In reality, Canada’s government debt is high relative to other comparable countries.
According to forecasts, Ottawa's annual debt interest costs will eclipse $50 billion by 2028.
Rising interest rates will put additional pressure on federal finances.
Federal debt interest costs will reach a forecasted $43.9 billion in 2023/24.
By 2028, the federal government will add a projected $131.8 billion in debt.
The Ontario government projects a $19.9 billion deficit this year and continued deficits until 2027-28.