Large cash and investment stash puts Yukon first in Canada

The Yukon is wealthier than any other jurisdiction in Canada, according to Statistics Canada. That includes Alberta.

The Yukon is wealthier than any other jurisdiction in Canada, according to Statistics Canada.

That includes Alberta.

The data, released Tuesday,  measures financial assets, like cash and investments.

After all that is measured against liabilities, like outstanding loans and pension payouts, the Yukon government is the wealthiest in Canada, per capita.

The news comes at the end of a legislative session dominated by financial issues — from shaky investments, critical audits and dubious contract interference.

“The Yukon is in a good situation, financially,” said Philippe Samborski, a federal government economist.

“It’s stable. These numbers are indicators of the financial situation in the provinces.”

With total financial assets pegged at $336 million, the Yukon has $10,839 per person in cash and investments.

Only two other provinces — Alberta and Northwest Territories — had no financial debt in the survey.

Alberta has about $8,200 in financial assets per capita.

Statistics Canada studied the net financial debt of each province and territory, defined as the excess of liabilities over financial assets.

The study did not take into account capital costs and assets, said Samborski.

It doesn’t necessarily have more cash at its disposal, he said.

“The study isn’t saying the Yukon has more money per capita than any other province or territory,” he said.

“It’s a measure to give people an idea of financial health compared to others.”

Total financial debt for provinces and territories reached $253 billion in March 31, 2006, down $6 billion or 2.3 per cent compared to the previous year.

The debt reached a 15-year low when taken as a percentage of gross domestic product, dropping from 19.4 per cent in 2005 to 17.7 per cent in 2006.

The Yukon has steadily grown its financial assets over the last several years.

In 2000, financial assets combined for a total of $230 million, which has increased more than $100 million in seven years.

The numbers give a good picture of government finances, said Clarke LePrairie, the Yukon’s assistant deputy minister in office of financial operations and revenue services.

“The message is, we’re at the top of the list for financial health,” he said.

“We haven’t seen such strong numbers for half a decade or so. The five-year view is that we’re fairly steady.”

Compared to other provinces that are posting massive surplus budgets, the territory’s debt-free status puts it above the rest, added LePrairie.

“When you look at Newfoundland, they’re spending 10 per cent of the budget just to pay down its debt instead of using the money for programming,” he said.

Quebec and Ontario have about $103 billion and $122 billion in financial debt, respectively. 

The numbers from Statistics Canada may not exactly match those coming from the territorial government because it uses a different accounting system in order to accurately compare jurisdictions.

The study included financial resources of Yukon College, government corporations and the Whitehorse General Hospital.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Patti Balsillie will be running for the mayor’s seat in Whitehorse in the Oct. 21 municipal election. (Submitted)
Balsillie aims to serve as city’s mayor

Says she has the time, skill set to serve in full-time role

Mayo-Tatchun MLA Don Hutton sits on the opposition side of the legislative assembly on March 8 after announcing his resignation from the Liberal party earlier that day. (Gabrielle Plonka/Yukon News)
Don Hutton resigns from Liberal caucus; endorses NDP leadership

Hutton said his concerns about alcohol abuse and addictions have gone unaddressed

Crystal Schick/Yukon News
Calvin Delwisch poses for a photo inside his DIY sauna at Marsh Lake on Feb. 18.
Yukoners turning up the heat with unique DIY sauna builds

Do-it-yourselfers say a sauna built with salvaged materials is a great winter project

d
Wyatt’s World

Wyatt’s World for March 5, 2021.

g
Yukonomist: School competition ramps up in the Yukon

It’s common to see an upstart automaker trying to grab share from… Continue reading

Chief Medical Officer of Health Dr. Brendan Hanley receives his first dose of the COVID-19 vaccine from Public Health Nurse Angie Bartelen at the Yukon Convention Centre Clinic in Whitehorse on March 3. (Crystal Schick/Yukon News)
State of emergency extended for another 90 days

“Now we’re in a situation where we see the finish line.”

The Yukon government says it is working towards finding a solution for Dawson area miners who may be impacted by City of Dawson plans and regulations. (Joel Krahn/Yukon News file)
Miner expresses frustration over town plan

Designation of claims changed to future planning

Team Yukon athletes wave flags at the 2012 Arctic Winter Games opening ceremony in Whitehorse. The 2022 event in Wood Buffalo, Alta., has been postponed indefinitely. (Justin Kennedy/Yukon News file)
2022 Arctic Winter Games postponed indefinitely

Wood Buffalo, Alta., Host Society committed to rescheduling at a later date

Housing construction continues in the Whistle Bend subdivision in Whitehorse on Oct. 29, 2020. (Crystal Schick/Yukon News file)
Yukon Bureau of Statistics reports rising rents for Yukoners, falling revenues for businesses

The bureau has published several reports on the rental market and businesses affected by COVID-19

Council of Yukon First Nations grand chief Peter Johnston at the Yukon Forum in Whitehorse on Feb. 14, 2019. Johnston and Highways and Public Works Minister Richard Mostyn announced changes to the implementation of the Yukon First Nations Procurement Policy on March 3. (Crystal Schick/Yukon News file)
Third phase added to procurement policy implementation

Additional time added to prep for two provisions

Crews work to clear the South Klondike Highway after an avalanche earlier this week. (Submitted)
South Klondike Highway remains closed due to avalanches

Yukon Avalanche Association recommending backcountry recreators remain vigilant

RCMP Online Crime Reporting website in Whitehorse on March 5. (Haley Ritchie/Yukon News)
Whitehorse RCMP launch online crime reporting

Both a website and Whitehorse RCMP app are now available

A man walks passed the polling place sign at city hall in Whitehorse on Oct. 18, 2018. The City of Whitehorse is preparing for a pandemic-era election this October with a number of measures proposed to address COVID-19 restrictions. (Crystal Schick/Yukon News file)
City gets set for Oct. 21 municipal election

Elections procedures bylaw comes forward

Most Read