AI response to the question: list provinces debt and equalization receipts for 2025

Data gap: the provided search results confirm 2025–26 federal transfer/equalization sources, but do not provide a full province-by-province debt table. The only visible debt-related source is TD’s 2025/26 provincial budget table snippet, but it shows only partial rows. [6]

Province	2025 Equalization receipt	2025/26 debt / budget data visible in provided sources
Alberta	Not shown in provided results	Not shown
British Columbia	Not shown	Not shown
Manitoba	Receives Equalization, amount not shown in snippets	Budget balance: -$1.66B, -1.7% of GDP [6]
New Brunswick	Receives Equalization, amount not shown	Not shown
Newfoundland & Labrador	Not shown	Not shown
Nova Scotia	Receives Equalization, amount not shown	Not shown
Ontario	Equalization status/amount not shown	Budget balance: -$13.5B, -1.1% of GDP [6]
Prince Edward Island	Receives Equalization, amount not shown	Not shown
Quebec	Receives Equalization, amount not shown	Budget balance: -$9.9B; % GDP not visible [6]
Saskatchewan	Not shown	Budget balance: -$427M, -0.4% of GDP [6]

Canada’s total Equalization envelope was $25.3B in 2024–25, and major federal transfers to provinces/territories total $108.4B in 2025–26. [4] [1]

🌐 Sources

1. canada.ca – Major federal transfers
2. canada.ca – Monthly payments made to provinces and territories
3. facebook.com – Canadian equalization dollars by province
4. lop.parl.ca – Canada’s Equalization Formula
5. wikipedia.org – Equalization payments in Canada
6. economics.td.com – Canada: Gearing Up for Provincial Budget Season

Equalization receipts (payments) for Canadian provinces in 2025-26 (in $ millions CAD).

These are federal unconditional transfers to “have-not” provinces to enable comparable public services at comparable tax rates. Data is for the 2025-26 fiscal year (from official sources/Wikipedia compilation based on Dept. of Finance Canada). Alberta, British Columbia, and Saskatchewan receive $0.

• Quebec: 13,567
• Manitoba: 4,689
• Nova Scotia: 3,465
• New Brunswick: 3,123
• Prince Edward Island: 666
• Ontario: 546
• Newfoundland and Labrador: 113
• Alberta: 0
• British Columbia: 0
• Saskatchewan: 0
• Total: ~26,170

Notes on equalization: Total program ~$26.2 billion. Quebec receives the largest share due to population size. Payments are calculated based on fiscal capacity (tax bases like income, business, consumption, property, and partial natural resources) relative to a 10-province standard, with adjustments for stability and GDP growth.

Provincial (and combined federal-provincial) net debt for 2025/26:

Exact absolute provincial net debt figures for the end of 2025-26 are projections and vary by source (e.g., provincial budgets, RBC Economics, Fraser Institute). Comprehensive per-province absolute net debt tables are often in detailed fiscal reports or PDFs rather than single web pages, but here is a summary based on available 2025/26 projections and analyses:

• Provincial net debt-to-GDP ratios (approximate, from TD Economics and related analyses for FY 2025/26): Alberta lowest (~8-9%), followed by Saskatchewan (~15%), BC (~26%), etc. Higher in Atlantic provinces and Manitoba/Ontario/Quebec (~35-45%+).
• Combined federal + provincial net debt-to-GDP (Fraser Institute 2026 Edition projections for 2025/26): Manitoba highest (~91%), Alberta lowest (~43%). Combined per-person debt ranges from ~$42k in Alberta to ~$72k in Newfoundland & Labrador.
• Overall trend: Combined federal-provincial net debt projected around $2.44 trillion in 2025/26 (inflation-adjusted nearly doubled since 2007/08). Provincial debt has grown but varies significantly; “have” provinces like Alberta generally have lower debt burdens relative to GDP.

For the most precise/current absolute provincial net debt numbers, check individual provincial budgets/public accounts or consolidated sources like RBC Fiscal Tables or Statistics Canada. Debt figures are often reported as of fiscal year-end (March 31) and include projections.

Equalization data is firm for 2025-26; debt data is more variable as it depends on final audited figures and projections. Let me know if you need per-capita breakdowns, historical comparisons, or details for a specific province!