Federal debt interest costs will reach a forecasted $43.9 billion in 2023/24.
federal government debt
Canada's gross government debt is equal to 111 per cent of the country's GDP.
Federal program spending is expected to grow by $132.7 billion—or 41 per cent—between 2014/15 and 2023/24.
The budget projects a deficit of $40.1 billion in 2023/24, which is nearly $10 billion higher than projections in November.
The total value of government debt in 2022 in Canada exceeded the entire size of the economy by more than 10 per cent.
Federal and provincial government debt has nearly doubled from $1.1 trillion in 2007/08 to $2.1 trillion in 2022/23.
Since 2015, the federal government has run eight consecutive deficits.
According to forecasts, federal spending will be $89.2 billion higher than previously projected for 2022/23 and $80.7 billion higher in 2023/24.