The Ontario Financing Authority (OFA) was established by the Capital Investment Plan Act, 1993 (CIPA). CIPA sets out the objects and powers of the OFA. In this regard, the OFA:

• conducts borrowing, investment and financial risk management for the Province of Ontario;
• manages the Provincial debt;
• provides financial and cash management services for the government;
• advises ministries, Crown agencies and other public bodies on financial policies and projects;
• assists Crown agencies and other public bodies to borrow and invest money; and
• acts as an intermediary for the Province in lending to certain public bodies and invests on behalf of some public bodies.

The OFA also provides a broad range of financial services to the Ontario Electricity Financial Corporation (OEFC) and the Ontario Strategic Infrastructure Financing Authority (OSIFA), formerly the Ontario Municipal Economic Infrastructure Financing Authority (OMEIFA).

The Financial Administration Act (FAA) sets out certain financial powers that the OFA exercises on behalf of the Province in order to carry out the Province’s borrowing program, manage the Province’s debt and invest the liquid reserves.

In addition, CIPA, together with the Memorandum of Understanding (MOU) between the Minister of Finance and the OFA and the OFA’s by-laws, describe in general terms the manner in which the OFA is to be directed and operated.