Michel Kelly-Gagnon – January 9, 2015 It’s obviously more complicated then fast moving numbers. All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Another measure, the net debt, has followed a similar trend. to find out how to deal with rising interest rates in Canada. A great risk is hidden in another form of government indebtedness: its commitments to pay benefits under a vast array of social programs. This means every person has a share of about $17,000 of this total debt. since there are no relevant markets. Finance Minister Carlos Leitao will deliver the next provincial budget on March 27, and he's going to tackle Quebec's debt. As for the debt represented by cumulative deficits, it decreased and will continue to decrease. Overview of the size of the Quebec government’s debt on 2014-2015 Budget Day, Who Spends More: Left or Right? Overview of the size of the Quebec government’s debt and of its dangers, Viewpoint on measures for raising productivity in the public service Opinion piece (in French) responding to a column by historian and sociologist Gérard Bouchard published in La Presse, Un chroniqueur en terrain glissant www.iedm.org/53226-mei-quebecers-tax-burden-youri-chassin, Debate (in French) with Youri Chassin, Economist and Research Director at the MEI, about the tax burden and disposable income of Quebecers (April 14, 2015, ARGENT business news network). Some statistics show that Justin Trudeau has high per-capita federal spending, which could potentially be one of the reasons why the Canadian debt clock is rising so quickly. It’s a great way to learn about what the federal debt means to you and what it can mean for future generations. Ben oui que veux-tu, on a pas tous des sables bitumineux pour finir par faire des surplus. Find out here. Youri Chassin – November 20, 2012 It is expected to grow again starting in 2020-21. While we battle the debt, the real fight is against apathy. www.iedm.org/40343-mei-equalization-and-quebecs-debt-michel-kelly-gagnon, Report (in French) that mentions the Montreal Economic Institute debt clock broadcast during Les Coulisses du pouvoir (August 12, 2012, SRC & RDI). Ontario's debt is larger, about $312 billion, but it has more people and its economy is larger. That’s right, even our country isn’t immune to debt problems. Michel Kelly-Gagnon, Vincent Geloso – March 26, 2013 Keep calm everything is going to be fine. Promise. When analyzing a government’s indebtedness, it is necessary to go beyond what it manages directly and include the health and education networks, municipalities and other entities under the government’s ultimate responsibility, since the government guarantees their debt. People are concerned by the size of the debt and its trend. i_enjoy_pancakes 5 points 6 points 7 points 7 years ago . Tell your friends. In the event of a missed payment an insufficient funds fee of around 45$ may be charged (dependent on the lender). How Much Do Countries Spend on Education? Overview of the size of the Quebec government’s debt, Can We Pay Down the Deficit by Further Taxing the “Rich”? nesto is the first, 100% free digital mortgage solution in Canada. Alberta’s debt is currently increasing at a rate of $290 per second, increasing by $9.1 billion in 2019-20. Sign up for credit monitoring today for just $1.00 and get your free credit score. Vincent Geloso, Youri Chassin – April 26, 2011 Among the concerns raised were devoting sufficient funds to the Anglophone Secretariat, and increasing funds for health care. The Canadian government is borrowing billions of dollars and burning through cash and providing the most needed financial support to millions of Canadians across the country during this unprecedented time. About DebtClock Debts Damage Debt History. However, the same people that insist on including government assets in its debt generally reject that option. Start receiving Loans Canada news, promotions and deals directly in your inbox. New comments cannot be posted and votes cannot be cast, Looks like you're using new Reddit on an old browser. You can also use a search function to see what the federal debt level was at on any particular day throughout history. Some will include part of the federal debt as well. So, as you can see, if the federal debt keeps rising at such a high rate, it can and will affect all Canadians. As you know, the public sector debt has now reached over 270 billion dollars. Opinion piece (in French) responding to a column published on the L’actualite website that tries to discredit the MEI’s Quebec “Debt Clock”, Viewpoint: The $15-Billion Quebec Surplus That Might Have Been Loans Canada only works with financial service providers that adhere to Canadian laws and regulations. When calculating the debt of a household, your mortgage is in no way comparable to your credit card debt. In fact, there is not one single interest rate applicable to the debt, but rather several rates depending on when the bonds mature and the moment when those bonds were sold to the public. Currently, the two main rating agencies assign Quebec ratings of Aa2 (Moody’s) and of AA- (Standard and Poor’s), both higher than Ontario’s. For example, the advertising campaigns of Épargne Placements Québec encourage individual investors to buy Quebec government bonds. Create an account. Thank you very much for explaining this in a simple manner. The Quebec government’s credit rating basically has an effect on the interest rate that it pays on its debt. In recent weeks and months Leitao has met with multiple interest groups, including the anglophone rights organization the Quebec Community Groups Network, in preparation for the fiscal document. It is expected to grow again starting in 2020-21. A Few Points About Quebec’s Debt Michel Kelly-Gagnon – 9 janvier 2015 Texte d’opinion sur les effets de la dette élevée du Québec publié dans The Huffington Post. www.iedm.org/40393-mei-vincent-geloso-quebecs-debt-clock, Mention (in French) of the MEI’s debt clock by host Jean-Luc Mongrain broadcast on the LCN netywork (March 17, 2011, LCN). This is the equivalent of $127,048 of debt per family of four, or $63,915 per taxpayer. Please copy & paste this message in your email and send it to: ministre@finances.gouv.qc.ca. Quebec's Debt. There could be huge tax increases to try cover the debt and economic growth could stagnate in a big way. For the first time since the late 1950s, the government’s gross debt was reduced during fiscal year 2015-2016. So instead of sending that money to bankers in New York City or London or elsewhere, we're going to keep it for our hospitals and our schools," said Couillard. Government Debt in Canada increased to 685.45 CAD Billion in 2019 from 671.25 CAD Billion in 2018. The Quebec government’s refinancing needs were revised upward from $11.8 billion to $19.2 billion in 2019-2020. Ben oui que veux-tu on donne nous ressources... on devrait surtout ne rien faire avec ou demander 9000 de plus que le prix du marché. Since the tax burden is already very high, the solution must involve a reduction in government expenditures so that we can eliminate the deficit and then start paying down the debt. For the “government’s gross debt” component, the MEI simply takes the Quebec Department of Finance’s predictions; For “Hydro-Québec’s debt,” “municipalities’ debt” and “universities’ debt,” the estimates come from their average annual growth rates over the past three years; The “other government enterprises’ debt” component is considered stable. We won't spam you. Germain Belzile – March 9, 2010 To see the “Debt Clock,” which displays the growth of Quebec’s public sector debt in real time, please visit our Quebec Debt section. B.C.’s debt is now growing by $4.5 billion in 2019-20 at a rate of $12.4 million every day. 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In the case of a default on your loan your payment plan will be terminated and different collection methods will be employed to collect your remaining balance. Ontario’s debt on debtclock.ca is presented as “Net Debt.” In 2019-20, Ontario’s debt is growing by $483 every second and will increase by $15.2 billion during this fiscal year. Share your experiences with Canada's top lenders. The reasons for this are similar to how the federal debt is affecting citizens today, only worse. Michel Kelly-Gagnon – December 6, 2011 Various rating agencies assign a credit rating to the Quebec government. www.iedm.org/40055-iedm-jean-luc-mongrain-compteur-de-la-dette-quebecoise, Comment (in French) by Jasmin Guénette, Vice President of the MEI, broadcast during RDI en direct (March 14, 2011, RDI). According to the government’s forecasts, it will increase significantly in the coming years, however. We recommend a special selection of publications that closely examine the issue of Quebec’s public finances. www.iedm.org/43663-iedm-gauche-droite-des-termes-trompeurs-michel-kelly-gagnon, Interview with Lenka Martinek, Associate Researcher at the MEI, broadcast during CTV News Montreal (March 6, 2013, CTV). A portion of the government’s debt is held outside of the province of Quebec. Source: MEI’s calculations, Quebec Department of Finance, Budget Plan – Budget 2020-2021, March 2020, p. G.16. Economic Note on the liberalization of the Canadian postal sector, Viewpoint on the debt of the Quebec government What’s driving Quebec’s second wave of COVID-19? Looking for some loans and programs to help you get out of debt? -Universities’ debt (other than the Université du. Quebec’s debt is projected to grow by $202.31 every second in 2019-20. www.iedm.org/48478-iedm-la-dette-vous-preoccupe-youri-chassin, Debate (in French) with Youri Chassin, Economist at the MEI, broadcast during À la une (September 26, 2013, ARGENT business news network). TLDR: It’s both correct and incorrect. www.iedm.org/52577-iedm-point-sur-la-hausse-des-echelons-salariaux-youri-chassin, Discussion (in French) with Youri Chassin, Economist at the MEI, broadcast during Calcul électoral (April 3, 2014, RDI). Viewpoint explaining that the Quebec government should take advantage of this period of robust economic growth to reduce the personal income tax rate, Pourquoi la dette du Québec continue-t-elle d’augmenter? It simplifies the mortgage process while offering Canadians the best rates. Anyone can access the debt clock. Loans Canada is a loan search platform and comparison website, not a lender.

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