Every Quebec taxpayer carries a federal debt of round $90,000

Along with their private debt, every Quebec taxpayer has about $90,000 in federal debt on their account, divided nearly half between their share of the federal debt and their share of the provincial debt.

Extra particularly, the federal debt borne by each Quebec taxpayer is $44,384, based on the MEI’s Canadian Debt Counter. Add to this a provincial debt of $45,426, based on the MEI’s Quebec Debt Counter, once we add collectively the provincial public debt for which we’re accountable, specifically that of the Quebec authorities, Hydro-Quebec, municipalities and universities.

Unsurprisingly, the Financial institution of Canada’s sharp hike in rates of interest can have a major affect on federal, provincial and native authorities debt.

• Additionally learn: For the richest, $35 billion in income are tax-free

• Additionally learn: Quebec, at all times champion of taxes and quite a few taxes


The federal authorities has simply printed the monetary outcomes for the primary quarter of the present fiscal yr, from April to June 2023.

The federal authorities debt skyrocketed 32.4% from the corresponding quarter of the prior fiscal yr, up $2.6 billion within the first quarter.

Even worse. In comparison with Q1 April-June 2021, curiosity fees on the federal debt have exploded by 84%, from $5.8 billion to $10.7 billion in Q1 April-June 2023. The rise in federal debt definitely performed a task, however nonetheless to a restricted extent. Within the final two years it has elevated by 12.4%.

In response to Treasury Secretary Chrystia Freeland’s price range forecast, curiosity fees on the federal debt within the present fiscal yr 2023-24 are anticipated to achieve $43.9 billion, equal to $19.4 billion over greater than two years.


Because the Quebec authorities has but to launch fiscal 2023-24 Q1 monetary outcomes, we don’t at the moment know what the precise quarterly affect of the speed hike shall be on its debt.

As of April 2021, Quebec was 1.50% funded by 10-year bond issuance. By April 2022, the 10-year rate of interest had risen to three.25%. In March 2023, the speed rose to three.60%, greater than double what it was in April 2021

In 2022–23, Quebec had paid $10.1 billion in curiosity bills on a internet debt of $206.8 billion. Debt will develop to $214.4 billion this yr.

Municipal gross debt is $30.8 billion.


Paying curiosity on the nationwide debt doesn’t contribute to public companies. It’s like throwing cash down the drain.

Due to COVID-19, our governments, like all governments around the globe, are in deep debt. This led to inflation, which the central banks needed to counteract with a pointy improve in rates of interest.

We’re paying the value now!

Les eaux seront plus agitees pour le Canadien lan prochain