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The Ontario Finance Department reported in October 2018, that Ontario's public debt per person at $23,014, had surpassed that of Quebec at $21,606 in the fiscal year 2017–2018. [18] Newfoundland and Labrador public debt per capita at $27,761, was the highest in Canada. [18]: 141
Quebec's high provincial taxes account for its budget surplus, although without equalization Quebec would have had a deficit. [28] Quebec residents pay the highest provincial tax in the country but the lowest federal tax. [41] Quebec residents pay 16.5% less federal income tax annually than other Canadian provinces due to the Quebec Abatement. [42]
Quebec incurred little debt before the 1960s, but from 1958 it recorded deficits for 40 consecutive years. [1]: 1041 Accumulated debt reached more than $100 billion (over 40% of GDP) by 1998. [1]: 1041 (The debt of the province of Quebec is separate from the debt of the federal government of Canada.) Quebec's credit rating was downgraded by ...
Canadian public debt, or general government debt, is the liabilities of the government sector. [1]: 23 Government gross debt consists of liabilities that are a financial claim that requires payment of interest and/or principal in future.
Taxpayer relief is governed by subsection 220(3.1) of the Income Tax Act and section 281.1 of the Excise Tax Act. It gives the CRA the discretion to cancel some penalties and interest, to pay a personal income tax refund after 3 years of the tax return being assessed, and to accept late-filed elections. [63]
The last edition of the RSO was dated 1990 pursuant to the Statutes Revision Act, 1989, consolidating the statutes in force prior to January 1, 1991. [3] More recently, acts have been consolidated on the e-Laws website, organized by reference to their existing citations in the Statutes of Ontario or Revised Statutes of Ontario. [4]
The amount of time that a debt collector can legally pursue old debt varies by state and type of debt but can range between three and 20 years. Each state has its own statute of limitations on ...
In the case of student loans, the seven-year period noted above, on application to the court, may be reduced to five years, if the court is satisfied: that the bankrupt has acted in good faith in the matter, and; he is still experiencing financial difficulties, to the extent that he will be unable to pay the debt. [26]