According to forecasts, overpayments will account for 35 per cent of the program’s cost in 2025/26.
As a share of the province’s total government revenue, New Brunswick’s equalization payments fell from 23.7 per cent to 19 per cent.
Canada's equalization program cost Alberta taxpayers approximately $3.1 billion in 2017.
The equalization program will cost nearly $20 billion this year.
The federal government will send $21.1 billion to Ontario this year.
We’ve seen this script before. Higher spending. Tax increases. Persistent deficits. Growing debt. Warnings from credit rating agencies. A government unwilling to make the tough choices to turn things around.
The other day former Ontario Premier Bob Rae, fumed at a column by economist Jack Mintz who noted the similarities between the current Kathleen Wynne government and Rae’s reign as premier of Ontario, specifically the “high deficits, debt and taxes.”