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Each Canadian is on the hook for $56,000 in government debt

Author: Franco Terrazzano 2022/06/30

OTTAWA, ON: The Canadian Taxpayers Federation released its 2022 Canada Day Debt Report showing how much each Canadian owes in provincial and federal government debt combined. 

“Governments have been borrowing too much money for too long and now they need to start addressing the red ink before taxpayers get clobbered,” said Franco Terrazzano, the Federal Director for the CTF.  “Canadians don’t have tens of thousands of dollars lying around to pay for their politicians’ credit card bills and that’s why it’s so important for politicians to find savings like everyone else.”

Government debt ranges between $47,200 and $64,000 per Canadian, depending on the province, by the end of 2022. When you add up all provincial and federal debt, each Canadian will owe $56,000 on average.

Debt interest charges on government debt will cost between $1,200 and $2,500 per person this year. 

The CTF report uses debt and interest numbers published in recent government budgets. 

“Interest charges alone will cost more than $1,000 per person this year and that money isn’t being spent on health care or lowering taxes because it’s going to bond fund managers,” said Terrazzano. “Politicians need to rein in their massive borrowing and give taxpayers a plan to balance the budget. A balanced budget means less debt for Canadian kids and grandkids to pay back and less money wasted on interest charges.” 

You can find the CTF’s 2022 Canada Day Debt Report here.

Government debt and interest costs, 2022 fiscal year (federal + provincial)

 

Debt per person

Interest charges per person

British Columbia

$51,231

$1,200

Alberta

$52,415

$1,200

Saskatchewan

$47,803

$1,300

Manitoba

$53,313

$1,400

Ontario

$59,732

$1,500

Quebec

$57,048

$1,700

Nova Scotia

$49,667

$1,300

New Brunswick

$47,639

$1,400

Newfoundland and Labrador

$64,015

$2,500

Prince Edward Island

$47,289

$1,400

Federal government

$31,398

$690

Note: Each province may calculate its debt differently.