The federal debt-to-GDP ratio will increase to 42.4 per cent in 2023-24 then climb higher in 2024-25.
In reality, Canada’s government debt is high relative to other comparable countries.
The average Canadian family paid 45.3 per cent of its income in taxes last year.
From 2015 to 2022, the federal bureaucracy grew by 27 percentage points.
After recording eight consecutive budget deficits, the Trudeau government plans to run at least five more.
According to budget forecasts, the federal government will run a $40.1 billion deficit this year.
According to forecasts, the federal deficit will eclipse $40 billion this year.
Rising interest rates will put additional pressure on federal finances.
In just two fiscal years, Indigenous spending increased by $4 billion.