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A formal system of equalization payments was first introduced in 1957. [7] [ Notes 1]. The original program had the goal of giving each province the same per-capita revenue as the two wealthiest provinces, Ontario and British Columbia, in three tax bases: personal income taxes, corporate income taxes and succession duties (inheritance taxes).
Sources: Statistics Canada, Table 36-10-0580-01 National Balance Sheet Accounts for 1990 to 2022, "Federal general government" and "Other levels of general government", "Debt securities" liabilities (book value) for the fourth quarter; and Table 36-10-0534-01 National balance sheet, provincial and local governments, annual, 1961-2011 and Table ...
The Ford government subsequently ran a budget deficit of $8.7 billion during the 2019–2020 fiscal year. [25] Due to record spending during the COVID-19 pandemic, the Ontario government's budget for 2020-2021 is set for $38.5 billion, setting a new record and plotting no path to balance. [26]
In Canada, governments at the ... in Canadian dollars. Rank Name Level of government Total expenditure ... Ontario: Provincial 158,464,500,000 2018-19 [2] 3 Quebec:
The idea of a common currency has historically been unpopular in English-speaking Canada, in comparison to the French-speaking province of Quebec where it has received more support. A 2001 opinion poll found that in Quebec over 50% of respondents favored the idea of a shared currency, while in the rest of Canada a majority of respondents ...
The Government of Ontario (French: Gouvernement de l'Ontario) is the body responsible for the administration of the Canadian province of Ontario.The term Government of Ontario refers specifically to the executive—political ministers of the Crown (the Cabinet/Executive Council), appointed on the advice of the premier, and the non-partisan Ontario Public Service (whom the Executive Council ...
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The Canadian federal government announced in 2023-24, $94.6 billion to transfer to the provinces and territories through major transfers (Canada Health Transfer, Canada Social Transfer, Equalization and Territorial Formula Financing), direct targeted support and trust funds), a $7 billion increase from the previous year, 2022-23. [2]