Search on MTL Blog

Every Montrealer Is In Debt $40,000

It's not looking good.
Every Montrealer Is In Debt $40,000

Canada isn't doing so well right now, at least when it comes to the economy. Yes, we're enjoying a new height of international popularity (thanks Justin!) but here at home, the entire country is in debt. And the money the country, and even specific cities owe is quite staggering.

On a national level, Canada's total debt is going to rise to $648.7 billion by the close of this fiscal year, reports CBC. Divide that number by Canada's total population, and everyone living in the country is in debt around $17,995.

Things aren't much better in Montreal, or Quebec at-large. Thanks to money borrowed for special projects (e.g. infrastructure projects), Montreal is in the red a full $5.5 billion.

Spreading out Montreal's total debt among all of its 4.1 million residents, every Montrealer owes about $1,369. When factoring in Quebec's provincial debt, citizens of Montreal are in debt another $22,641.

So, from the municipal ($1,369) to the provincial ($22,641) to the federal debt ($17,995) level, all Montrealers are burdened with $42,006 in debt.

But, as CBC points out in their analysis of Canadian debt, we aren't required to actually pay back any of the money the government racks up. Rather, the per capita analysis just gives "a clearer picture ...of just how much governments are borrowing in our name."

And given that Montreal, Quebec, and Canada are borrowing billions upon billions "for us," the picture doesn't look all too pretty.

To see how other cities are doing in comparison (spoiler: it isn't much better elsewhere) head to the CBC report here.

Add mtlblog on Snapchat.

Recommended For You