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Ontario government's direct subsidies to corporations average $2.7 billion per year over the five years to 2011. [31] It has been argued that business subsidies such as to the Ontario's automotive sector does not help create widespread economic growth or new jobs and instead contributes to increased debt. [31]
A table listing total GDP (expenditure-based), share of Canadian GDP, population, and per capita GDP in 2023. For illustrative purposes, market income (total income less government transfers) [1] per capita from tax returns is included. (The per capita, rather than per tax filer, measure is chosen for comparability with GDP per capita.)
The equalization formula is "based on a three-year average of economic growth". Since the 2008 recession, the Ontario economy got stronger which resulted in lower equalization payments. [16] In 2012–2013 Ontario's equalization payments increased to a peak of $3.3-billion. It was projected to be $2-billion in 2014–2015.
Ontario is the largest economy in Canada, making up around 38% of Canadian GDP. [1] [2] 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. [3] Ontario's net debt-to-GDP ratio will rise to 40.7% in the year 2019–2020. [4]
The Canadian province of Ontario, the world's biggest sub-sovereign debtor, kept its focus on spending restraint in a budget update on Wednesday that included a small business tax break and cut ...
By 2022Q2, the GDP increased and the federal government's net debt-to-GDP ratio was 35.4%, down from 36.8% in Q1. [31] During the COVID-19 pandemic, interest rates were at an historic low which meant that the massive deficit spending was easier to finance. [32]
Rank Name Level of government Total expenditure Per-capita expenditure Fiscal year Source 1 Canada: Federal 338,500,000,000 2018-19 [1]2 Ontario: Provincial
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. Opposition parties ...