According to forecasts, Ottawa's annual debt interest costs will eclipse $50 billion by 2028.
federal government debt
According to forecasts, the federal deficit will eclipse $40 billion this year.
Federal debt interest costs will reach a forecasted $43.9 billion in 2023/24.
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.