According to the budget, deficits over five years will add more than $153 billion in additional federal debt.
In 2024/25, federal program spending will reach a projected $483.6 billion—up $16.1 billion from the previous budget’s estimates.
Since 2014/15, annual federal program spending has increased by $193.6 billion—or 75.5 per cent.
These deficits have fuelled an $867.2 billion increase in gross federal debt from 2014/15 to 2022/23.
Since 2015, per-person GDP in Canada has grown by only 1.9 per cent.
Canada’s population is expanding by more than one million per year while housing starts are stuck below 250,000.
The government is on track to run nine consecutive budgets deficits, with all but one exceeding $10 billion.
The quarterly declines in real per-person GDP have occurred before, during and after the pandemic.