Federal and Provincial Debt-Interest Costs for Canadians, 2024 Edition
— Publié le 25, January, 2024
![Printer-friendly version Printer-friendly version](https://www.fraserinstitute.org/sites/all/modules/print/icons/print_icon.png)
![Federal and Provincial Debt-Interest Costs for Canadians, 2024 Edition Federal and Provincial Debt-Interest Costs for Canadians, 2024 Edition](https://www.fraserinstitute.org/sites/default/files/styles/large/public/files-2023/federal-and-provincial-debt-interest-costs-for-canadians-2024.jpg?itok=aG-RF-V4)
- In recent years, deficit spending and growing government debt have become a trend for many Canadian governments. Like households, governments are required to pay interest on their debt.
- In aggregate, the provinces and federal government are expected to spend $81.8 billion on interest payments in 2023/24.
- Residents in Newfoundland & Labrador face by far the highest combined federal-provincial interest payments per person ($3,225). Manitoba is the next highest at $2,728 per person.
- The federal government will spend $46.5 billion on debt servicing charges in 2023/24, which is nearly what the government expects to spend on the Canada Health Transfer ($49.4 billion), and significantly more than it expects to spend on childcare benefits ($31.2 billion).
- Combined federal-provincial interest costs in Ontario ($31.5 billion), Quebec ($20.3 billion), and Alberta ($8.6 billion) are nearly as much, or more than, what these provinces will spend on K-12 education in 2023/24.
- Meanwhile, combined federal-provincial interest costs for British Columbians ($9.6 billion) are higher than what the province expects to spend on its social services this year.