Ontarians carry the second-largest combined government debt burden among Canadians.
federal government debt
The Trudeau government will run a record budget deficit approaching $400 billion.
Federal net debt for 2020-21 will likely exceed $1.1 trillion.
Since the 1970s, Canada’s spending-to-GDP ratio has always been larger than the ideal range to maximize economic growth.
Ottawa plans to create a national childcare system and introduce more “green” spending initiatives.
Debt interest will cost Ottawa an estimated $19.5 billion this year.
The federal budget deficit in 2020-21 will be the largest in Canadian history.
Ontario entered this recession with an already elevated government debt burden.
Indigenous and Northern Affairs represented the largest share of federal program spending growth.