debt servicing

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Ontario spends about nine per cent of all revenue on government debt-service payments.

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Per person cost of servicing Alberta debt increasing by roughly $100 per year

Alberta’s days of having unusually low debt servicing costs are coming to an end.

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Provincial debt servicing costs now total approximately $1 billion this year and constitute 2.4 per cent of total provincial revenues.

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With the holiday season now behind us, the oncoming flood of credit statements to Canadian households is a powerful reminder that there are no free lunches. Borrowing to pay for current consumption brings interest payments, and ultimately, the need to pay off principal balances. Most Canadians are intimately familiar with this reality when it comes to their household finances. But this same reality also applies to governments. As taxpayers, Canadian families are also responsible for interest on government debt. And these payments are significant.