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Debt Of Canada
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 government debt over time reflect primarily borrowing due to past government deficits (where a deficit occurs when government expenditures exceed 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 d ... [...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 government of Prime Minister Stephen Harper, as one of the independent oversight offices established by the '' Federal Accountability Act''. The act was the 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 Parliament in exercising its oversight role in the government’s stewardship of public ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Recession
The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression. One result was a serious disruption of normal international relations. The causes of the Great Recession include a combination of vulnerabilities that developed in the financial system, along with a series of triggering events that began with the bursting of the United States housing bubble in 2005–2012. When housing prices fell and homeowners began to abandon their mortgages, the value of mortgage-backed securities held by investment banks declined in 2007–2008, causing several to collapse or be bailed out in September 2008. This 2007–2008 phase was called the subprime mortgage crisis. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canadian Taxpayers Federation
The Canadian Taxpayers Federation (CTF; french: Fédération canadienne des contribuables, link=no) is a federally incorporated, non-profit organization in Canada. It claimed 30,517 donors and 215,009 supporters in 2018–19. Voting membership, however, is restricted to the board of directors. According to its by-laws, the board "can have as few as three and as many as 20" members. In 2017, it reportedly had a voting membership of six board members, and in 2020 it had four.https://www.taxpayer.com/about/board/ It describes itself as a taxpayers advocacy group, and the organization advocates lower taxes, less waste, and an increase in government accountability. It was founded in Saskatchewan in 1990 through a merger of the Association of Saskatchewan Taxpayers and the Resolution One Association of Alberta. The CTF maintains a federal office in Ottawa, and has staff based in Calgary, Vancouver, Victoria, Edmonton, Regina, Toronto, Montreal and Halifax. Provincial offices conduct ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Sovereign States By Public Debt
Below is a list of countries and territories by public debt (also called government debt or sovereign debt). ''Gross'' government debt is government financial liabilities that are debt instruments. A ''debt instrument'' is a financial claim that requires payment of interest and/or principal by the debtor to the creditor in the future. Examples include debt securities (such as bonds and bills), loans, and government employee pension obligations. ''Net'' debt equals gross debt minus financial assets that are debt instruments. Net debt estimates are not always available since some government assets are difficult to value, such as loans made at concessional rates. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occurs when a government's expenditures exceed revenues. In the list below, government debt is measured for the ''general government'' sector because the level of government responsible for programs (for exam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Budget Deficit
The government budget balance, also alternatively referred to as general government balance, public budget balance, or public fiscal balance, is the overall difference between government revenues and spending. A positive balance is called a ''government budget surplus'', and a negative balance is a ''government budget deficit''. A government budget is a financial statement presenting the government's proposed revenues and spending for a financial year. A budget is prepared for each level of government (from national to local) and takes into account public social security obligations. 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-adjusted balance'') and the cyclical component: the structural budget balance attempts to adjust for the impact of ... [...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 the global financial crisis of 2007–2008, and the COVID-19 pandemic. The ability of government to issue debt has been central to state formation and to state building. Public debt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt-to-GDP Ratio
In economics, the debt-to-GDP ratio is the ratio between a country's government debt (measured in units of currency) and its gross domestic product (GDP) (measured in units of currency per year). While it is a "ratio", it is technically measured in units of year, and can be interpreted as the number of years a country needs to pay off its entire debt, if all its GDP is devoted towards it. A low debt-to-GDP ratio indicates that an economy produces goods and services sufficient to pay back debts without incurring further debt. Geopolitical and economic considerations – including interest rates, war, recessions, and other variables – influence the borrowing practices of a nation and the choice to incur further debt. It should not be confused with a deficit-to-GDP ratio, which, for countries running budget deficits, measures a country's annual net fiscal loss in a given year ( total expenditures minus total revenue, or the net change in debt per annum) as a percentage share of tha ... [...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 provinces' 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%) * Canadian Dollar N ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Canada
The economy of Canada is a highly developed mixed-market economy. It is the 8th-largest GDP by nominal and 15th-largest GDP by PPP in the world. As with other developed nations, the country's economy is dominated by the service industry which employs about three quarters of Canadians. Canada has the third-highest total estimated value of natural resources, valued at US$33.98 trillion in 2019. It has the world's third-largest proven oil reserves and is the fourth-largest exporter of crude oil. It is also the fifth-largest exporter of natural gas. According to the Corruption Perceptions Index, Canada is perceived as one of the least corrupt countries in the world, and is one of the world's top ten trading nations, with a highly globalized economy. , Canada is ranked 15th on The Heritage Foundation's index of economic freedom. Its average household disposable income per capita is "well above" the OECD average. The Toronto Stock Exchange is the eighth-largest stock exc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In Canada
Taxation in Canada 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. Oppo ... [...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 Mi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
