Economy 52,861 Posted July 21, 2015 Share Posted July 21, 2015 http://business.financialpost.com/news/economy/with-twice-the-debt-of-california-ontario-is-now-the-worlds-most-indebted-sub-sovereign-borrower Ontario is now the worlds most in-debted "sub-sovereign" (level of Government below Federal Government) with 2X the debt of California despite having 1/3 the population of California The debt now totals $307 Billion. Despite this the Province still plans its ambitious $130 Billion increase in infrastructure spending over the next decade! The debt stands at 267% of annual revenue! Last year Ontario ran a bigger deficit than Canada's Federal Government Link to post Share on other sites More sharing options...
Teal Ambition 47,805 Posted July 21, 2015 Share Posted July 21, 2015 Well this is just great ▌│█║▌║▌║ before I am Canadian, I am Chromatican ║▌║▌║█│▌ Link to post Share on other sites More sharing options...
FATCAT 60,888 Posted July 21, 2015 Share Posted July 21, 2015 Crazy deep debt. This kitten over here (meow) Link to post Share on other sites More sharing options...
MJHolland 12,725 Posted July 21, 2015 Share Posted July 21, 2015 Gooooo socialism! Link to post Share on other sites More sharing options...
Better Day 5,766 Posted July 21, 2015 Share Posted July 21, 2015 Gooooo socialism! :awkney: Together You And I! Link to post Share on other sites More sharing options...
Economy 52,861 Posted July 22, 2015 Author Share Posted July 22, 2015 Gooooo socialism! yup! a funny discrepancy i notice here: CANADA FEDERAL GOVERNMENT (CAPITALIST): Low Debt Highly Capitalist WESTERN CANADA (Alberta, Saskatchwean): Low Debt Socialist Ontario and Quebec: rediculous debt loads I guess taxing the hell out of the rich still cant pay for excessive spending Link to post Share on other sites More sharing options...
Luc 4,776 Posted July 22, 2015 Share Posted July 22, 2015 Gooooo socialism! Socialism =/= excessive spending. Social democrats and leftists support a big state and high taxes.Excessive spending is populism (or keynesian), and also Bush and Cameron (very right-winged) did that. This is just stupid. What interest do they pay? They should lower spending and raise taxes soon. Now is a bad moment because the economy in Canada is doing less well... If this becomes well-known it could hurt Canada's image of a really problemless country. Link to post Share on other sites More sharing options...
TiphEret 1,320 Posted July 22, 2015 Share Posted July 22, 2015 yup! a funny discrepancy i notice here: CANADA FEDERAL GOVERNMENT (CAPITALIST): Low Debt Highly Capitalist WESTERN CANADA (Alberta, Saskatchwean): Low Debt Socialist Ontario and Quebec: rediculous debt loads I guess taxing the hell out of the rich still cant pay for excessive spending So the issue here is how they spend the money they get through taxes right? To be honest even if I am all about free health care, education and such I think that too high taxes dont always make sense. I am glad I am leaving Denmark soon, the taxes I pay are so high that I can only pay my rent with my salary and I luckily saved enough money to live but thats so completely stupid... without such a high rate I wouldnt be poor. And Denmark isnt the country that spend is taxes the most unwisely so we are lucky. Sur le sable sur la neige, Sur les images dorées,Sur le front de mes amis, J’écris ton nom Link to post Share on other sites More sharing options...
Economy 52,861 Posted July 22, 2015 Author Share Posted July 22, 2015 Socialism =/= excessive spending. Social democrats and leftists support a big state and high taxes. Excessive spending is populism (or keynesian), and also Bush and Cameron (very right-winged) did that. This is just stupid. What interest do they pay? They should lower spending and raise taxes soon. Now is a bad moment because the economy in Canada is doing less well... If this becomes well-known it could hurt Canada's image of a really problemless country. The interest rate is really low... Canada is paying about 1.3% for 10 year bonds and 0.7% for 5 year bonds so that helps keep munincipal and provincial bonds low since market is interconnected the spread between Ontario and Federal Government was 0.77% yesterday so i guess 10 year Ontario bonds are paying about 2% interest (less than USA) However when rates go up this could be an issue now the recent economic recession has only hit Western Canada so far because thats where the energy sector is most predominant. Here in Ontario the economy is unchanged. But its not stellar either... Economy has just been chugging along never any better than National average at best since financial crisis. Manufacturing which is important to this part of Canada is failing to revive Link to post Share on other sites More sharing options...
Economy 52,861 Posted July 22, 2015 Author Share Posted July 22, 2015 So the issue here is how they spend the money they get through taxes right? To be honest even if I am all about free health care, education and such I think that too high taxes dont always make sense. I am glad I am leaving Denmark soon, the taxes I pay are so high that I can only pay my rent with my salary and I luckily saved enough money to live but thats so completely stupid... without such a high rate I wouldnt be poor. And Denmark isnt the country that spend is taxes the most unwisely so we are lucky. here taxes only get high on the upper income brackets. I make average $35,000 a year as a single youg guy, my taxes between Province and Federal Government are no more than 20% tops but anything above $70,000 and taxes start to rise very quickly Corporate taxes are quite low tho and investment taxes... But still higher than in many Provinces cause Ontario adds 10.5% to Corporate tax to Canadas 15% for instance Link to post Share on other sites More sharing options...
TiphEret 1,320 Posted July 22, 2015 Share Posted July 22, 2015 here taxes only get high on the upper income brackets. I make average $35,000 a year as a single youg guy, my taxes between Province and Federal Government are no more than 20% tops but anything above $70,000 and taxes start to rise very quickly Corporate taxes are quite low tho and investment taxes... But still higher than in many Provinces cause Ontario adds 10.5% to Corporate tax to Canadas 15% for instance20%?? I am moving right away! I pay 40% and I am part time, my income is really low! But i am going to study in Québec next year, I know they are in debt from what you say but it's to have an experience outside Europe and see if I would like to live there. Studies are expensive though comparing to not paying anything in France but the cost of life is cheaper so that's good. I wonder what are the average salary there though Sur le sable sur la neige, Sur les images dorées,Sur le front de mes amis, J’écris ton nom Link to post Share on other sites More sharing options...
Economy 52,861 Posted July 22, 2015 Author Share Posted July 22, 2015 20%?? I am moving right away! I pay 40% and I am part time, my income is really low! But i am going to study in Québec next year, I know they are in debt from what you say but it's to have an experience outside Europe and see if I would like to live there. Studies are expensive though comparing to not paying anything in France but the cost of life is cheaper so that's good. I wonder what are the average salary there thoughyeah. My dad makes $65,000 a year and pays about 30% in income taxes The top income bracket here in Canada is 29%. The top Ontario income bracket is 12%. So combined the top rate here is 41%. Ontario wants to raise it more tho. I think its slightly higher in Quebec tho. They are quite socialist there too by Canada standards Actually Quebec has more debt than Ontario per Capita and as a percentage of GDP they are the worst in Canada. But theyve more or less balanced their budget so debt is stable. Ontario on the other hand runs huge deficits still (last year more than Federal Government) So at this rate Ontario soon wont just have the most debt in total, but as a percentage of GDP will also be the highest too! I wouldnt determine where i move to soley based on Government finances tho. Also Quebec is extremely different from the rest of Canada. So not the best representation of Canada. But its nice I like it there. Reminds me of Europe when i see the archatecture and the cafes everywhere lol Link to post Share on other sites More sharing options...
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