presented for redemption. Interest is payable on these bonds only up to the maturity date.

15. All foreign currency debt has been converted into Canadian dollar equivalents at the rates of the applicable currency exchange agreements if the debt was hedged, or at year end exchange rates if unhedged. 99.1 per cent of foreign currency debt is hedged as at March 31, 2020. The exchange rates of foreign currencies to Canadian dollars as at March 31, 2020 are: Australian dollar 0.865948, Euro 1.553434, Japanese yen 0.013105, Swiss franc 1.463431, UK pound sterling 1.750362, United States dollar 1.40965.

In addition, the Province entered into interest rate agreements that effectively converted these interest rate obligations in accordance with the Province’s risk management strategies. These bonds and effective rates are:

(a) Australia in AUD: 2.88% ($1,926 million)

(b) EMTN in Euro: 2.96% ($9,568 million), 3M CBA + 0.73% ($1,783 million)

(c) EMTN in GBP: 3M CBA + 0.83% ($883 million)

(d) Japan in Yen: 4.53% ($469 million)

(e) EMTN in CHF: 5.33% ($542 million), $585 million unhedged at 0.29%

(f) Global in USD: 2.82% ($14,665 million), 2.07% ($12,440 million), 1.41% ($1,360 million), 2.03% (1,273 million), 3M CBA + 0.88% ($10,594 million).

16. U.S. Commercial Paper issues are discount notes with maturities up to 270 days.

17. SBT: A School Board Trust was created in June 2003 to permanently refinance debt incurred by 55 school boards. The Trust issued 30-year sinking fund debentures amounting to $891 million and $882 million of the proceeds was provided to the 55 school boards in exchange for the irrevocable right to receive future transfer payments from the Province. An annual transfer payment is made by the Ministry of Education to the Trust’s sinking fund under the School Board Operating Grant program to retire the debt over 30 years.

18. Total consolidation adjustments include third party debt issued by other government organizations and the elimination of provincial debt held by these organizations. The following are the provincial debt held by other government organizations (in millions):

Ontario Bonds:

Forest Renewal Trust: $5m DMTN215, $2m DMTN229, and $12m DMTN240. Infrastructure Ontario: $88m DMTN223, $62m DMTN237, and $17m DMTN241.

Ontario Trillium Foundation: $6m DMTN200, $12m DMTN207, $23m DMTN230, and $13m DMTN232. Ontario Immigrant Investor Corporation: $9m OIIC 169-189.

Treasury Bills:

Forest Renewal Trust: $4m, Northern Ontario Heritage Fund Corporation: $106m, Ontario Capital Growth Corporation: $203m, Ontario Immigrant Investor Corporation: $38m, and Ontario Trillium Foundation: $26m.

50

SEC Registered Debt Outstanding for Province of Ontario

Date of Maturity	Date of Issue	Series	Interest Rate (%)	Issuing Currency	Outstanding
April 14, 2020	April 14, 2010	G48	4.400	USD		2,000,000,000
May 21, 2020	May 21, 2015	G70	1.875	USD		2,000,000,000
February 12, 2021	February 12, 2018	G78	2.550	USD		3,000,000,000
September 10, 2021	September 11, 2014	G67	2.500	USD		2,000,000,000
February 8, 2022	February 8, 2017	G74	2.400	USD		2,500,000,000
May 18, 2022	May 18, 2017	G76	2.250	USD		2,000,000,000
June 29, 2022	June 29, 2012	G58	2.450	USD		1,000,000,000
October 3, 2022	October 3, 2017	G75	2.200	USD		2,000,000,000
January 27, 2023	January 29, 2016	G72	1.950	CAD		750,000,000
January 27, 2023	February 2, 2017	G72.R1	1.950	CAD		800,000,000
October 17, 2023	October 12, 2018	G80	3.400	USD		2,500,000,000
January 29, 2024	January 29, 2019	G79	3.05	USD		2,500,000,000
February 7, 2024	February 7, 1994	HS	7.500	CAD		1,106,700,000
May 16, 2024	May 16, 2014	G66	3.200	USD		1,250,000,000
February 5, 2025	February 5, 2018	G77	2.650	CAD		1,000,000,000
February 5, 2025	February 7, 2019	G77.R1	2.650	CAD		950,000,000
February 5, 2025	November 27, 2019	G77.R2	2.65	CAD		750,000,000
April 27, 2026	April 27, 2016	G69	2.500	USD		1,000,000,000

51

Ontario Electricity Industry

Ontario Electricity Financial Corporation (OEFC), a Crown agency, is the legal continuation of Ontario Hydro and is responsible for the management of that corporation’s debt and other liabilities that were not transferred to successor companies as part of the restructuring of Ontario Hydro in 1999, including the administration of certain power purchase agreements with non-utility generators. As at March 31, 2020, OEFC had total debt of $17.9 billion (2019, $18.8 billion). $12.1 billion of OEFC’s debt as at March 31, 2020 (2019, $12.5 billion) is held by the Province and included in total debt and other liabilities.

Ontario Hydro’s successor companies include Ontario Power Generation Inc. (OPG), a generation business wholly owned by the Province, and Hydro One Inc., a transmission and distribution business. Hydro One Inc. is now a subsidiary of Hydro One Limited (“Hydro One”). Following an initial public offering on November 5, 2015 and subsequent share sales in 2016 and 2017, the Province now holds about 47.3% of the common shares in Hydro One.

The other Ontario Hydro successor companies are the Independent Electricity System Operator (IESO), the electricity system and market operator, and the Electrical Safety Authority, which is responsible for electricity safety inspection.

Pursuant to various transfer orders (“Transfer Orders”), assets of the former Ontario Hydro were transferred to OPG, Hydro One Inc. and the IESO in exchange for debt. The Province assumed a portion of OPG’s and Hydro One Inc.’s debt in exchange for equity, in order to provide them with commercially acceptable capital structures. As of March 31, 2020, OEFC held notes receivable in the amount of $3.3 billion from OPG, $120 million from the IESO and $6.8 billion from the Province. OEFC provided indemnities, guaranteed by the Province, to OPG and Hydro One Inc., in connection with the Transfer Orders; those indemnities were terminated as of May 31, 2006 and October 31, 2015 respectively.

As of April 1, 1999, the Ministry of Finance estimated the amount of OEFC’s debt and other liabilities that, in the opinion of the Minister of Finance, could not reasonably be serviced and retired in a competitive electricity market (the “stranded debt”) to be approximately $20.9 billion. OEFC’s unfunded liability is the net deficiency of OEFC’s assets over its liabilities. The opening unfunded liability of $19.4 billion as at April 1, 1999 represented the stranded debt adjusted for $1.5 billion of additional assets transferred to OEFC. OEFC’s unfunded liability as at March 31, 2020 was $1.2 billion.

As part of the restructuring of the electricity sector, a long-term plan provides for certain dedicated revenue streams to service and retire OEFC’s debt and other liabilities. These revenue streams are established under the Electricity Act, 1998 (“Electricity Act”) and include payments-in-lieu of property taxes and federal and provincial corporate income taxes currently paid by OPG and the municipal electricity utilities. As a result of the initial public offering on November 5, 2015, Hydro One is no longer subject to payments-in-lieu of federal and provincial corporate income taxes and is subject to normal corporate income taxes. Hydro One remains subject to paying payments-in-lieu of property tax. The Minister of Finance has legislative authority and is required to make payments to the OEFC equal to the amount of provincial corporate tax payable by Hydro One Inc. under the Taxation Act, 2007.

The Province, as shareholder, is eligible to receive dividend payments on its shares in OPG and Hydro One. Pursuant to the government’s discretionary commitment to keep electricity income in the electricity sector, the Province’s proportionate share of the cumulative combined net income of OPG and Hydro One in excess of the Province’s cumulative interest expenditure on its investment in the companies has been allocated to OEFC since 1999, including up to March 31, 2019 for purposes of debt retirement (electricity sector dedicated income). Beginning fiscal 2019-20, the Province determined that electricity sector dedicated income will be limited to the net income of OPG in excess of the government’s annual interest cost of its investment in that company, on a cumulative basis, excluding the net income from Hydro One in excess of the interest cost of its investment in that company.

Under the Electricity Act, a Debt Retirement Charge (DRC) of 0.7 cents per kilowatt hour was levied on most Ontario electricity users and payable to OEFC. Prior to January 1, 2016, the DRC was payable by most electricity consumers. As of January 1, 2016, residential electricity users were exempted from paying the DRC. The government introduced legislation, passed on December 10, 2015, the Budget Measures Act, 2015 to legislate a fixed end-date for the DRC of April 1, 2018, for commercial, industrial and all other users.

The Electricity Act and the Ontario Energy Board Act, 1998 set out the legislative framework for Ontario’s electricity market and restructuring of Ontario Hydro. Open, non-discriminatory access to transmission and distribution systems commenced May 1, 2002. Since 2005, electricity prices payable by consumers reflect a blend of contract prices, regulated prices for OPG’s output from its price-regulated nuclear and hydroelectric plants, and market prices. Regulated prices for OPG are approved by the Ontario Energy Board (OEB). The OEB also sets the commodity price payable by low volume and certain other specified consumers under the Regulated Price Plan (RPP). The IESO finances any differences between prices under the RPP and the actual supply cost of electricity, with any shortfall or surplus to be recovered or returned through the setting of RPP prices in the following period.

52

In May 2017, the Ontario Fair Hydro Plan Act, 2017 (the Fair Hydro Act) was enacted. The components of the plan to reduce current electricity prices included initiatives provided for in the Fair Hydro Act as well as other policy initiatives including providing a rebate on electricity bills equal to the eight per cent provincial portion of the Harmonized Sales Tax under the Ontario Rebate for Electricity Consumers (OREC), which was effective January 1, 2017; funding the cost of the Ontario Electricity Support Program and most of the Rural or Remote Rate Protection program from general government funds instead of from ratepayers; and an additional reduction in current electricity bills for eligible residential, small business and farm customers, commencing July 1, 2017. The reduction (referred to as the global adjustment refinancing) provided for in the Fair Hydro Act was to be recovered from specified electricity ratepayers in future years (referred to as the Clean Energy Adjustment).

The global adjustment refinancing was carried out by an entity established by OPG, which financed the shortfall during the 2017-18 fiscal year ($1,639 million) with subordinated debt from OPG to a maximum of 49 per cent of the Trust’s total outstanding debt, and the balance from third party lenders. Of the amount lent to the Trust from OPG, approximately 90 per cent of that amount ($721 million) was funded by equity injections from the Province, and 10 per cent was funded by debt borrowed by OPG from third party lenders ($82 million). As of March 31, 2020, the Trust owed $865 million to OPG and $900 million to third party lenders.

In September 2018, the government made a decision to make a future change to the Fair Hydro Act to cancel the global adjustment refinancing component as designed, including reducing the amount of the current electricity price reduction to be borne by future ratepayers, and making any recovery from future ratepayers optional. Therefore, The Province’s 2018-2019 Public Accounts reflected an expense of $2,761 million for the GA refinancing (2017-18, $1,789 million).

In May, 2019, the Fixing the Hydro Mess Act, 2019 received Royal Assent. Amendments to the Fair Hydro Act came into force on November 1, 2019. As a result of the amendments, the recovery of the price reductions are to be funded by the Crown instead of by future ratepayers. The government also introduced regulatory amendments to provide on-bill electricity price relief, effective November 1, 2019, replacing the global adjustment refinancing and rebate put in place under the Fair Hydro Plan.

In November 2020, the Province announced a plan, starting on January 1, 2021, that a portion of the cost of specified wind, solar and bioenergy contracts will be funded by the Province, not ratepayers, to reduce the burden of these contracts on medium size and larger industrial and commercial employers, at an additional expense of $1.3 billion over three years.

The Province, OPG and certain subsidiaries of OPG are parties to the Ontario Nuclear Funds Agreement (ONFA), which governs the establishment, funding and management of segregated funds to ensure sufficient funds are available to pay the costs of nuclear station decommissioning, low and intermediate level nuclear waste management and nuclear used fuel waste management.

Under ONFA, the Province is liable to make payments should the cost estimate for nuclear used fuel waste management rise above specified thresholds, for a fixed volume of used fuel. The likelihood and amount by which the cost estimate could rise above these thresholds cannot be determined at this time. The cost estimate will be updated periodically to reflect new developments in the management of nuclear used fuel waste.

As well, under ONFA, the Province guarantees a return of 3.25% over the Ontario Consumer Price Index for the portion of the nuclear used fuel waste management segregated fund related to the fixed volume of used fuel. If the earnings on assets in that fund related to the fixed volume exceed the guaranteed rate, the Province is entitled to the excess.

An agreement between the CNSC, the Province and OPG gives the CNSC access (in prescribed circumstances) to the segregated funds established under ONFA.

53

CONTINGENT LIABILITIES –

OBLIGATIONS GUARANTEED BY THE PROVINCE OF ONTARIO

As at March 31, 2020

LOANS GUARANTEED

	Year of Issue	Rate of Interest	Outstanding March 31, 2020		References
		%	$
MINISTRY OF AGRICULTURE, FOOD AND RURAL AFFAIRS
Commodity Loan Guarantee Program	Ongoing	Prime		12,183,349	(1)
Feeder Cattle Loan Guarantee Program	Ongoing	Various		23,112,968	(2)
TOTAL MINISTRY OF AGRICULTURE AND FOOD / RURAL AFFAIRS				35,296,317
MINISTRY OF TRAINING, COLLEGES AND UNIVERSITIES
Ontario Student Loan Plan:
Class “C”	Various	Prime + 1		7,000,000
TOTAL MINISTRY OF ADVANCED EDUCATON AND SKILLS DEVELOPMENT				7,000,000
TOTAL LOANS GUARANTEED				42,296,317

54

CONTINGENT LIABILITIES –

OBLIGATIONS GUARANTEED BY THE PROVINCE OF ONTARIO – Concluded

As at March 31, 2020

OTHER GUARANTEES

	Year of Issue	Rate of Interest	Outstanding March 31, 2020		References
		%	$
MINISTRY OF FINANCE
Loan Facility by United Communities Credit Union Ltd. to Pelee Island Co-operative Association	2010	2.89		600,000	(3)
Loan Guarantees under Aboriginal Loan Guarantee Program	2011-12 to  2019-20	Various		164,774,774	(4)
TOTAL MINISTRY OF FINANCE				165,374,774
TOTAL OTHER GUARANTEES				519,740
TOTAL LOANS AND OTHER GUARANTEES				208,190,831

FINANCIAL GUARANTEES – MINISTRY OF FINANCE:

References:

1. The Province’s maximum liability for the program is $17,114,373.

2. The Province’s maximum liability for the program is $24,199,386.

3. The Province has guaranteed the repayment of loan facility of $600,000 made by United Communities Credit Union Limited to Pelee Island Cooperative Association for a period beginning May 11, 2010 and ending at the earliest of April 1, 2015 or repayment of all the amounts borrowed. The guarantee shall be extended accordingly but not to extend beyond April 1, 2035. The maximum amount guaranteed is $0.6 million plus any unpaid interest, costs and expenses thereon.

4. The Province has, to March 31, 2020, provided under the Aboriginal Loan Guarantee Program ten guarantees of loans, and one of the underlying loans has been paid in full and the guarantee is no longer in effect. The maximum aggregate principal of loans guaranteed is $470 million. Note that not all of the loan amounts that can be drawn and would be guaranteed have been drawn yet. The loans for which these guarantees apply will mature between 2026/27 and 2049/50, at which points the respective guarantees expire. To-date, there have been no calls on an ALGP guarantee.

55

CLAIMS AGAINST THE CROWN

As at March 31, 2020

The following are claims arising from legal action either in progress or threatened against the Crown in respect of breach of contract, damages to persons and property and like items. The amounts claimed have not been specified, but in each case are expected to exceed $50 million.

1. Mallory, Richard, et al v HMQRO, Plaintiff is seeking damages for wrongful arrest, conviction and imprisonment.

2. Magnotta Winery Corporation et al. v. AGCO et al. re: allegations that the “Made Policy” which places restrictions on the sale of alcohol products was created unfairly and discriminates against Plaintiff’s business operations.

3. Quinte, Elaine, et al v Algoma Central Properties – Elliot Lake Algo Mall Collapse – Class Action claim arising from the collapse of the Algo Centre Mall on June 23, 2012.

4. Grann, Toni v HMQRO, MCSS (formerly Papassay, Holly v HMQRO): class action claim for damages and injuries suffered by members while in foster care facilities by Children’s Aid Societies across Ontario under the care of the Ministry of Children and Youth Services

5. Johnson, Glenn, et al v. HMQRO: Draft class action claim for damages contemplated by a class comprised of inmates incarcerated at the EMDC between January 1, 2010 and August 25, 2013.

6. StandardBred Breeders of Ontario Association v. HMQRO and OLG – proposed class action, cancellation of the Slots-at-Racetracks Program (SARP) amounted to breach of contract and negligent misrepresentation

7. Kanani, Alykhan, et al v Economical Insurance Company, et al, PGT negligently supervised a lawyer it had retained to act for the plaintiff as his guardian for property in relation to a lawsuit and statutory accident benefits arising from a serious motor vehicle accident in 1996.

8. Secure Isolation-Class Action re Ontario Youth Justice Facilities: The notice alleges negligence and breach of fiduciary duty by Ontario in its operation and management of the Facilities.

9. Templin, James v. HMQ – Child and Parent Resource Institute: Class action relating to the management and operation of the Child and Parent Resource Institute.

10. Dadzie, Godday, et al v HMQRO: Notice of class proceeding brought on behalf of all immigrants detained by the CBSA.

11. Lapple v. HMQ: Proposed class proceeding: all prisoners incarcerated or detained at all Ontario correctional facilities.

12. Class Proceeding Concerning Inordinate Waitlists (Leroux, Mark Litigation Guardian of Leroux, Briana), the claim is framed in negligence, breach of fiduciary duty and breach of Charter rights.

13. MediaMix Interactive Inc.: Statement of Claim in Ontario’s Supreme Court of Justice for damages (including interest) and costs arising from alleged breach and wrongful termination by MNRF in Oct 2010 for a May 2009 turnkey reservation and registration service contract between MNRF and MMI.

14. Francis, Conrey v. HMQRO: Notice of proposed class concerning systematic overuse of segregation/solitary confinement in correctional facilities.

15. Cirillo, Robin v. HMQRO: Class Proceeding Concerning Bail Hearing Delays: Potential Class action for delays in bail system.

16. Minotar Holdings Inc.: claims misfeasance in public office in relation to the continued inclusion of 60 acres of the plaintiff’s property in the Greenbelt Area.

17. Proposed Class Action: in relation to a CN train derailment near Gogama, Ontario.

18. Ontario First Nations Limited Partnership; Ontario Lottery and Gaming Corporation: this matter concerns a revenue sharing agreement between OLG and Ontario.

19. Jones, Kiwayne v HMQRO, proposed class action for $200 million in damages breach of duty, failing to maintain policies and procedures to protect the immigration status of class members; failing to preserve records of their immigration status; and failing to assist them.

20. Keeping, Kirk (Class Action re Training Schools), the claim is framed in vicarious liability, negligence, and breach of fiduciary duty.

56

CLAIMS AGAINST THE CROWN - CONTINUED

As at March 31, 2020

21. Warssama, Abdirahmaan, the Plaintiff, Abdirahmaan Warssama, alleges breaches of the Charter, false imprisonment, negligence and breach of fiduciary duty as a result of being detained as an immigration detainee

22. 1668153 Ontario Inc.: statement of claim for damages against HMQ (MOECC) and a district engineer at MOECC, amongst other. Claim alleges MOECC and the City of Vaughan misrepresented and acted in bad faith by deliberately delaying the plaintiffs’ residential development project.

23. Twain, Jim Chief, Statement of claim for damages for negligence, breach of contract, fiduciary duty and treaty rights.

24. Missanabie Cree First Nation v. Ontario and Canada, the Plaintiffs claim that they were not parties to treaty 9 and therefore have unextinguished Aboriginal title. In the alternative, Plaintiffs claim if they are parties to Treaty 9 they have yet to receive their treaty land entitlement.

25. Six Nations of the Grand River Band, the plaintiffs seek an accounting in respect of the Crown’s management and sale of the lands originally granted to them in the 1780’s and 1790’s and in respect of the proceeds of subsequent sales of portions of those lands.

26. Wikwemikong Indian Band Re: aboriginal title in islands in Lake Huron and Georgian Bay.

27. The Begetikong Anishnabe First Nation (aka the Ojibways of Pic River) Chief Roy Michano, Councillor Duncan Michano and Councillor Arthur H. Fisher, the plaintiff First Nation claims to hold aboriginal title to a large tract of land on the northeastern shore of Lake Superior.

28. Long Lake No. 58 First Nation. Plaintiffs allege that they hold exclusive aboriginal title over an area along the shore of Lake Superior.

29. Biinjitiwaabik Zaaging Anishinabek First Nation (Rocky Bay Band): claim in which plaintiffs allege that they hold exclusive aboriginal title over an area along the shore of Lake Superior.

30. Sand Point First Nation: claim in which plaintiffs allege that they hold exclusive aboriginal title over an area along the shore of Lake Superior.

31. Pic Mobert First Nation: claim in which plaintiffs allege that they hold exclusive aboriginal title over an area along the shore of Lake Superior.

32. Pays Plat First Nation v. Canada and Ontario: claim in which plaintiffs allege that they hold exclusive aboriginal title over an area along the shore of Lake Superior.

33. Whitesand First Nation Whitesand First Nation & Red Rock First Nation Annuity Claims, Plaintiffs seek declaratory relief for increased annuity payable pursuant to Robinson-Superior Treaty 1850 has not been paid.

34. Aundeck OMNI Kaning First Nation et al: Amended claim still seeks recognition of aboriginal title over waters surrounding Manitoulin Island. Litigation on hold while parties attempt to negotiate a resolution.

35. Northwest Angle No. 33 First Nation: Claim for flooding and related damages and a declaration of fiduciary duty to the plaintiffs.

36. Restoule et al. v. Canada and Ontario: The plaintiffs seek declaratory relief recognizing an obligation on the Crown, now and in the past, to increase [Robinson Huron] Treaty [of 1850] annuities to the extent the Crown can do so from the revenues generated by the surrendered lands, without incurring loss. They also seek an accounting and damages.

37. Grand Chief Coon Come, Mathew: Notice of Action for aboriginal title and rights over the traditional territory.

38. Morrisseau, Catherine v. HMQRO et al.: Proposed class action claim brought on behalf of aboriginal persons who were as children placed in the care of non-Aboriginal foster or adoptive parents or guardians under the “Adopt Indian Metis program”.

39. Gull Bay First Nation v. Canada and Ontario: the plaintiff claims that the Crown did not survey the reserve to which the plaintiff is entitled under the Robinson Superior Treaty of 1850 in a timely manner, which resulted in a smaller – than agreed reserve.

40. Kitigan Zibi Anishinabeg et al v. Attorney General of Canada, National Capital Commission and HMQRO: the plaintiffs on behalf of the Algonquin Anishinabe Nation asserts Aboriginal title over lands in Ottawa on the Ottawa River at the west end of the city core.

41. Ontario Principals’ Council and Catholic Principals’ Council of Ontario V. Her Majesty the Queen in Right of Ontario, principal/vice-principal applicant groups claim discriminatory pay inequity.

57

CLAIMS AGAINST THE CROWN - CONTINUED

As at March 31, 2020

42. Bowman, Dana et al. v. Ontario, Minister of Children, Community and Social Services, proposed class action concerning the cancellation of the Basic Income Pilot Project, the Plaintiffs are seeking damages, declarations and/or orders to rectify the anticipatory breach of contract, negligence and misfeasance in public office.

43. Mieyette, Jeanette v HMQRO, et al together with 14 other related files, proposed class proceedings against FSCO regarding the application of HST on Statutory Accident Benefits. The class intends to argue that the application of HST results in a reduction of benefits.

44. Niyonzima, Prosper, Ontario was served with the statement of claim seeing $75 million in damages for damages arising from negligent investigation, false imprisonment, malicious prosecution, and a number of alleged Charter breaches against HMQ.

45. Quantz v Ontario, proposed class action seeking damages for the Crown’s alleged negligence in relation to unauthorized disclosure of ODSP recipient information.

46. Barker, et al v. Barker, Ontario formerly known as Egglestone et al v. HMQRO, 28 current and former patients of Penetanguishene Mental Health Centre allege violation of basic human and civil rights and breach of fiduciary duty.by Ontario and two psychiatrists

47. Wright, Gregory v. Ontario proposed class action related to Elgin-Middlesex Detention Centre conditions such as alleged violence, overcrowding, lockdowns and lack of medical treatment

48. Labatt Brewing Company and Molson Canada re: intended challenge to legislation related to Bill 115

49. Proposed Class Action Regarding Ontario Cattle, Hog, and Horticulture Payment Program

50. Proposed Class Action Concerning the Sears Canada Inc. Registered Retirement Plan

51. Ontario First Nations (2008) Limited Partnership (“OFNLP”) – New Lottery Schemes, a new Notice of Objection regarding 2008 revenue sharing agreement between OFNLP (whose limited partners include almost all of Ontario’s First Nations), OLG & Ontario

52. Animbiigoo Zaagi’igan Anishinaabek First Nation v Canada and Ontario: The plaintiff claims a treaty land entitlement pursuant to the Robinson Superior Treaty on the basis that the plaintiff community adhered to the treaty in 1850 by taking annuity payments.

53. Red Rock First Nation and Whitesand First Nation v Canada and Ontario: The plaintiffs claim a treaty land entitlement pursuant to the Robinson Superior Treaty on the basis that the plaintiff communities adhered to the treaty in 1850 by taking annuity payments.

54. Betty Wei and Lawrence Vanderklei v. Ontario, Brian Mills, Anatol Monid, et al: The plaintiffs commenced a proposed class action seeking damages arising from the regulation by the Financial Services Commission of Ontario of entities involved in the marketing and sale of syndicated mortgage investments pertaining to a development in Kingston.

55. Banfi, Erwin v. Ontario, Town of Oakville, et al. August 14, 2020 – Ontario was served with the statement of claim seeking damages in $900 million on behalf of any person who owns (or owned in the period as of June 23, 2018 to the present) property in Oakville that may suffer damage or loss based upon a weather event equivalent to the Applicable Flood Event Standard, including the approximate area bordered by Burloak Drive, Lake Ontario, Winston Churchill Boulevard, and Dundas Street (“the Regulatory Flood Plain”). On September 11, 2019, Ontario was served a notice of proposed class action on behalf of the residents of Oakville, pursuant to the Crown Liabilities and Proceedings Act, seeking damages related to development approvals and the increase risk of flooding and that adversely affect watershed areas resulting in property damage and loss.

56. SFF Solar Ltd., Sunshine Solar 2016 Inc., et al v. HMQRO: Notice of claim, on behalf of 16 supplier corporations who entered into Feed-In Tariff (“FIT”) 3, 4, and 5 contracts with the Electricity Systems Operator (“IESO”) between 2016 and 2018. The prospective plaintiffs allege that the IESO took instructions from the incoming PC government prior to June 29, 2018, to either delay the issuance of Notices to Proceed (i.e. approve the construction phase of the proponent’s solar or wind energy projects), or to defer those decisions.

57. Chandra, Adrian v. HMQRO. On July 28, 2020 Ontario was served with a statement of claim for a new proposed class action. The action is based on systemic negligence and violations of sections 7 and 12 of the Charter for inmates who between September 18, 2018 and the present: (i) were placed in segregation for any duration and who were diagnosed either before or during their incarceration with a serious mental illness; or (ii) were placed in administrative segregation for 15 or more consecutive days.

58

CLAIMS AGAINST THE CROWN - CONCLUDED

As at March 31, 2020

58. Proposed Class Action Concerning COVID-19 Outbreaks in Long-Term Care: The claim will allege negligence, breach of fiduciary duty, and breach of the Charter of Rights and Freedoms with respect to the Province of Ontario’s operation and management of homes from December 31, 2019 onward.

59. Iskatewizaagegan No. 39 Independent First Nation v. The City Of Winnipeg and HMQRO. The plaintiff claims compensation from Winnipeg pursuant to an Ontario Order-in-Council from 1913 allowing Winnipeg to enter upon and divert water from Shoal Lake where the plaintiff’s reserves are located. The plaintiff also claims damages from Ontario for breach of fiduciary duty.

60. Robertson et al v. HMQRO et al. On July 15, 2020 Ontario was served with a Notice of Action for a proposed Class Proceeding concerning COVID-19 outbreaks in Long-Term Care Homes pursuant to the Class Proceedings Act, 1992.

61. Ruben Stolove, et al. v Ontario Waypoint Centre for Mental Health Care, et al. On July 22, 2020, Ontario was served a notice of claim, pursuant to the Crown Liability and Proceedings Act, that a proposed class action may be brought on behalf of all involuntary patients of Waypoint Center regarding the alleged abuse suffered from 2000 to present.

62. Fareau et al v. Bell Canada and HMQRO. Proposed class proceeding concerning the Offender Telephone Management System (OTMS). The proposed plaintiffs allege that a 2013 agreement between Bell Canada and HMQRO which provides for an unlawful commission on collect calls, generating substantial revenue for Ontario to which it is not entitled.

63. Complaints to the Ontario Labour Relations Board that the Minister of Education (and a named public servant) engaged in unfair labour practices while negotiating payments to compensate those affected by the Putting Students First Act, 2012.

64. Application by Access Copyright to the Copyright Board of Canada to determine the tariff rate respecting a licence to reproduce educational materials. Application relates to the years 2016-19. The Copyright Consortium has filed an objection to Access Copyright’s proposed tariff rate.

65. Sifto Canada Corp. v. The Minister of Finance, Multiple tax appeals filed by same taxpayer for several taxation years. The primary issue concerns the methodology required to be used by Sifto to compute its “profit” for the purposes of the Act.

66. Glencore Canada Corporation v. The Minister of Finance, multiple tax appeals filed by same taxpayer for several taxation years.

67. Bemco Confectionary and Sales Ltd., Colabor Management Inc. et al v. Minister of Finance: The Assessments under appeal relate to the sale of Cigars and Other Tobacco and include sales as far back as April 2010.

68. Service Employees International Union, Local 1 Canada and the Ontario Nurses Association v. Participating Nursing Homes Ontario is an intervener on a constitutional issue.

69. Tennant Energy LLC. v. Government of Canada, Tennant Energy LLC alleges that measures and actions taken by the Government of Ontario in relation to the feed-in tariff (FIT) program and the Green Energy Investment Agreement (GEIA) violate its rights under NAFTA, Chapter 11.

70. Windstream Energy LLC v. Government of Canada, Windstream Energy LLC alleges that measures and actions taken by the Government of Ontario in relation to the feed-in tariff (FIT) program and specifically, Ontario’s measures to delay the development of Windstream’s offshore wind energy project and the IESO’s subsequent termination of Windstream’s FIT contract violate Windstream’s rights under NAFTA, Chapter 11.

71. Application by Access Copyright to the Copyright Board of Canada to determine the tariff rate respecting a licence to reproduce educational materials. Application relates to the years 2020-22. The Copyright Consortium has filed an objection to Access Copyright’s proposed tariff rate.

72. Elementary Teachers’ Federation of Ontario, Ontario Secondary School Teachers’ Federation, Ontario English Catholic Teachers’ Association, Association des enseignantes et des enseignants franco-ontariens. Federations filed appeals with the OLRB seeking orders regarding the health and safety of public schools including restricting class sizes to 15-20 students, student cohorts be limited to 50, set standards for ventilation in schools, increased standards for transportation and regular review of standards.

73. Margaret Hierlihy and John Doe (Class Action). Statement of Claim served February 6, 2013 by Merchant Law Group seeking over $75 million in damages in connection with the April 2012 privacy breach.

59

Economic Data Tables

The following tables present a comprehensive review of Ontario’s economy including, GDP information, imports and exports, demographics and labour markets between 2006-2019.

60

Ontario, Gross Domestic Product, 2006–2019													Table 1
	($ Billions)
	2006		2007		2008		2009		2010		2011		2012
Real GDP (chained $2012)		652.6		657.7		657.7		637.3		656.1		671.9		680.8
Household Consumption		337.9		350.9		359.5		359.4		372.4		378.7		384.3
Residential Construction		46.5		47.7		45.4		42.7		46.2		47.9		50.1
Non-residential Construction		17.4		18.6		17.6		16.6		16.9		20.7		22.4
Machinery and Equipment		26.4		26.2		26.5		20.3		22.3		23.0		22.8
Exports		362.2		363.1		339.9		294.7		318.9		336.0		344.1
Imports		319.9		332.1		324.3		287.6		321.4		338.2		341.4
Nominal GDP		579.0		602.4		609.1		598.5		631.6		660.4		680.8
Primary Household Income		382.6		404.1		415.4		413.5		424.9		444.8		459.9
Compensation of Employees		298.1		315.0		324.2		321.1		330.2		345.3		356.6
Net Operating Surplus - Corporations		74.3		73.3		66.0		56.0		74.4		83.4		85.9
Table 1 (continued)	($ Billions)
	2013		2014		2015		2016		2017		2018		2019
Real GDP (chained $2012)		690.3		707.6		724.9		740.2		761.8		778.5		791.9
Household Consumption		392.6		403.0		415.1		425.2		442.6		453.7		463.7
Residential Construction		49.2		49.5		53.3		57.5		57.8		55.9		55.8
Non-residential Construction		21.4		23.8		26.7		24.6		25.4		25.7		24.4
Machinery and Equipment		20.2		23.5		25.8		22.7		25.8		28.8		29.0
Exports		355.6		370.8		379.2		384.6		386.1		389.5		397.5
Imports		347.8		366.9		376.6		378.9		390.7		396.9		402.3
Nominal GDP		696.2		727.0		760.4		790.7		826.9		857.4		891.1
Primary Household Income		473.8		490.4		512.6		520.5		543.1		567.1		590.7
Compensation of Employees		367.9		380.6		396.8		403.0		418.9		441.8		461.4
Net Operating Surplus - Corporations		84.8		94.2		97.2		109.7		112.7		111.6		114.5

Sources: Statistics Canada and Ontario Ministry of Finance.

61

Ontario, Growth in Gross Domestic Product, 2006–2019																		Table 2
	(Per Cent Change)
	2006			2007			2008			2009			2010		2011			2012
Real GDP (chained $2012)		1.9			0.8			0.0			(3.1	)		3.0		2.4			1.3
Household Consumption		3.2			3.9			2.4			0.0			3.6		1.7			1.5
Residential Construction		0.9			2.5			(4.7	)		(6.0	)		8.1		3.6			4.7
Non-residential Construction		11.9			6.9			(5.3	)		(5.9	)		1.6		22.7			8.0
Machinery and Equipment		8.5			(0.8	)		1.3			(23.4	)		9.7		3.2			(0.9	)
Exports		0.7			0.2			(6.4	)		(13.3	)		8.2		5.4			2.4
Imports		3.9			3.8			(2.4	)		(11.3	)		11.7		5.2			1.0
Nominal GDP		3.9			4.1			1.1			(1.7	)		5.5		4.6			3.1
Primary Household Income		4.6			5.6			2.8			(0.5	)		2.8		4.7			3.4
Compensation of Employees		4.6			5.7			2.9			(1.0	)		2.9		4.6			3.3
Net Operating Surplus - Corporations		(0.9	)		(1.4	)		(9.9	)		(15.2	)		32.9		12.1			3.0
Table 2 (continued)	(Per Cent Change)
	2013			2014			2015			2016			2017		2018			2019
Real GDP (chained $2012)		1.4			2.5			2.5			2.1			2.9		2.2			1.7
Household Consumption		2.2			2.7			3.0			2.4			4.1		2.5			2.2
Residential Construction		(1.8	)		0.7			7.7			7.8			0.6		(3.3	)		(0.3	)
Non-residential Construction		(4.4	)		11.2			12.1			(7.7	)		3.2		1.0			(5.0	)
Machinery and Equipment		(11.1	)		16.0			9.9			(12.0	)		13.9		11.5			0.5
Exports		3.4			4.3			2.3			1.4			0.4		0.9			2.0
Imports		1.9			5.5			2.6			0.6			3.1		1.6			1.4
Nominal GDP		2.3			4.4			4.6			4.0			4.6		3.7			3.9
Primary Household Income		3.0			3.5			4.5			1.5			4.3		4.4			4.2
Compensation of Employees		3.2			3.4			4.3			1.6			3.9		5.5			4.4
Net Operating Surplus - Corporations		(1.2	)		11.0			3.2			12.9			2.7		(0.9	)		2.6

Sources: Statistics Canada and Ontario Ministry of Finance.

62

Ontario, Real Gross Domestic Product by Industry at Basic Prices, 2016–2019							Table 3
	(Chained $2012 Millions)
	2016		2017		2018		2019
Goods Producing Industries		161,917		166,543		170,524		169,567
Primary		15,038		14,857		15,082		15,400
Utilities		13,458		13,438		14,016		14,364
Construction		48,123		51,011		51,915		50,792
Manufacturing1		85,344		87,292		89,619		89,281
Services Producing Industries		530,645		546,649		559,689		574,755
Wholesale Trade		44,575		46,479		46,757		47,989
Retail Trade		33,816		36,287		37,112		37,948
Transportation and Warehousing		27,537		28,679		29,497		29,850
Information and Cultural		26,610		27,539		27,884		28,698
Finance and Insurance		64,211		66,504		67,800		69,833
Real Estate, Rental and Leasing		90,518		92,369		93,813		96,526
Professional and Administrative Services		69,401		71,295		74,356		77,354
Management of Companies and Enterprises		4,275		4,040		3,857		3,847
Education		40,277		40,956		42,075		42,664
Health Care and Social Services		46,604		47,708		49,386		51,032
Arts, Entertainment and Recreation		5,947		6,154		6,301		6,425
Accommodation and Food		14,570		15,166		15,408		15,733
Other Services		13,399		13,491		13,600		13,764
Public Administration		49,026		50,260		52,047		53,334
Total Production		692,621		713,254		730,276		744,440

¹  See Table 5 for detailed manufacturing industries.

Sources: Statistics Canada and Ontario Ministry of Finance.

63

Ontario, Growth in Real Gross Domestic Product by Industry at Basic Prices, 2016–2019										Table 4
	(Per Cent Change)
	2016			2017			2018			2019
Goods Producing Industries		1.2			2.9			2.4			(0.6	)
Primary		1.3			(1.2	)		1.5			2.1
Utilities		2.8			(0.1	)		4.3			2.5
Construction		0.7			6.0			1.8			(2.2	)
Manufacturing1		1.1			2.3			2.7			(0.4	)
Services Producing Industries		2.6			3.0			2.4			2.7
Wholesale Trade		1.1			4.3			0.6			2.6
Retail Trade		5.8			7.3			2.3			2.3
Transportation and Warehousing		2.6			4.1			2.9			1.2
Information and Cultural		4.4			3.5			1.3			2.9
Finance and Insurance		4.1			3.6			1.9			3.0
Real Estate, Rental and Leasing		2.7			2.0			1.6			2.9
Professional and Administrative Services		3.4			2.7			4.3			4.0
Management of Companies and Enterprises		(13.7	)		(5.5	)		(4.5	)		(0.3	)
Education		0.8			1.7			2.7			1.4
Health Care and Social Services		2.5			2.4			3.5			3.3
Arts, Entertainment and Recreation		2.5			3.5			2.4			2.0
Accommodation and Food		3.4			4.1			1.6			2.1
Other Services		(1.9	)		0.7			0.8			1.2
Public Administration		2.0			2.5			3.6			2.5
Total Production		2.2			3.0			2.4			1.9

¹  See Table 6 for detailed manufacturing industries.

Sources: Statistics Canada and Ontario Ministry of Finance.

64

Ontario, Real Gross Domestic Product at Basic Prices by Detailed Manufacturing Industries, 2016–2019							Table 5
	(Chained $2012 Millions)
	2016		2017		2018		2019
Manufacturing		85,344		87,292		89,619		89,281
Food, Beverage and Tobacco Products		12,849		13,494		13,755		13,806
Textile, Clothing and Leather Products		904		963		1,095		1,108
Wood Products and Furniture		3,790		4,101		3,786		3,808
Paper Products and Printing		4,766		4,998		4,865		4,590
Chemical and Petroleum Products		11,899		12,340		12,733		12,870
Plastic and Rubber Products		4,989		4,845		5,537		5,525
Primary Metal and Fabricated Metal Products		10,664		10,860		11,526		11,445
Machinery		7,224		8,174		8,771		8,818
Electrical and Electronic Products		5,168		5,375		5,575		5,416
Transportation Equipment		18,060		17,386		17,101		16,904
Other Manufacturing		5,096		5,070		5,312		5,498

Source: Statistics Canada.

Ontario, Growth in Real Gross Domestic Product at Basic Prices by Detailed Manufacturing Industries, 2016–2019										Table 6
	(Per Cent Change)
	2016			2017			2018			2019
Manufacturing		1.1			2.3			2.7			(0.4	)
Food, Beverage and Tobacco Products		(1.2	)		5.0			1.9			0.4
Textile, Clothing and Leather Products		(7.4	)		6.5			13.8			1.2
Wood Products and Furniture		7.0			8.2			(7.7	)		0.6
Paper Products and Printing		1.8			4.9			(2.7	)		(5.7	)
Chemical and Petroleum Products		1.6			3.7			3.2			1.1
Plastic and Rubber Products		0.0			(2.9	)		14.3			(0.2	)
Primary Metal and Fabricated Metal Products		(2.4	)		1.8			6.1			(0.7	)
Machinery		(1.4	)		13.2			7.3			0.5
Electrical and Electronic Products		2.9			4.0			3.7			(2.8	)
Transportation Equipment		3.0			(3.7	)		(1.6	)		(1.2	)
Other Manufacturing		7.2			(0.5	)		4.8			3.5

Source: Statistics Canada.

65

Ontario, Housing Market Indicators, 2016–2019										Table 7
	2016			2017			2018			2019
New Housing Market
Residential Construction, Current $ Millions		66,768			71,487			69,956			71,540
Per Cent Change		13.7			7.1			(2.1	)		2.3
Real Residential Construction ($2012 Millions)		57,491			57,847			55,916			55,754
Per Cent Change		7.8			0.6			(3.3	)		(0.3	)
Housing Starts (Units)		74,952			79,123			78,742			68,985
Per Cent Change		6.8			5.6			(0.5	)		(12.4	)
Of which: Single-detached, urban areas (Units)		27,190			26,340			21,537			18,259
Per Cent Change		16.0			(3.1	)		(18.2	)		(15.2	)
Multiple, urban areas (Units)		44,670			48,864			54,421			49,605
Per Cent Change		(0.4	)		9.4			11.4			(8.9	)
New Housing Price Index (Dec. 2016=100)		97			103			104			105
Per Cent Change		4.9			6.3			1.0			0.4
Resale Market
Home Resales (Units)		245,685			221,725			192,907			210,178
Per Cent Change		8.3			(9.8	)		(13.0	)		9.0
Average Resale Price ($)		535,811			586,901			571,176			607,461
Per Cent Change		15.2			9.5			(2.7	)		6.4

Sources: Statistics Canada, Canada Mortgage and Housing Corporation, Canadian Real Estate Association and Ontario Ministry of Finance.

66

Selected Financial Indicators, 2006–2019													Table 8
	(Per Cent)
	2006		2007		2008		2009		2010		2011		2012
Interest Rates
Bank Rate		4.3		4.6		3.2		0.6		0.9		1.3		1.3
Prime Rate		5.8		6.1		4.7		2.4		2.6		3.0		3.0
10-Year Government Bonds		4.2		4.3		3.6		3.3		3.2		2.8		1.9
Three-month T-Bills		4.0		4.1		2.3		0.3		0.6		0.9		0.9
Mortgage Rates
5-Year Rate		6.7		7.1		7.1		5.6		5.6		5.4		5.3
1-Year Rate		6.3		6.9		6.7		4.0		3.5		3.5		3.2
Table 8 (continued)	(Per Cent)
	2013		2014		2015		2016		2017		2018		2019
Interest Rates
Bank Rate		1.3		1.3		0.9		0.8		1.0		1.7		2.0
Prime Rate		3.0		3.0		2.8		2.7		2.9		3.6		4.0
10-Year Government Bonds		2.3		2.2		1.5		1.3		1.8		2.3		1.6
Three-month T-Bills		1.0		0.9		0.5		0.5		0.7		1.4		1.7
Mortgage Rates
5-Year Rate		5.2		4.9		4.7		4.7		4.8		5.3		5.3
1-Year Rate		3.1		3.1		3.0		3.1		3.2		3.5		3.6

Source: Bank of Canada.

67

Ontario, International Merchandise Exports1 by Major Commodity2, 2019							Table 9
		Value ($ Millions)		2019 Growth (Per Cent)			Per Cent of Total
1	Motor vehicles and parts		69,660		3.2			33.3
2	Precious metals & stones		24,154		29.1			11.5
3	Mechanical equipment		21,257		2.7			10.2
4	Electrical machinery		7,987		0.0			3.8
5	Plastic products		7,960		(0.4	)		3.8
6	Pharmaceutical products		6,216		(4.2	)		3.0
7	Iron and steel		5,291		(13.2	)		2.5
8	Cereal and baked products		4,327		11.4			2.1
9	Furniture and accessories		4,274		6.2			2.0
10	Scientific, photo & med eqmt		4,095		3.1			2.0
11	Oils & other petroleum products		2,993		(14.4	)		1.4
12	Iron and steel products		2,940		(7.5	)		1.4
13	Aircraft and parts		2,748		18.3			1.3
14	Nickel & articles thereof		2,605		1.2			1.2
15	Aluminium & articles		2,415		(13.5	)		1.2
16	Inorganic chemicals		2,385		29.1			1.1
17	Paper products		2,241		(3.3	)		1.1
18	Miscellaneous chemical products		1,790		3.7			0.9
19	Wood products		1,753		(10.5	)		0.8
20	Vegetables		1,587		9.7			0.8
21	Rubber products		1,575		(4.4	)		0.8
22	Perfumes and cosmetics		1,495		1.6			0.7
23	Organic chemicals		1,375		(17.5	)		0.7
24	Miscellaneous base metal articles		1,353		8.5			0.6
25	Meat		1,228		13.2			0.6
	All other commodities		23,673		(0.5	)		11.3
	Total Exports		209,377		3.7			100.0

¹  International merchandise exports exclude re-exports and are reported on a customs basis.

²  Product groupings based on two-digit Harmonized System codes.

Source: Statistics Canada.

68

Ontario, International Merchandise Imports by Major Commodity1, 2019							Table 10
		Value ($ Millions)		2019 Growth (Per Cent)			Per Cent of Total
1	Motor vehicles and parts		78,345		2.0			21.6
2	Mechanical equipment		53,207		1.6			14.6
3	Electrical machinery		41,405		1.6			11.4
4	Pharmaceutical products		14,727		13.4			4.1
5	Plastic products		14,136		(1.4	)		3.9
6	Precious metals & stones		11,875		28.1			3.3
7	Scientific, photo & med eqmt		10,960		2.2			3.0
8	Oils & other petroleum products		7,389		6.1			2.0
9	Furniture and accessories		7,049		(0.1	)		1.9
10	Iron and steel products		6,855		(0.7	)		1.9
11	Organic chemicals		5,864		(2.2	)		1.6
12	Iron and steel		5,140		(21.8	)		1.4
13	Paper products		4,552		0.4			1.3
14	Rubber products		4,375		(1.4	)		1.2
15	Aircraft and parts		4,054		26.7			1.1
16	Perfumes and cosmetics		3,820		2.3			1.1
17	Miscellaneous chemical products		3,473		3.7			1.0
18	Aluminium & articles		3,315		(10.6	)		0.9
19	Fruit and nuts		3,310		2.8			0.9
20	Knitted clothes		3,199		8.5			0.9
21	Toys and sporting goods		3,094		(4.9	)		0.9
22	Cereal and baked products		3,081		8.1			0.8
23	Non-knitted clothes		2,896		3.4			0.8
24	Miscellaneous food products		2,857		6.6			0.8
25	Beverages		2,740		(0.4	)		0.8
	All other commodities		59,389		2.1			16.3
	Domestic Imports		361,106		2.5			99.4
	Re-imports2		2,347		7.4			0.6
	Total Imports		363,452		2.5			100.0

¹  Product groupings based on two-digit Harmonized System codes. Data reported on a customs basis. Domestic imports exclude re-imports. Total imports are the sum of domestic imports and re-imports.

²  These are goods re-entering (returned to) Ontario after having been exported abroad without having been materially altered or enhanced in value while abroad.

Source: Statistics Canada.

69

Ontario, International Merchandise Exports1 by Top 25 Trading Partners, 2019							Table 11
		Exports ($ Millions)		2019 Growth (Per Cent)			Per Cent of Total
1	United States		161,652		1.6			77.2
2	United Kingdom		16,098		30.5			7.7
3	Mexico		3,002		(2.1	)		1.4
4	China		2,942		(26.0	)		1.4
5	Hong Kong		2,908		11.8			1.4
6	Germany		2,612		46.0			1.2
7	Saudi Arabia		2,417		64.0			1.2
8	Norway		1,909		(8.6	)		0.9
9	Japan		1,889		8.0			0.9
10	Italy		1,348		(4.2	)		0.6
11	France		881		28.3			0.4
12	South Korea		819		7.2			0.4
13	Netherlands		774		(6.0	)		0.4
14	Belgium		680		(21.4	)		0.3
15	India		568		66.6			0.3
16	Australia		562		(5.6	)		0.3
17	Ireland		384		9.4			0.2
18	Singapore		365		12.4			0.2
19	Taiwan		335		17.8			0.2
20	Brazil		302		16.0			0.1
21	Chile		283		13.4			0.1
22	United Arab Emirates		277		(9.6	)		0.1
23	Russian Federation		276		23.3			0.1
24	Botswana		275		(43.2	)		0.1
25	Thailand		274		17.0			0.1
	All other countries		5,547		0.5			2.6
	Total Exports		209,377		3.7			100.0

¹  International merchandise exports exclude re-exports and are reported on a customs basis.

Source: Statistics Canada.

70

Ontario, International Merchandise Imports1 by Top 25 Trading Partners, 2019							Table 12
		Imports ($ Millions)		2019 Growth (Per Cent)			Per Cent of Total
1	United States		195,450		1.6			53.8
2	China		45,117		(0.8	)		12.4
3	Mexico		28,973		(0.7	)		8.0
4	Japan		11,659		0.1			3.2
5	Germany		9,617		3.1			2.6
6	South Korea		6,639		3.7			1.8
7	Italy		4,828		5.5			1.3
8	Vietnam		4,173		34.6			1.1
9	Switzerland		3,946		11.3			1.1
10	United Kingdom		3,273		6.1			0.9
11	Taiwan		3,141		4.1			0.9
12	Peru		2,880		297.7			0.8
13	France		2,823		2.0			0.8
14	India		2,814		0.8			0.8
15	Brazil		2,460		36.4			0.7
16	Belgium		2,437		14.1			0.7
17	Ireland		2,231		4.8			0.6
18	Thailand		2,119		3.5			0.6
19	Malaysia		1,847		(6.3	)		0.5
20	Spain		1,669		21.0			0.5
21	Netherlands		1,420		14.9			0.4
22	Sweden		1,141		9.3			0.3
23	Austria		1,002		9.3			0.3
24	Egypt		960		13.5			0.3
25	Indonesia		949		3.7			0.3
	All other countries		17,540		(1.3	)		5.5
	Domestic Imports		361,106		2.5			99.4
	Re-imports2		2,347		7.4			0.6
	Total Imports		363,452		2.5			100.00

¹  Data reported on a customs basis. Domestic imports exclude re-imports. Total imports are the sum of domestic imports and re-imports.

²  These are goods re-entering (returned to) Ontario after having been exported abroad without having been materially altered or enhanced in value while abroad.

Source: Statistics Canada.

71

Ontario, Selected Demographic Characteristics, 2013–20201															Table 13
	2013		2014		2015		2016		2017		2018		2019		2020
Total Population (000s)		13,511		13,618		13,707		13,875		14,070		14,309		14,545		14,734
Annual average Growth over Preceding Year (%)		0.9		0.8		0.7		1.2		1.4		1.7		1.6		1.3
Median Age (Years)		40.3		40.5		40.7		40.7		40.7		40.6		40.5		40.4
Age Group Shares (%)
0–4		5.3		5.3		5.2		5.2		5.1		5.0		5.0		4.9
5–14		11.1		11.0		11.0		11.0		10.9		10.8		10.7		10.6
15–24		13.4		13.2		13.0		12.9		13.0		13.0		13.0		12.8
25–44		26.8		26.7		26.6		26.5		26.5		26.7		27.0		27.4
45–64		28.2		28.2		28.2		28.1		27.9		27.5		27.1		26.7
65–74		8.4		8.7		8.9		9.2		9.4		9.6		9.8		10.0
75+		6.8		6.9		7.0		7.1		7.2		7.3		7.5		7.6
Total Fertility Rate2		1.51		1.50		1.48		1.46		1.43		1.44		1.41		—
Life Expectancy at Birth (Years)3
Female		84.3		84.3		84.4		84.4		84.4		—		—		—
Male		80.2		80.3		80.4		80.4		80.3		—		—		—
Families (000s)		3,761		3,782		3,800		3,832		3,883		3,953		3,990		4,030
Households (000s)4		—		—		—		5,169		—		—		—		—

¹  Population estimates are for July 1.

²  Calendar-year data.

³  For three-year periods with the reference year as the middle year.

⁴  Households are from Census enumeration.

Source: Statistics Canada.

72

Ontario, Components of Population Growth, 2010-11 to 2019-201									Table 14
	(Thousands)
	2010-11		2011-12		2012-13		2013-14		2014-15
Population at Beginning of Period		13,136		13,261		13,391		13,511		13,618
Births		139		141		141		140		140
Deaths		91		89		93		94		98
Immigrants		105		101		106		102		90
Net Emigrants2		18		25		24		25		24
Net Change in Non-permanent Residents		15		24		16		11		2
Interprovincial Arrivals		58		60		55		57		63
Interprovincial Departures		62		71		69		72		72
Population Growth During Period		126		129		120		107		90
Population at End of Period3		13,261		13,391		13,511		13,618		13,707
Population Growth (%)		1.0		1.0		0.9		0.8		0.7
Table 14 (continued)									(Thousands)
	2015-16		2016-17		2017-18		2018-19		2019-20
Population at Beginning of Period		13,707		13,875		14,070		14,309		14,545
Births		140		141		141		140		143
Deaths		97		102		107		109		115
Immigrants		120		98		132		139		127
Net Emigrants2		25		19		16		16		9
Net Change in Non-permanent Residents		31		63		78		75		43
Interprovincial Arrivals		72		72		70		67		70
Interprovincial Departures		63		58		60		60		70
Population Growth During Period		168		195		239		236		189
Population at End of Period3		13,875		14,070		14,309		14,545		14,734
Population Growth (%)		1.2		1.4		1.7		1.6		1.3

¹  Data are from July 1 to June 30 (Census year).

²  Net Emigrants = Emigrants plus net change in temporary emigrants minus returning emigrants.

³  The sum of the components does not equal the total change in population due to residual deviation.

Source: Statistics Canada.

73

Ontario, Labour Force, 2006–2019													Table 15
	2006		2007		2008		2009		2010		2011		2012
Labour Force (000s)		6,887		6,992		7,074		7,080		7,161		7,227		7,276
Annual Labour Force Growth (%)		0.8		1.5		1.2		0.1		1.1		0.9		0.7
Participation Rate (%)
Male		72.6		72.5		72.5		71.5		71.1		71.1		70.7
Female		62.6		63.2		63.1		62.6		62.8		62.3		61.9
Share of Labour Force (%)
Youth (15–24)		16.1		16.2		16.0		15.5		15.1		15.3		14.9
Older Workers (55+)		14.1		14.7		15.5		16.1		17.1		17.5		18.2
Table 15 (continued)
	2013		2014		2015		2016		2017		2018		2019
Labour Force (000s)		7,384		7,419		7,426		7,490		7,580		7,673		7,891
Annual Labour Force Growth (%)		1.5		0.5		0.1		0.9		1.2		1.2		2.8
Participation Rate (%)
Male		70.5		70.3		70.0		69.5		69.2		68.7		69.6
Female		62.2		61.6		60.7		60.7		60.7		60.5		60.7
Share of Labour Force (%)
Youth (15–24)		15.0		15.1		14.8		14.4		14.3		14.1		14.2
Older Workers (55+)		18.7		19.5		20.0		20.7		21.1		21.4		21.8

Source: Statistics Canada.

74

Ontario, Employment, 2006–2019														Table 16
	2006		2007		2008		2009			2010		2011		2012
Total Employment (000s)		6,452		6,546		6,610		6,433			6,538		6,658		6,703
Male		3,400		3,411		3,445		3,301			3,364		3,450		3,472
Female		3,053		3,135		3,165		3,132			3,174		3,208		3,231
Annual Employment Growth (%)		1.1		1.4		1.0		(2.7	)		1.6		1.8		0.7
Net Job Creation (000s)		71		93		65		(178	)		105		121		44
Public-sector Employment (000s)		1,163		1,196		1,261		1,233			1,255		1,294		1,286
Private-sector Employment (000s)		4,351		4,366		4,346		4,195			4,268		4,340		4,373
Self-employment (000s)		939		983		1,004		1,005			1,015		1,024		1,044
Manufacturing Employment         (% of total)		15.5		14.3		13.4		12.0			11.7		11.6		11.6
Services Employment         (% of total)		75.4		76.6		77.3		78.8			78.9		78.8		78.9
Part-time (% of total)		17.9		18.2		18.8		19.6			19.6		19.3		19.3
Average Hours Worked Per Week1		36.8		37.1		36.7		35.9			36		36.3		36.5
Table 16 (continued)
	2013		2014		2015		2016			2017		2018		2019
Total Employment (000s)		6,823		6,878		6,923		7,000			7,128		7,242		7,453
Male		3,523		3,567		3,607		3,636			3,701		3,764		3,895
Female		3,301		3,311		3,316		3,364			3,427		3,479		3,558
Annual Employment Growth (%)		1.8		0.8		0.7		1.1			1.8		1.6		2.9
Net Job Creation (000s)		121		55		45		76			128		114		210
Public-sector Employment (000s)		1,314		1,305		1,294		1,306			1,329		1,377		1,386
Private-sector Employment (000s)		4,447		4,517		4,541		4,597			4,691		4,741		4,863
Self-employment (000s) Manufacturing Employment         (% of total)		1,063 11.2		1,056 10.9		1,088 10.8		1,096 10.7			1,108 10.8		1,125 10.6		1,203 10.2
Services Employment         (% of total)		79.5		79.9		79.8		79.7			79.9		79.9		80.3
Part-time (% of total)		19.6		19.5		18.8		19.0			18.9		18.4		18.6
Average Hours Worked Per Week1		36.3		35.8		36.3		36.3			36		36.4		35.9

¹  Average actual hours worked per week at all jobs, excluding persons not at work, in reference week.

Source: Statistics Canada.

75

Ontario, Unemployment, 2006–2019													Table 17
	2006		2007		2008		2009		2010		2011		2012
Total Unemployment (000s)		435		446		464		648		623		569		574
Unemployment Rate (%)		6.3		6.4		6.6		9.1		8.7		7.9		7.9
Male		6.4		6.8		6.9		10.5		9.4		8.2		8.3
Female		6.3		6.0		6.2		7.7		8.0		7.6		7.5
Greater Toronto Area (GTA)1		6.6		6.8		6.9		9.6		9.2		8.4		8.8
Northern Ontario		7.4		6.9		6.7		9.0		8.3		7.8		7.2
Youth (15–24)		13.2		12.9		13.8		17.6		17.4		15.9		17.0
Older Workers (55+)		4.7		4.7		4.9		6.6		6.4		6.0		5.8
Share of Total Unemployment (%)
Long-term Unemployed (27 weeks+)		14.3		13.0		13.7		18.8		24.9		24.1		22.7
Youth (15–24)		33.7		32.8		33.5		29.8		30.3		30.9		32.1
Older Workers (55+)		10.5		10.9		11.5		11.6		12.5		13.4		13.3
Average Duration (weeks)		15.8		14.6		14.8		18.4		22.0		22.4		22.2
Youth (15–24)		8.7		8.1		8.4		11.1		11.4		12.2		12.7
Older Workers (55+)		26.8		20.8		22.8		31.0		34.4		34.7		33.3
Table 17 (continued)
	2013		2014		2015		2016		2017		2018		2019
Total Unemployment (000s)		560		541		503		490		452		431		438
Unemployment Rate (%)		7.6		7.3		6.8		6.5		6.0		5.6		5.6
Male		8.0		7.5		7.0		6.8		6.2		5.6		5.7
Female		7.2		7.1		6.5		6.3		5.7		5.6		5.4
Greater Toronto Area (GTA)1		8.2		8.0		7.1		6.9		6.4		6.1		5.9
Northern Ontario		7.4		6.6		7.2		7.1		6.4		5.8		6.0
Youth (15–24)		16.2		15.7		14.7		14.0		12.3		11.9		12.1
Older Workers (55+)		5.5		5.3		4.9		4.9		4.5		4.2		4.1
Share of Total Unemployment (%)
Long-term Unemployed (27 weeks+)		22.9		22.8		20.0		19.9		19.5		16.9		15.1
Youth (15–24)		32.1		32.4		32.1		30.9		29.5		30.1		30.9
Older Workers (55+)		13.4		14.3		14.4		15.5		15.9		15.9		16.3
Average Duration (weeks)		21.8		22.4		20.0		19.9		19.3		17.2		15.9
Youth (15–24)		12.7		13.4		12.4		11.2		10.7		9.5		9.3
Older Workers (55+)		31.7		33.4		30.2		30.8		31.5		28.6		26.5

¹  Based on Economic Region 530, which closely matches the GTA, the main exception being that it excludes the city of Burlington.

Source: Statistics Canada.

76

Ontario, Employment by Industry, 2010–2019									Table 18
									(Thousands)
	2010		2011		2012		2013		2014
Goods Producing Industries		1,381		1,409		1,415		1,398		1,382
Primary Industries		121		129		126		120		115
Manufacturing		764		773		779		767		749
Construction		442		455		458		459		467
Utilities		54		52		52		52		51
Services Producing Industries		5,157		5,250		5,287		5,426		5,496
Trade		1,009		1,006		1,007		1,019		1,047
Transportation and Warehousing		311		323		313		336		329
Finance, Insurance, Real Estate and Leasing		481		497		496		510		512
Professional, Scientific and Technical Services		512		530		530		543		560
Business, Building and Other Support		291		296		296		328		335
Educational Services		456		459		465		483		495
Health Care and Social Assistance		730		751		769		791		798
Information, Culture and Recreation		320		335		320		312		317
Accommodation and Food Services		393		403		432		441		450
Public Administration		357		363		366		372		367
Other Services		298		288		295		292		287
Total Employment		6,538		6,658		6,703		6,823		6,878

77

Table 18 (continued)	Ontario, Employment by Industry, 2010–2019
	(Thousands)
	2015			2016			2017			2018			2019
Goods Producing Industries		1,401			1,418			1,433			1,453			1,468
Primary Industries		120			114			104			104			109
Manufacturing		745			751			769			768			761
Construction		487			504			513			525			543
Utilities		49			50			47			57			55
Services Producing Industries		5,522			5,581			5,695			5,789			5,985
Trade		1,042			1,033			1,069			1,074			1,098
Transportation and Warehousing		321			327			341			379			403
Finance, Insurance, Real Estate and Leasing		544			555			561			564			588
Professional, Scientific and Technical Services		580			595			629			638			683
Business, Building and Other Support		333			326			315			320			316
Educational Services		515			503			497			521			549
Health Care and Social Assistance		813			838			870			852			906
Information, Culture and Recreation		310			318			313			318			305
Accommodation and Food Services		444			457			454			468			458
Public Administration		344			353			371			365			380
Other Services		276			276			276			290			300
Total Employment		6,923			7,000			7,128			7,242			7,453
Note:     Industrial groupings based on North American Industry Classification System (NAICS). Source: Statistics Canada.
Ontario, Growth in Employment by Industry, 2010–2019													Table 19
	(Per Cent Change)
	2010			2011			2012			2013			2014
Goods Producing Industries		1.1			2.0			0.5			(1.3	)		(1.1	)
Primary Industries		0.5			6.3			(2.6	)		(4.6	)		(3.9	)
Manufacturing		(1.3	)		1.2			0.8			(1.6	)		(2.4	)
Construction		6.5			2.9			0.8			0.2			1.8
Utilities		(3.0	)		(3.7	)		0.0			(1.0	)		(1.4	)
Services Producing Industries		1.8			1.8			0.7			2.6			1.3
Trade		0.2			(0.3	)		0.1			1.2			2.7
Transportation and Warehousing		(2.0	)		3.6			(3.1	)		7.6			(2.2	)
Finance, Insurance, Real Estate and Leasing		0.1			3.4			(0.3	)		2.9			0.4
Professional, Scientific and Technical Services		6.6			3.5			0.1			2.3			3.2
Business, Building and Other Support		3.9			1.8			0.2			10.6			2.1
Educational Services		1.2			0.5			1.4			3.9			2.3
Health Care and Social Assistance		3.8			2.9			2.3			2.9			0.9
Information, Culture and Recreation		2.5			4.7			(4.5	)		(2.5	)		1.6
Accommodation and Food Services		2.3			2.3			7.2			2.1			2.2
Public Administration		0.8			1.8			0.7			1.6			(1.3	)
Other Services		(0.4	)		(3.3	)		2.4			(1.0	)		(1.7	)
Total Employment		1.6			1.8			0.7			1.8			0.8

78

Table 19 (continued)	Ontario, Growth in Employment by Industry, 2010–2019
	(Per Cent Change)
	2015			2016			2017			2018			2019
Goods Producing Industries		1.4			1.2			1.0			1.4			1.0
Primary Industries		4.5			(5.6	)		(8.7	)		0.2			5.3
Manufacturing		(0.5	)		0.9			2.4			(0.2	)		(0.8	)
Construction		4.3			3.4			1.7			2.5			3.4
Utilities		(3.3	)		0.2			(4.6	)		19.9			(3.4	)
Services Producing Industries		0.5			1.1			2.0			1.6			3.4
Trade		(0.4	)		(0.9	)		3.5			0.5			2.3
Transportation and Warehousing		(2.3	)		1.8			4.3			11.0			6.3
Finance, Insurance, Real Estate and Leasing		6.1			2.2			0.9			0.6			4.3
Professional, Scientific and Technical Services		3.5			2.6			5.8			1.4			7.1
Business, Building and Other Support		(0.4	)		(2.2	)		(3.5	)		1.6			(1.3	)
Educational Services		4.1			(2.3	)		(1.1	)		4.8			5.3
Health Care and Social Assistance		1.8			3.2			3.7			(2.1	)		6.4
Information, Culture and Recreation		(2.2	)		2.7			(1.6	)		1.7			(4.1	)
Accommodation and Food Services		(1.3	)		2.8			(0.5	)		3.1			(2.2	)
Public Administration		(6.2	)		2.6			5.2			(1.7	)		4.1
Other Services		(3.7	)		(0.1	)		(0.1	)		5.3			3.3
Total Employment		0.7			1.1			1.8			1.6			2.9

Note:     Industrial groupings based on North American Industry Classification System (NAICS).

Source: Statistics Canada.

79

Employment Insurance (EI), 2006–2019													Table 20
	2006		2007		2008		2009		2010		2011		2012
EI Regular Beneficiaries1 (000s)
Ontario		129		131		142		246		216		175		159
Canada		494		479		486		734		684		583		535
EI Total Benefit Payments2 ($ millions)
Ontario		3,839		4,045		4,369		6,721		6,117		5,330		5,180
Canada		12,425		12,426		13,015		18,684		17,881		16,050		15,662
EI Contributions ($ millions)
Ontario3		6,537		6,760		6,725		6,637		6,919		7,288		7,776
Canada4		15,884		16,709		16,737		16,502		17,227		18,221		19,558
EI Premium Rate5 (% insured earnings)
Employer		2.62		2.52		2.42		2.42		2.42		2.49		2.56
Employee		1.87		1.80		1.73		1.73		1.73		1.78		1.83
Table 20 (continued)
	2013		2014		2015		2016		2017		2018		2019
EI Regular Beneficiaries1 (000s)
Ontario		155		147		145		137		132		117		116
Canada		503		489		515		543		512		444		432
EI Total Benefit Payments2 ($ millions)
Ontario		5,213		5,321		5,444		5,493		5,505		5,387		5,551
Canada		15,365		15,869		17,094		18,543		18,197		17,282		17,208
EI Contributions ($ millions)
Ontario3		8,404		8,612		8,999		9,221		8,344		8,836		9,131
Canada4		21,492		22,141		22,872		23,054		20,597		21,694		22,377
EI Premium Rate5 (% insured earnings)
Employer		2.63		2.63		2.63		2.63		2.28		2.32		2.27
Employee		1.88		1.88		1.88		1.88		1.63		1.66		1.62

¹  Figures are reported by Statistics Canada (Regular beneficiaries only).

²  Figures for Ontario and Canada EI Benefit Payments are Ontario Ministry of Finance estimates based on Statistics Canada CANSIM Table 14-10-0009-01 (formerly CANSIM 276-0020). EI Total Benefit Payments do not include amounts related to Employment Benefits and Support Measures, delivered under Part II of the Employment Insurance Act.

³  Figures for Ontario EI Contributions are Ontario Ministry of Finance estimates based on data from provincial and territorial economic accounts and data reported by the federal Department of Finance.

⁴  Figures for Canada EI Contributions are reported by the federal Department of Finance as part of the Fiscal Monitor.

⁵  EI premiums are collected on total earnings from the first hundred dollars earned to the maximum insurable earnings.

Note: In 2020, the EI maximum weekly benefit is $573, which is equal to 55 per cent of EI maximum insurable earnings of $54,200.

Sources: Statistics Canada, Employment and Social Development Canada, Department of Finance Canada and Ontario Ministry of Finance.

80

Ontario, Labour Compensation, 2006–2019																			Table 21
	2006			2007			2008			2009			2010			2011			2012
Average Weekly Earnings ($)1		788.80			819.19			838.34			848.77			881.36			893.40			906.07
Increase (%)		1.6			3.9			2.3			1.2			3.8			1.4			1.4
CPI Inflation (%)		1.8			1.8			2.3			0.4			2.5			3.1			1.4
AWE Increase Less CPI Inflation (%)		(0.2	)		2.0			0.1			0.9			1.4			(1.7	)		0.0
AWE – Manufacturing ($)		961.33			997.47			999.72			950.13			999.23			1,006.42			1,036.99
Increase (%)		0.1			3.8			0.2			(5.0	)		5.2			0.7			3.0
Increase Less CPI Inflation (%)		(1.7	)		1.9			(2.0	)		(5.3	)		2.7			(2.4	)		1.6
Wage Settlement Increases (%)2
All Sectors		2.5			3.0			2.7			2.2			2.0			1.7			1.3
Public		3.0			3.1			3.1			2.4			1.9			1.6			1.4
Private		1.8			2.9			2.0			1.2			2.0			1.9			1.2
Person Days Lost Due to Strikes and Lockouts (000s)		395			389			282			1,550			705			352			201
Minimum Wage at Year-end ($/hour)		7.75			8.00			8.75			9.50			10.25			10.25			10.25
Table 21 (continued)
	2013			2014			2015			2016			2017			2018			2019
Average Weekly Earnings ($)1		919.91			938.16			962.75			973.70			992.46			1,021.38			1,049.51
Increase (%)		1.5			2.0			2.6			1.1			1.9			2.9			2.8
CPI Inflation (%)		1.0			2.4			1.2			1.8			1.7			2.4			1.9
AWE Increase Less CPI Inflation (%)		0.5			(0.4	)		1.4			(0.7	)		0.2			0.6			0.9
AWE – Manufacturing ($)		1,050.59			1,071.73			1,107.09			1,119.28			1,125.79			1,121.57			1163.29
Increase (%)		1.3			2.0			3.3			1.1			0.6			(0.4	)		3.7
Increase Less CPI Inflation (%)		0.3			(0.3	)		2.1			(0.7	)		(1.1	)		(2.7	)		1.9
Wage Settlement Increases (%)2
All Sectors		1.0			1.5			1.0			1.6			1.9			1.7			1.9
Public Private		0.5 2.3			1.4 1.9			0.8 1.7			1.4 1.9			1.9 2.0			1.7 1.9			1.5 2.3
Person Days Lost Due to Strikes and Lockouts (000s)		288			132			337			245			418			303			355
Minimum Wage at Year-end ($/hour)		10.25			11.00			11.25			11.40			11.60			14.00			14.00

¹  Average Weekly Earnings (AWE) includes overtime.

²  Wage settlement increases are for collective agreements covering 200 or more employees for data prior to 2010 and 150+ employees from 2010 onwards, Ontario Ministry of Labour.

Sources: Statistics Canada, Ontario Ministry of Labour and Ontario Ministry of Finance.

81

Ontario, Employment Level by Economic Regions, 2010–2019a									Table 22
	(Thousands)
	2010		2011		2012		2013		2014
Ontario		6,538		6,658		6,703		6,823		6,878
Region: 1
East		880		897		909		898		908
Ottawa (510)		676		679		695		685		698
Kingston-Pembroke (515)		203		218		214		214		210
Greater Toronto Area (530)2		3,035		3,078		3,112		3,240		3,241
Central		1,508		1,552		1,551		1,559		1,597
Muskoka-Kawarthas (520)		173		176		171		168		186
Kitchener-Waterloo-Barrie (540)		651		676		675		694		705
Hamilton-Niagara Peninsula (550)		685		700		706		697		706
Southwest		762		771		773		769		775
London (560)		319		320		323		324		325
Windsor-Sarnia (570)		293		294		297		295		299
Stratford-Bruce Peninsula (580)		150		158		153		151		151
North		354		360		357		356		357
Northeast (590)		254		261		255		254		257
Northwest (595)		100		100		102		102		100
Table 22 (continued)	(Thousands)
	2015		2016		2017		2018		2019
Ontario		6,923		7,000		7,128		7,242		7,453
Region: 1
East		889		905		903		916		964
Ottawa (510)		688		692		695		710		746
Kingston-Pembroke (515)		201		212		208		206		217
Greater Toronto Area (530)2		3,320		3,373		3,443		3,522		3,653
Central		1,597		1,598		1,655		1,657		1,691
Muskoka-Kawarthas (520)		168		171		181		179		173
Kitchener-Waterloo-Barrie (540)		711		706		724		726		752
Hamilton-Niagara Peninsula (550)		719		721		750		751		766
Southwest		770		776		778		794		793
London (560)		330		331		330		336		336
Windsor-Sarnia (570)		295		299		299		302		303
Stratford-Bruce Peninsula (580)		145		145		149		156		155
North		346		348		348		354		352
Northeast (590)		248		248		245		250		250
Northwest (595)		97		100		103		104		102

¹  Standard deviations vary significantly across regions, decreasing as the size of the region increases.

²  Economic Region 530 closely matches the GTA, the main exception being that it excludes the city of Burlington.

Note:     All figures are average annual employment levels.

Source: Statistics Canada.

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Ontario, Employment Level by Industry for Economic Regions, 2019							Table 23
	(Thousands)
	All Industries		Agriculture		Resources1		Manufacturing
Ontario		7,453		74		35		761
Region:
East		964		9		2		49
Ottawa (510)		746		7		—		32
Kingston-Pembroke (515)		218		2		—		16
Greater Toronto Area (530)		3,653		8		5		338
Central		1,691		24		2		226
Muskoka-Kawarthas (520)		173		—		0		21
Kitchener-Waterloo-Barrie (540)		752		10		—		109
Hamilton-Niagara Peninsula (550)		766		13		—		96
Southwest		794		30		3		129
London (560)		336		9		0		52
Windsor-Sarnia (570)		303		9		—		56
Stratford-Bruce Peninsula (580)		155		12		—		22
North		352		3		23		19
Northeast (590)		250		2		19		14
Northwest (595)		102		—		4		6
Table 23 (continued)	(Thousands)
	Construction		Distributive2		Finance, Prof. & Mgmt.3		Info., Culture & Recreation4
Ontario		543		712		1,587		305
Region:
East		62		62		176		37
Ottawa (510)		44		48		140		30
Kingston-Pembroke (515)		18		14		36		7
Greater Toronto Area (530)		241		387		984		163
Central		145		159		279		71
Muskoka-Kawarthas (520)		14		19		29		7
Kitchener-Waterloo-Barrie (540)		71		68		129		30
Hamilton-Niagara Peninsula (550)		60		72		121		34
Southwest		66		71		108		24
London (560)		27		27		54		11
Windsor-Sarnia (570)		22		25		38		11
Stratford-Bruce Peninsula (580)		17		18		16		3
North		29		32		39		10
Northeast (590)		22		22		29		7
Northwest (595)		7		10		10		3

Table 23 (continued)			(Thousands)
	Retail Trade	Personal Services5	Education
Ontario	844	758	549
Region:

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East	103	102	80
Ottawa (510)	77	80	58
Kingston-Pembroke (515)	26	22	21
Greater Toronto Area (530)	413	343	257
Central	195	188	132
Muskoka-Kawarthas (520)	22	16	13
Kitchener-Waterloo-Barrie (540)	83	80	63
Hamilton-Niagara Peninsula (550)	90	91	57
Southwest	89	86	52
London (560)	36	34	25
Windsor-Sarnia (570)	35	37	19
Stratford-Bruce Peninsula (580)	18	15	8
North	44	39	28
Northeast (590)	32	26	19
Northwest (595)	12	13	9

Table 23 (continued)	(Thousands)
	Health & Soc. Assistance		Public Administration
Ontario		906		380
Region:
East		131		151
Ottawa (510)		93		135
Kingston-Pembroke (515)		38		17
Greater Toronto Area (530)		393		121
Central		210		60
Muskoka-Kawarthas (520)		24		7
Kitchener-Waterloo-Barrie (540)		84		26
Hamilton-Niagara Peninsula (550)		102		27
Southwest		110		26
London (560)		49		11
Windsor-Sarnia (570)		41		10
Stratford-Bruce Peninsula (580)		20		5
North		63		23
Northeast (590)		42		16
Northwest (595)		21		7

All figures are average annual employment levels.

Sub-regional figures may not add up to regional totals due to rounding.

Employment numbers under 1,500 are suppressed because they are statistically unreliable.

See standard deviation and GTA note for Table 22.

Industrial groupings based on North American Industry Classification System (NAICS).

¹  Includes Forestry, Fishing, Mining, Oil and Gas.

²  Includes Transportation and Warehousing, Utilities and Wholesale Trade.

³  Includes Finance, Insurance, Real Estate and Leasing; Management of Companies, Administrative and Support Services; and Professional, Scientific and Technical Services.

⁴  Includes industries such as Publishing, Motion Picture and Sound Recording, Broadcasting and Telecommunications, Information Services and Data Processing Services, Performing Arts, Spectator Sports and Related Industries, Heritage Institutions and Amusement, Gambling and Recreation.

⁵  Includes Accommodation and Food Services and Other Services (such as Repair and Maintenance, Personal and Laundry, Religious, Grant-making, Civic, Professional and Similar Organizations).

Source: Statistics Canada.

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Ontario Economic Regions1	Table 24
East
Ottawa (510)	The united counties of Stormont, Dundas and Glengarry, Prescott and Russell, Leeds and Grenville, Lanark County and the Ottawa Division
Kingston-Pembroke (515)	The counties of Lennox and Addington, Hastings, Renfrew and Frontenac and the Prince Edward Division
Central
Muskoka-Kawarthas (520)	The counties of Northumberland, Peterborough, Haliburton, the Muskoka District Municipality and the Kawartha Lakes Division
Kitchener-Waterloo-Barrie (540)	The counties of Dufferin, Wellington and Simcoe and the Waterloo Regional Municipality
Hamilton-Niagara Peninsula (550)	The divisions of Brant, Haldimand-Norfolk and Hamilton, the Niagara Regional Municipality and the city of Burlington
Greater Toronto Area2
Toronto (530)	The Toronto Division and the regional municipalities of Durham, York, Peel and Halton (excluding the city of Burlington)
Southwest
London (560)	The counties of Oxford, Elgin and Middlesex
Windsor-Sarnia (570)	The counties of Lambton and Essex and the Chatham-Kent Division
Stratford-Bruce Peninsula (580)	The counties of Perth, Huron, Bruce and Grey
North
Northeast (590)	The districts of Nipissing, Parry Sound, Manitoulin, Sudbury, Timiskaming, Cochrane, Algoma and the Greater Sudbury Division
Northwest (595)	The districts of Thunder Bay, Rainy River and Kenora

¹  As defined by Statistics Canada, Standard Geographical Classification SGC 2016.

²  Economic Region 530 closely matches the GTA, the main exception being that it excludes the city of Burlington.

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