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Rank Name Level of government Total expenditure Per-capita expenditure Fiscal year Source 1 Canada: Federal 338,500,000,000 2018-19 [1]2 Ontario: Provincial
A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money.
The budget is announced in the House of Commons by the Minister of Finance, who traditionally wears new shoes while doing so. [1] The Budget is then voted on by the House of Commons. Budgets are a confidence measure, and if the House votes against it the government can fall, as happened to Prime Minister Joe Clark 's government in 1980.
At that time it was projected that the deficit would be "completely eliminated in 2023-2024 with a small surplus of $0.3 billion." [20] By June 2018, Ontario had "Canada's second-highest public debt per person and a growing budget deficit", according to The Economist. [21]
Without that support, the budget would have been defeated, and new elections would likely have been called. In the 2005–06 fiscal year, the government had a large surplus of expected revenues over expenses, making the government able to fund a wide array of new initiatives. The budget bill (C-43) received Royal Assent on June 28, 2005.
The UN World Bank cites the IMF as the source for their data on Current Account Balance, and so is not included separately on this page. The second list includes only countries for which the CIA World Factbook lists 2015 estimates for both Current Account Balance and GDP.
The list includes sovereign states and self-governing dependent territories based upon the ISO standard ISO 3166-1. The following tables show the governmental budget of each country/territory/group divided by its total population, not adjusted to purchasing power parity , in current US dollars, based on data published by International Monetary ...
The Canadian federal budget of 2003 was unveiled on February 18, 2003. It was the first budget issued by Finance Minister John Manley who was given the job in May 2002 replacing Paul Martin . It was also the last budget of Prime Minister Jean Chrétien .