Newfoundland and Labrador (NL) currently holds the highest combined net debt per person ($68,516–$68,861) and the highest combined net debt-to-GDP ratio (approx. 88%–92%) in Canada for 2024-2025. While provinces like Quebec and Ontario have higher total nominal debt, NL’s burden is the heaviest per capita.
The value of provincial outstanding debt securities liabilities expressed as a percentage of GDP was lowest for British Columbia (26.1%) and highest for Manitoba (71.4%) in 2021.
Poverty across Canada
Among the provinces, Quebec (7.4%) continued to have the lowest poverty rate in 2023, although it was up 0.8 percentage points from the previous year. Conversely, Nova Scotia and Saskatchewan (12.9% each) had the highest rates.
2. Who are the creditors of this debt? The debt is made up of government bonds held by individuals and financial institutions, mostly Canadian (around two-thirds of Canadian government securities are held by Canadian investors, such as insurance companies, pension funds, and financial institutions).
Overall, from 2007 and 2022, Albertans' contributed $244.6 billion to the federal government in taxes and other payments in excess of the money Ottawa spent or transferred to Alberta — more than five times as much as was contributed (on net) by either British Columbians or Ontarians.
Alberta's GDP per capita is highest among Canadian provinces
In 2023, Alberta's per capita GDP was $70,876.
In 2023, Alberta's output was $350 billion, 15% of Canada's GDP.
During Prime Minister Justin Trudeau's tenure, federal per-person debt increased by 35.3 per- cent between 2015 and 2022.
Despite any federal assurances, the federal deficit is still projected at $78 billion for 2026, narrowing only to $57 billion by 2030, and leaving Canada exposed to higher debt costs and weak growth.
39% of Canadians aged 55-64 have less than $5,000 in savings (-5 pts); 73% have $100,000 or less in savings. More than one in three (36%) women aged 55-64 have no savings at all, compared to one in five (22%) men.
The think tank's first report ranked Manitoba last among provinces and ahead of only Yukon nationally. In 2017, Manitoba came in ahead of Yukon and the Northwest Territories, but still last among provinces.
Exploring the human tendency to react emotionally to superlatives
B.C. tops list of least affordable provinces for renters
As a percentage of GDP, the largest provincial deficits in 2024 were recorded in Manitoba (2.8%) and Newfoundland and Labrador (2.1%), while Alberta (1.5%) and Nova Scotia (1.2%) reported the only surpluses among all provinces.
In 2024, the Canada's general government gross debt-to-GDP ratio was 106%, compared to the United States at 121%.
The United States, Canada, Japan, South Korea, Turkey, the Southern Cone, Western European countries and other allies represented the "First World", while the Soviet Union, China, Cuba, North Korea, Vietnam, and their allies represented the "Second World".
Many of them are probably Canadian banks and other financial institutions. But as of February 2025, according to Statistics Canada, it was international portfolio investors who owned $527 billion of Canadian federal government debt securities.
The debt ratio stabilized at a relatively high level after the crisis until the pandemic. The massive increase in debt during the pandemic and subsequent government spending raised the overall federal-provincial net debt ratio to about 75 percent of GDP, nearing levels from the time of the “Debt War” conference.
Canada holds the highest household debt level among G7 nations by multiple measures. Canadian household debt to disposable income reached over 180%, compared to approximately 100% in both the United States and Germany.
Alberta's "3-Hour Rule" means most employees must be paid for a minimum of three hours at minimum wage each time they are required to report to work, even if they work less time or are sent home early by the employer. This protects workers from unexpectedly short shifts, ensuring fair compensation for their time, with exceptions for specific roles (like young students or bus drivers) or when an employee voluntarily chooses to leave. The rule also applies to split shifts with long breaks, often treating each segment as a separate minimum pay period.
Analysis. In 2024, Alberta had the highest GDP per capita ($71,037) compared to the rest of the provinces.
Net migration
But now youth are leaving because they do not perceive Alberta to have a diverse economy. "They see that the oil and gas sector is still the biggest employment sector as far as they see, and it is perception to them," Lane said. She also said Calgarians, in particular, are interested in leaving Alberta.