As we enter budget season, it’s worth noting government debt has been increasing in Canada for more than a decade and the current environment of rising…
, federal and provincial government debt has nearly doubled from $1.1 trillion in 2007/08 to $2.1 trillion in 2022/23. This increase is partly due to the large budget deficits governments ran during the pandemic. However, nearly 60% of the run-up in debt occurred before COVID. In other words, this is not a new problem.From our newsroom to your inbox at noon, the latest headlines, stories, opinion and photos from the Toronto Sun.
But not all provinces are the same. Canadians face different government debt burdens depending on where they live. For instance, Newfoundlanders and Labradorians currently hold Canada’s highest combined government debt at $64,579 per person. Ontarians are not far behind while Albertans have the lowest combined government debt per person in Canada .Article content
The debt-to-GDP ratio is another way to compare government debt between provinces. Notably, all four Atlantic provinces have combined debt-to-GDP ratios above 80% in 2022/23. These numbers mean it would take at least four out of every five dollars in the respective provinces in one year to pay off their combined federal and provincial debt..Nova Scotians have the country’s highest combined federal and provincial debt burden, equivalent to 93% of their provincial economy.
Nationally, the combined federal-provincial net debt-to-GDP ratio in Canada will reach a projected 75% this year, up from 66% prior to the pandemic. And this growth will likely continue as Ottawa and some provincial governments plan to run budget deficits in the years ahead.Article content
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