cost of government debt in canada

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Canadians pay the price for mounting government debt

Ontario will spend an estimated $13 billion on government debt interest costs in 2020/21.

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Ottawa can expect to run deficits every year from now until 2051, racking up at least $900 billion in new debt.

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All Canadian governments cumulatively spent $60.8 billion on interest payments in 2014/15, almost as much as all spending on K-12 public education.

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Canadian headlines about government deficits and debt can be dizzying and hard for people to grasp. A few billion here and several billion there and the natural response is for one’s eyes to glaze over in despair. But the increasing government debt has tangible and immediate consequences that affect Canadian families today and into the future.