The Canadian government is borrowing billions of dollars and burning through cash, and providing the most needed financial support to millions of Canadians during this unprecedented time. Statistics Canada is on the path to one trillion-dollar debt, with our national debt sitting at $896.3 Billion as of October 08, 2020,
The Canadian government is projected to owe over $1 trillion by 2020, according to a report by the Parliamentary Budget Office (PBO). This is more than double the amount of debt owed in 2010. Ontario is expected to be the province with the highest level of debt, followed by Quebec and British Columbia.
The PBO report warns that high government debt levels can have negative consequences, such as higher borrowing costs and reduced economic growth. Therefore, Canada needs to address its burgeoning national debt levels sooner rather than later.
Canada’s National Debt
$896,318,087,170,655.27
Your Share of The Debt
$23,652.11
Growth Of Debt Per Day
$940,273,972.60
Per Hour
$39,178,082.19
Here Are Canada’s Debt By Province 2020
BRITISH COLUMBIA
B.C.’s debt is now growing by $4.5 billion in 2019-20 at $12.4 million every day.
BC Debt: $072,875,606,988.04
Your Share Of The Debt
$14,370.01
ALBERTA
Alberta’s debt is currently increasing at $290 per second, increasing by $9.1 billion in 2019-20.
Alberta Debt: $076,592,675,233.63
Your Share Of The Debt
$17,521.01
SASKATCHEWAN
April 1st starting point of $10.7764 billion, growing by the increase in GSO debt of $1.1577 billion to $11.9341 billion on March 31, 2020. For the end of fiscal 2019-20, the “Public Debt” is projected to hit $21.7 billion, and the “Gross Debt” is projected to hit $10.9 billion.
Saskatchewan Debt: $012,542,897,205.43
Your share Of The Debt
$10,758.00
MANITOBA
Manitoba’s debt is slated to grow by $800 million in 2019-20, which is a rate of $1,522 per minute. Summary Net Debt” is used for calculating Manitoba’s debt. The numbers can be found on page 1 of the 2019 Manitoba mid-year
Manitoba Debt: $026,219,702,655.24
Your Share Of The Debt:
19,145.00
ONTARIO
Ontario’s debt on debtclock.ca is presented as “Net Debt.” In 2019-20, Ontario’s debt grew by $483 every second and will increase by $15.2 billion during this fiscal year.
Ontario Debt: $361,761,224,565.49
Your Share Of The Debt
$24,835.00
QUEBEC
Quebec’s debt is projected to grow by $202.31 every second in 2019-20. It will increase by $6.4 billion this fiscal year. An alternative Quebec debt clock includes unfunded pension liabilities, municipal borrowing and Crown debt.
Quebec Debt: $190,471,311,221.02
Your Share Of The Debt
22,488.00
NEW BRUNSWICK
New Brunswick’s Net Debt decreases by $259 every minute and will shrink by $135.9 million during the 2019-20 fiscal year. The most recent figures can be found on page 3 of the second-quarter report.
New Brunswick Debt: $013,751,426,096.20
Your Share Of The Debt
$17,702.00
NEWFOUNDLAND AND LABRADOR
For 2019-20, Newfoundland and Labrador’s net debt decreases by $1.4 billion thanks to a one-time Atlantic Accord payment from the federal government. However, it is expected to grow again starting in 2020-21. Figures have been updated after the fall fiscal update.
Newfoundland and Labrador Debt: 013,201,073,955.29
Your Share Of The Debt
$25,311.00
NOVA SCOTIA
Nova Scotia’s net debt is projected to grow by $207 million in 2019-20. The numbers can be found online on page 7 of the 2019 provincial budget.
Nova Scotia Debt: $015,384,872,103.88
YOUR Share Of The Debt
$15,947.00
PRINCE EDWARD ISLAND
PEI’s net debt is projected to grow by $69.2 million in fiscal 2019-20. Therefore, PEI’s debt is “net debt.” The growth of net debt is taken from page 165, 2019.
P.E.I Debt: $002,280,797,142.38
Your Share Of The Debt
$14,738.00
Why does the Government borrow money?
Governments at all levels in Canada continue to borrow money even though the country’s debt is growing. The federal government, provinces and municipalities owe $2 trillion as of 2020. Despite this, some people argue that borrowing is necessary for governments to invest in infrastructure, provide social services and meet other needs.
Others say that government borrowing is wrong because it increases the national debt, can lead to higher taxes or interest rates and puts taxpayers at risk if the government defaults on its loans. They argue that governments should live within their means, like individual Canadians do, and find other ways to fund their activities.
Source: | Statistics Canada | CTF
