Welcome guest.  ( Sign in )

Canada's Debt map: How much governments have borrowed where you live.

May 6, 2016 - Updated: May 6, 2016

Debt for all 3 levels of government hits high of $47K per person in St. John's, low of $23K in Whitehorse.

 

It's coming to the end of budget season, that time of year when the federal and provincial governments tell us how much they're going to spend, and more often than not, borrow in our name.

The federal and most of the provincial budgets are in, with only Saskatchewan and Manitoba to come.

Most Canadians are familiar with the federal debt, the accumulation of the federal government's borrowing over time. That number, according to the most recent budget, will hit $648.7 billion by the end of the fiscal year. 

The share of the country's federal debt for each child, woman and man will be about $17,995. 

Debt figures, of course, should be considered in light of a country's assets, the size of its economy and ability to pay interest on its debt, and by that score Canada is in relatively good shape, even if the numbers seem alarming. 

Provinces also run deficits, and build up big debts in the process. Ontario has a debt of $296 billion, or about $21,470 per person. Quebec's debt is $187 billion, or about $22,641 per person.

And while Newfoundland and Labrador's debt total is much lower at $14.6 billion, when spread across its smaller population the per capita debt in that province is the highest in the country at $27,782.

Cities are not allowed to run deficits, but they can borrow to spend on infrastructure and other projects, and they do — Toronto has a debt of $3.5 billion, while Montreal's is $5.5 billion —  twice that of P.E.I.'s debt and about the same as Saskatchewan's $5.53 billion debt.

Depending on where you live, the total debt from all three levels of government, when added up and divided by the population, is as high as $47,439 per person (St. John's) or as low as $23,165 per person (Whitehorse).

The debt picture

A resident of St. John's doesn't actually owe the money racked up by the city, province and federal government that represents them, but by adding up all levels of debt a clearer picture emerges of just how much governments are borrowing in our name.

"The problem is that there is no incentive for any level of government to point out the debt at another level of government," said Aaron Wudrick, federal director of the Canadian Taxpayers' Federation. "They kind of want to minimize what it looks like, and that I think is the problem."

"When we talk about debt I think it's important we be clear about the total amount. At the end of the day there is only one taxpayer," he said.

Debt per capita per city graphic

Source: Municipal debt numbers provided by relevant city. Provincial debt numbers are as of the most recent budget or from the finance department of the relevant province. The federal debt number comes from the federal budget. All population figures used to calculate per capita debt levels are from Statistics Canada. (CBC News)

source; http://www.cbc.ca/beta/news/politics/national-debt-map-canada-1.3557745

 


Tagged with: government dept level
| | Share

Interest Rates Rise

Originally posted on: July 12, 2017
Filed under: interest rates interest
Bank of Canada interest rate revealed by Justin da Rosa, 12 Jul 2017 ...

Most Expensive Home in America

Originally posted on: July 5, 2017
Last updated on: July 5, 2017
Filed under: home most expensive
Unique Home Click on the image below to see more. ...

What Canada Means to me.....

Originally posted on: June 28, 2017
Last updated on: June 28, 2017
Filed under: canada day
Happy Canada Day weekend everyone. Here is what Canada means to one of the McRobert Real Estate Group team members. Please let us know ...

Prepare for an Emergency Part 2

Originally posted on: June 13, 2017
Last updated on: June 13, 2017
Filed under: emergency safety
COLLECT IMPORTANT DOCUMENTS Organize important documents in one place—such as an accordion folder or fireproof safe—so you can ...

Prepare for an Emergency Part 1

Originally posted on: June 8, 2017
Last updated on: June 8, 2017
Filed under: emergeny house damage
KNOW THE RISKS No matter where you live, your region may be susceptible to one or more emergency situations or weather hazards, including: e ...


Durham Bungalows
Brokerage
Independently owned and operated.

420 Green Street #105
Whitby, ON L1N 8R1


Phone: 1-905-995-0460
Powered by Lone Wolf Real Estate Technologies (CMS6)