Over a two-year span, Ottawa is expected to add more than $500 billion in federal debt.
federal government debt
Due to federal tax changes, 61 per cent of low-income families face higher personal income taxes.
The Trudeau government ranks last on average total household income growth.
Canada has the fifth-highest level of total indebtedness (relative to the size of our economy) among 29 industrialized countries.
Federal program spending in 2021/22 is $54.4 billion higher than planned in November 2020.
The government says $101 billion in stimulus spending is required for “sustained economic recovery.”
Interest payments on the federal debt are expected to equal $20.2 billion in 2020/21.
The federal government has seemingly ditched the debt-averse approach that largely prevailed in Ottawa since the mid-1980s.
Ontario will spend an estimated $13 billion on government debt interest costs in 2020/21.