Government of Ontario Fiscal Plan
| Fiscal Year | 2022 Budget Plan | |
|---|---|---|
| Expenditures | 181.3 | 198.6 |
| % change | 10.0 | 6.1 |
| Program Spending | 169.0 | 185.2 |
| % change | 11.0 | 6.4 |
How much debt is Ontario in 2022?
The reserve is set at $1.0 billion in 2022–23 and $1.5 billion each year over the medium term, 2023–24 and 2024–25. Net debt-to- GDP for 2022–23 is projected to be 38.4 per cent, 3.0 percentage points lower than the 41.4 per cent forecast in the 2022 Budget and 0.8 percentage points lower than in 2021–22.
How much does the Ontario government make per year?
2021–22 Actuals. The Ontario government ended with a $2.1 billion surplus for the fiscal year ended March 31, 2022, comparing to the previous year’s deficit of $16.4 billion, mainly due to higher revenues (see Table 1 above). Total revenues are $ 185.1 billion, which are $ 20.2 billion or 12.
How much does Ontario spend on debt?
Interest on the debt in 2019-20 was CDN$12.5 billion, representing 8.0% of Ontario’s revenue and its fourth-largest spending area.
Ontario government debt.
| Fiscal Year | Net Debt (CDN$ billions) | Deficit (-) or Surplus (CDN$ billions) |
|---|---|---|
| 2020-21 | 373.6 | -16.4 |
| 2019-20 | 353.3 | -8.7 |
| 2018-19 | 338.5 | -7.4 |
| 2017-18 | 323.8 | -3.7 |
What does Ontario spend most of its money on?
Ontario’s top expenses
- Health sector. $63.5 billion.
- Education sector. $41.2 billion.
- Children and social services sector. $16.7 billion.
- Interest on debt. $13.3 billion.
Has Ontario ever had a balanced budget?
Ontario posted its first budget surplus in 14 years as inflation and resilience in the economy bolstered revenue above projections in fiscal 2021-2022. The world’s largest sub-sovereign debt issuer reached a C$2.1 billion ($1.6 billion) surplus in the year ended March 31, 2022.
How large is Ontario’s debt?
Ontario’s government debt actually increased last year by $6.8 billion. Ontario’s net debt increased from $373.6 billion in 2020/21 to $380.4 billion in 2021/22.
How big is Ontario Budget 2022?
$199-billion
Fiscal Balance
Budget 2022 underscores the government’s efforts to invest in infrastructure, affordability, labour, and productivity as a means for economic growth through a $199-billion spending plan, with nearly $160 billion earmarked for infrastructure over the next 10 years.
What is the highest paying province in Canada?
Average & median salaries in Alberta are the highest amongst Canadian provinces, followed by British Columbia, while salaries/wages in North Western Territories are the highest overall.
How much does Ontario collect in taxes?
Details of 2020–21 actual results ($ Billions) – table 2
| Item | March 2020 Economic and Fiscal Update | 2019–20 Actual |
|---|---|---|
| Revenue: Other taxes | 6.7 | 5.9 |
| Total taxation Revenue | 108.2 | 108.3 |
| Government of Canada | 26.3 | 25.4 |
| Income from Government Business Enterprises | 4.1 | 5.9 |
Who does Ontario borrow money from?
The Province’s publicly-held debt consists of funds borrowed from the general public and institutional investors. Note: Publicly-held debt includes the offsetting of $7.1 billion in Ontario bonds and treasury bills purchased and held by the Province against Canadian dollar debt. Numbers may not add due to rounding.
How does Ontario make its money?
The economy of Ontario is diversified. Ontario is the largest economy in Canada, making up around 38% of Canadian GDP. Though manufacturing plays an important role in Ontario’s economy responsible for 12.6% of Ontario’s GDP, the service sector makes up the bulk, 77.9%, of the economy.
Who owns Canada’s national debt?
Overall, about 76 per cent of Government of Canada market debt was held by Canadian investors, such as insurance companies and pension funds, and financial institutions and governments.
What is Canada’s biggest expense?
Social protection remained the largest expense of the Canadian general government, at almost one-third (30.4%) of total spending. Of the $267.4 billion increase in total spending, social protection accounted for half (50.1%).
How much does Ontario spend on education?
In contrast, in the 2022 Ontario Budget, the Province projects that EDU spending will grow at an average annual rate of 3.6 per cent, reaching $38.9 billion in 2027-28. The spending gap between the FAO’s projection and the Province’s outlook increases from $0.4 billion in 2022-23 to $2.0 billion in 2027-28.
How big is Canada’s debt?
General government net debt, or gross debt minus financial assets, reached $1,453 billion or 57.9% as a share of GDP in the fiscal year ending 31 March 2022.
Alternative measures of government debt.
| Government debt for fiscal year 2021. | Amount ($billions) | Percent of GDP |
|---|---|---|
| Gross debt | $2,942 | 117.2% |
| Net debt | $1,453 | 57.9% |
How much does Ontario contribute to Canada’s GDP?
GDP and per capita GDP, 2021
| Province or territory | GDP (In Millions) | Share of national GDP (%, 2021) |
|---|---|---|
| Ontario | 956,707 | 38.12 |
| Prince Edward Island | 8,627 | 0.34 |
| Quebec | 504,455 | 20.10 |
| Saskatchewan | 88,315 | 3.52 |
When did we stop paying for OHIP?
The discontinuation of the province’s health plan, Ontario Health Insurance Plan (OHIP), takes effect January 01, 2020. The cancellation was originally planned to go live on October 01, 2019, but the implementation date was later pushed back.
What drives the economy in Ontario?
Services industry. Although Ontario is a manufacturing powerhouse, the services sector is the largest part of Ontario’s economy. It employs 79% (or 5.3 million people) of the province and makes up 76.9% of the province’s economy.
Is Canada more in debt than the US?
Debt-to-GDP ratio
| Country | Gross public debt as % of GDP (CIA) | Total (gross) government debt as % of GDP (IMF) |
|---|---|---|
| Canada | 98.2 | 89.688 |
| United States | 103.8 | 107.785 |
What country is deepest in debt?
Japan, with its population of 127,185,332, has the highest national debt in the world at 234.18% of its GDP, followed by Greece at 181.78%.