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Canadian Public Debt
Canadian public debt, or general government debt, is the liabilities of the government sector. Government ''gross debt'' consists of liabilities that are a financial claim that requires payment of interest and/or principal in future. They consist mainly of Treasury bonds, but also include public service employee pension liabilities. Changes in debt arise primarily from new borrowing, due to government expenditures exceeding revenues. For 2021 (the fiscal year ending 31 March 2022), the market value of gross debt was $2,942 billion ($76,135 per capita) for the consolidated Canadian general government – federal, plus provincial, territorial and local governments (PTLGs) combined. As a ratio of GDP, gross debt was 117.2% (GDP was $2,510 billion in 2021), down from 130.0% in 2020, the highest level ever recorded, but significantly above the pre-pandemic level (105.6% in 2019). The sustainability of government debt depends on sound fiscal management by the provincial, territoria ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliamentary Budget Officer
The Office of the Parliamentary Budget Officer (OPBO; ) is an office of the Parliament of Canada which provides independent, authoritative and non-partisan financial and economic analysis. The office is led by the Parliamentary Budget Officer (PBO; ), an independent officer who supports parliamentarians in carrying out their constitutional roles of scrutinizing the raising and spending of public monies and generally overseeing the government's activities. History Creation of PBO (2006) The Parliamentary Budget Officer was established in 2006 by the Conservative Party of Canada, Conservative government of Prime Minister of Canada, Prime Minister Stephen Harper, as one of the independent oversight offices established by the ''Federal Accountability Act''. The act was the Premiership of Stephen Harper, Harper government's first piece of legislation. The powers of the PBO are enshrined in the ''Parliament of Canada Act'' (Sections 79.1-79.5). The PBO's mission is to "support Pa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Wall Street Journal
''The Wall Street Journal'' (''WSJ''), also referred to simply as the ''Journal,'' is an American newspaper based in New York City. The newspaper provides extensive coverage of news, especially business and finance. It operates on a subscription model, requiring readers to pay for access to most of its articles and content. The ''Journal'' is published six days a week by Dow Jones & Company, a division of News Corp. As of 2023, ''The'' ''Wall Street Journal'' is the List of newspapers in the United States, largest newspaper in the United States by print circulation, with 609,650 print subscribers. It has 3.17 million digital subscribers, the second-most in the nation after ''The New York Times''. The newspaper is one of the United States' Newspaper of record, newspapers of record. The first issue of the newspaper was published on July 8, 1889. The Editorial board at The Wall Street Journal, editorial page of the ''Journal'' is typically center-right in its positio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Budget Deficit
The government budget balance, also referred to as the general government balance, public budget balance, or public fiscal balance, is the difference between government government revenues, revenues and government expenditures, spending. For a government that uses accrual accounting in the public sector, accrual accounting (rather than cash accounting) the budget balance is calculated using only spending on current operations, with expenditure on new capital assets excluded. A positive balance is called a ''government budget surplus'', and a negative balance is a ''government budget deficit''. A government budget presents the government's proposed revenues and spending for a financial year. The government budget balance can be broken down into the ''primary balance'' and interest payments on accumulated government debt; the two together give the budget balance. Furthermore, the budget balance can be broken down into the ''structural balance'' (also known as ''cyclically-adjus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Debt
A country's gross government debt (also called public debt or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occurs when a government's expenditures exceed revenues. Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's external debt. In 2020, the value of government debt worldwide was $87.4 US trillion, or 99% measured as a share of gross domestic product (GDP). Government debt accounted for almost 40% of all debt (which includes corporate and household debt), the highest share since the 1960s. The rise in government debt since 2007 is largely attributable to stimulus measures during the Great Recession, and the COVID-19 recession. Governments may take on debt when the government's spending desires do not match government revenue flows. Taking deb ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ontario Debt
The Ontario government debt consists of the liabilities of the Government of Ontario. Approximately 82% of Ontario's debt is in the form of debt securities (bonds, Treasury bills), while other liabilities include government employee pension plan obligations, loans, and accounts payable. ThOntario Financing Authority which manages the province's debt, says that as of March 31, 2020 (for the 2019–20 fiscal year), the Ontario government's net debt is CDN $353.3 billion. Net debt is projected to rise to $398 billion in 2020–21. The Debt-to-GDP ratio for 2019–2020 was 39.7%, and is projected to rise to 47.1% in 2020–21. 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. Debt breakdown As of March 31, 2018, the breakdown of Ontario's debt is as follows: * Canadian Dollar Public Bonds: $259.4B (74%) * Foreign Currency Bonds: $56.4B (16%) * Canadian Dollar Treasury Bills: $18.9B (5%) * Cana ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Canada
The economy of Canada is a Developed country, highly developed mixed economy. It is the world's List of countries by GDP (nominal), ninth-largest with a nominal GDP of approximately . Canada is one of the world's largest trading nations, with a highly globalized economy. In 2021, Canadian trade in goods and services reached $2.016 trillion. Canada's exports totalled over $637 billion, while its imported goods were worth over $631 billion, of which approximately $391 billion originated from the United States. In 2018, Canada had a trade deficit in goods of $22 billion and a trade deficit in services of $25 billion. The Toronto Stock Exchange is the List of stock exchanges, tenth-largest stock exchange in the world by market capitalization, listing over 1,500 companies with a combined market capitalization of over . Canada has a strong cooperative banking sector, with the world's highest per-capita membership in credit unions. It ranks low in the Cor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In Canada
In Canada, taxation is a prerogative shared between the federal government and the various provincial and territorial legislatures. Legislation Under the ''Constitution Act, 1867'', taxation powers are vested in the Parliament of Canada under s. 91(3) for: The provincial legislatures have a more restricted authority under ss. 92(2) and 92(9) for: In turn, the provincial legislatures have authorized municipal councils to levy specific types of direct tax, such as property tax. The powers of taxation are circumscribed by ss. 53 and 54 (both extended to the provinces by s. 90), and 125, which state: Nature of the taxation power in Canada Since the 1930 Supreme Court of Canada ruling in ''Lawson v. Interior Tree Fruit and Vegetables Committee of Direction'', taxation is held to consist of the following characteristics: :* it is enforceable by law; :* imposed under the authority of the legislature; :* levied by a public body; and :* intended for a public purpose. In order ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canadian Federal Budget
In Canada, federal budgets are presented annually by the Government of Canada to identify planned government spending and expected government revenue, and to forecast economic conditions for the upcoming year. They are usually released in February or March, before the start of the fiscal year. All the Canadian provinces also present budgets. Since provincial finances depend on funds from the federal government, they are usually released after the federal budget. Budget process The budget is announced in the House of Commons by the Minister of Finance, who traditionally wears new shoes while doing so. The Budget is then voted on by the House of Commons. Budgets are a confidence measure, and if the House votes against it the government can fall, as happened to Prime Minister Joe Clark's government in 1980. The governing party strictly enforces party discipline, usually expelling from the party caucus any government Member of Parliament (MP) who votes against the budget. O ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Don Drummond (economist)
Don Drummond, is a noted Canadian economist, having served extensively in the federal Department of Finance Canada, as Chief Economist at Toronto-Dominion Bank and as a scholar at Queen's University. He is known for his wide contributions to public policy in Canada and extensive citation on economic issues. Early life and education Drummond was born and raised in Victoria, British Columbia, where he graduated from the University of Victoria. He subsequently received his M.A. in economics from Queen's University in 1977, and was awarded a Doctor of Laws honoris causa by Queen's University in June 2010. On Tuesday, June 9, 2015, the University of Victoria conferred an Honorary Doctor of Laws (LLD). Federal Department of Finance Drummond joined the federal Department of Finance where he served for 23 years, holding a series of progressively more senior positions in the areas of economic analysis and forecasting, fiscal policy and tax policy. He served as Assistant Deputy Min ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Sector
The public sector, also called the state sector, is the part of the economy composed of both public services and public enterprises. Public sectors include the public goods and governmental services such as the military, law enforcement, public infrastructure, public transit, public education, along with public health care and those working for the government itself, such as elected officials. The public sector might provide services that a non-payer cannot be excluded from (such as street lighting), services which benefit all of society rather than just the individual who uses the service. Public enterprises, or state-owned enterprises, are self-financing commercial enterprises that are under public ownership which provide various private goods and services for sale and usually operate on a commercial basis. Organizations that are not part of the public sector are either part of the private sector or voluntary sector. The private sector is composed of the economic sec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stephen Harper
Stephen Joseph Harper (born April 30, 1959) is a Canadian politician who served as the 22nd prime minister of Canada from 2006 to 2015. He is to date the only prime minister to have come from the modern-day Conservative Party of Canada, serving as the party's first leader from 2004 to 2015. Since 2018, he has also been the chairman of the International Democracy Union. Harper studied economics, earning a bachelor's degree in 1985 and a master's degree in 1991 at the University of Calgary. He was one of the founders of the Reform Party of Canada and was first elected in 1993 in Calgary West. He did not seek re-election in the 1997 federal election, instead joining and later leading the National Citizens Coalition, a conservative lobbyist group. In 2002, he succeeded Stockwell Day as leader of the Canadian Alliance, the successor to the Reform Party, and returned to parliament as leader of the Official Opposition. In 2003, Harper negotiated the merger of the Canadian Al ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
