| #CanadaFacts
Economy
Understand how various levels of government across Canada generate revenue and where the money goes. Explore economic levers, including taxes, trade, inflation, immigration, and employment trends, and how they impact Canadians. Dive into our Canada Facts series, where fascinating insights meet reliable data, delivering everything you need to stay informed and captivated about Canada!
Key Indicators
GDP (2023)
Median household income (2022)
Median individual income (2022)
Which provinces and territories have the most debt?
Among provinces, Ontario had the highest debt, totaling $409 billion by the end of 2023-2024. Quebec ranks second with $220 billion in debt. On the other end of the spectrum is Prince Edward Island, which recorded having a net debt of $3 billion, placing it at the bottom of the list.
How much does the Ontario Government collect?
In 2024-2025, the Government of Ontario collected $226.2 billion in revenue. That’s more than a $20 billion or a 10% increase from the previous year. The largest source of revenue is personal income tax which reached $55.7 billion.
Who are Ontario’s top trade partners?
Combining imports and exports, the United States was Ontario’s top trade partner in 2024, with more than $438 billion of goods exchanged.
Who are Canada’s top trade partners?
In 2023, the United States was Canada’s top trade partner with nearly $968 billion of goods and services exchanged between the two nations.
What are government deficits and do they matter?
The federal government’s deficit for the 2022-2023 fiscal year was approximately $35.23 billion, a significant decrease from $90.32 billion the previous year.
How much debt does the Canadian federal government have?
At the end of the 2022-2023 fiscal year, the Canadian federal debt reached $1.17 trillion, up 2% or $33 billion from the previous fiscal year.