Residents in all provinces already pay more than $550 per person annually on government debt interest.
The projected federal deficit for 2022/23 could have been reduced by more than 42 per cent had the government stuck to last spring's spending plan.
A lack of fiscal prudence left Canada vulnerable when the pandemic hit.
Cutting regulatory red tape and removing internal trade barriers could help boost improve economic performance.
Federal net debt will reach a projected $1.3 trillion in 2021/22.
The national debt will reach a projected $2 trillion by 2025-26.
According to the update, the government will continue to spend well in excess of projected revenues.
The federal debt has eclipsed$1 trillion, with budget deficits projected for years to come.