ontario vs quebec debt

While we battle the debt, the real fight is against apathy. Please don’t read me with Georges St-Pierre’s accent. If you don't see it please check your junk folder.

365 Bloor Street East, Toronto, Ontario, M4W 3L4. That kind of behaviour could spur cynicism among voters and sour some of the goodwill earned through budget spending, she said. Whereas Ontario continues to run large budget deficits, Quebec is on track to eliminate its deficit and return to a balanced budget this year. The next issue of The Toronto Sun Headline News will soon be in your inbox. We apologize, but this video has failed to load.

Meanwhile, Quebec’s provincial debt-to-GDP ratio (a measure economists use to measure the sustainability of a jurisdiction’s debt burden) was 14.8% higher than Ontario’s. The fiscal update forecasts that the province’s debt-to-GDP ratio (the best indicator of fiscal sustainability) will go from 40% this year to 39.8% in 2021/22. This is all bad news for Ontarians, as more government debt can limit opportunity and lighten the wallet. Ontario is in debt, big time. But this year Ontario’s debt-to-GDP ratio is forecasted to be 40.4 per cent, slightly higher than Quebec’s 40.0. We encountered an issue signing you up. Peter Munk Centre for Free Enterprise Education. And again, the projections for Ontario are likely optimistic. A broad concept of debt is

Ten years ago, Quebec was the most indebted province in Canada while Ontario was in the middle of the pack. Gross debt has decreased for three years in a row and stood at $204.5 billion as of March 2018. Get the latest news from the Fraser Institute on the latest research studies, news and events. Meanwhile, Ontario’s debt-to-GDP ratio is forecasted to decline only slightly in the years ahead, hovering near its current historically high level.

neighbourhood launches their own 'Little Free Pantry'. If we go back to that level of debt at the federal level Ontario's large debt would start to be more concerning. Ontario is in debt, big time. Notwithstanding this positive news, the government’s fiscal plan calls for a slow path to deficit reduction, which means the province will make virtually no progress in reducing its debt burden in the years ahead. Meanwhile, Ontario's plan spreads the money widely in an effort to please everyone, she said. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. In 2008, Quebec’s per-person net debt was $17,295 compared to $13,164 for Ontario, a gap of approximately $4,100 per person. tap here to see other videos from our team. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. (Elaine Thompson/The Canadian Press/AP). As a result, the gap between Quebec and Ontario is forecasted to grow—in Quebec’s favour. Although Ontario surpassed Quebec in per-person debt in 2016/17, it still had a slightly lower debt-to-GDP ratio because Ontario is generally a richer province than Quebec. The next issue of The Toronto Sun Headline News will soon be in your inbox.

One person dead after being struck by vehicle on Allen Road, Toronto family races to raise $150K for toddler’s life-altering surgery, Markham, Ont. Government debt can pose serious economic problems. And companies may look elsewhere to invest if they believe red ink today means higher taxes tomorrow.

Quebec's spending package precisely targets who will get funding or tax relief with narrow programs, she said. Comparing the size of the debt to the size of its economy, Quebec was one of the only provinces to reduce its net debt as a percentage of the GDP since the … Here's how it will work, Toronto mayor defends decision to keep indoor dining, gyms closed, Vaughan, Ont.

Experts say the two fiscal blueprints reveal contrasting approaches to governance and electoral strategy, though it's unclear whether either will manage to turn the tide. Quebec's budget, presented a day earlier, boosts spending by 5.2 per cent and pours big money into health and education, two sectors forced to cut tens of millions of dollars earlier in the Liberals' mandate. Unauthorized distribution, transmission or republication strictly prohibited. The province also launched an aggressive plan to spend $2 billion a year over five years to lower the province's debt. As the 2018/19 fiscal year draws to a close, Ontario has surpassed Quebec on both measures of indebtedness. Although Ontario surpassed Quebec in per-person debt in 2016/17, it still had a slightly lower debt-to-GDP ratio because Ontario is generally a richer province than Quebec. As of Tuesday morning there are 49,040 confirmed cases of COVID-19 in Canada and 2,769 people have died from the novel coronavirus to date. Examining the debt burden in each province relative to the size of the economy provides further evidence of Ontario converging quickly with Quebec. In 2008, Quebec’s per-person net debt was $17,295 compared to $13,164 for Ontario, a gap of approximately $4,100 per person. Ontario's finance minister, Charles Sousa, bristled at the comparison earlier this week, saying that Quebec benefits from billions more in equalization payments from Ottawa and has a higher debt to GDP ratio than Ontario does. Fast forward to FY 2018/19, and Quebec’s ratio resided at around 40%, equivalent to about a one-fifth reduction. Sign up to receive daily headline news from the Toronto SUN, a division of Postmedia Network Inc. Ontario expects to run a cumulative $12 billion deficit this fiscal year and next.

Quebec's share of Canadian population = 22.6%. Visit our Community Guidelines for more information and details on how to adjust your email settings. And Doug Ford’s government does not have a plan to meaningfully reduce that debt burden.

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If you deserve to be rewarded, you're going to be rewarded... and who are the deserving people? Since then, things have gotten worse, such that at the end of this fiscal year, Ontario’s per-person debt load will be approximately $3,000 higher in Ontario than in Quebec. Quebec and Ontario: The great debt convergence, tap here to see other videos from our team.

Tellier, from the University of Ottawa, said she believes Ontario's Liberals are more likely to benefit from their budget, but that advantage may be short-lived if the other parties present compelling plans of their own. They are, after all, Canada’s two most indebted provinces. In Canada's largest provinces, two Liberal governments on the ropes as they gear up to fight for re-election have made their last fiscal plays to score points with voters — but with two vastly different plans. While Ontario and Quebec have the heaviest caseload, Alberta and British Columbia are also dealing with a large number of cases in Canada, 14 per cent, Tam said. Fast forward to FY 2018/19, and Quebec’s ratio resided at around 40%, equivalent to about a one-fifth reduction. As a result, per-person debt in Quebec stabilized and began to drop while it just kept climbing in Ontario. Quebec’s government, on the other hand, has balanced its budget every year since 2015-2016, and has just announced it will pay down $10 billion of its debt over the next five years. Quebec experienced the second largest increase; in that province net debt per 365 Bloor Street East, Toronto, Ontario, M4W 3L4.

While noteworthy on its own, consider the fact that in FY 2018/19, Quebec’s net debt to GDP was below Ontario’s for the first time since at least the early 90s (Chart 1). As the 2018/19 fiscal year draws to a close, Ontario has surpassed Quebec on both measures of indebtedness. Both governments have touted fiscal responsibility only to present a big-spending budget in an election year, she said.

With the biggest debt of all provinces and American states, Quebec is no model of fiscal prudence, but at least it is on track to balance it budget this year, Ontario’s per-person debt burden will soon exceed Quebec’s. Between 2003/04 and 2015/16, Ontario’s debt level increased by more than any other province. "In both cases, the same reasons exist why voters don't like those two parties (in Ontario and Quebec) — it's that they have not been consistent over time," she said. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. Quebec's provincial GDP = $394.8 billion CAD. With its annual deficit eliminated, Quebec is now in a position to begin reducing its debt burden. finds that high levels of government indebtedness hinder long-term economic growth. Over this time, Ontario’s net debt rose by $10,292 per person, the largest per capita increase in Canada.
These forecasts are credible given the progress the province has made and the fact the provincial budget is balanced. Due to higher-than-expected provincial revenues, the Ontario’s operating deficit this year will be somewhat smaller than anticipated in the spring budget. Miriam Katawazi

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