The federal and provincial governments will run combined deficits of $86 billion in 2022.
So-called "stimulus spending" displaces future private spending and reduces future economic growth.
The federal government projects a budget deficit of $52.8 billion for 2022.
The Trudeau government plans to implement new spending programs including national childcare and pharmacare.
Between 2008/09 and 2019/20, the province's net debt increased by $71.8 billion.
This year, the 10 provinces are projected to run cumulative deficits of nearly $80 billion.
In Canada, government net debt has doubled from $1 trillion to $2 trillion.
Ontario spent $12.5 billion on government debt interest in 2020/21.