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The government of Ontario's debt has risen under all governments since 1989. During the 1990s recession, the Ontario New Democratic Party (NDP) government of Premier Bob Rae increased the total debt from $35.4 billion in 1989–1990 to $90.7 billion in 1994–1995.
It was intended to cover the 3.5 million workers in Ontario who would not receive a comparable workplace pension after their retirement. [1] [2] Plans to implement the ORPP were cancelled in 2016 following an agreement between the federal government and the provinces to expand the Canada Pension Plan. [3] [4]
The Canada Pension Plan (CPP; French: Régime de pensions du Canada) is a contributory, earnings-related social insurance program. It is one of the two major components of Canada 's public retirement income system, the other being Old Age Security (OAS).
Another growing challenge is the recent trend of states and businesses in the United States purposely under-funding their pension schemes in order to push the costs onto the federal government. For example, in 2009, the majority of states have unfunded pension liabilities exceeding all reported state debt.
Government bond issues soared in 2020 to finance COVID-19 related spending, as shown in the figure below. As a consequence, by the third quarter of 2020, the ratio of all government debt securities liabilities to GDP jumped to 95.3%, surpassing the 1995 peak of 93.7%.
The Ontario Pension Board in Canada is an independent organization responsible for administering defined-benefit pensions for certain employees of the provincial government and its agencies, boards, and commissions.
Both the federal and provincial governments have imposed income taxes on individuals, and these are the most significant sources of revenue for those levels of government accounting for over 45% of tax revenue. The federal government charges the bulk of income taxes with the provinces charging a somewhat lower percentage, except in Quebec.
In the fiscal year ending March 31, 2018, the federal government collected just over three times more revenue from personal income taxes than it did from corporate income taxes. [ 1 ] Tax collection agreements enable different governments to levy taxes through a single administration and collection agency.