Massive deficits send debt interest charges soaring

Author: Franco Terrazzano 2024/04/16

OTTAWA, ON: The Canadian Taxpayers Federation is criticizing the federal government’s 2024 budget for hiking taxes, increasing spending and allowing debt interest charges to eat up $54 billion of the budget.

“Debt interest charges are costing taxpayers more than a billion dollars every week,” said Franco Terrazzano, CTF Federal Director. “Massive deficits mean interest charges will cost taxpayers more than the feds send to the provinces in health transfers this year.

“The Trudeau government says it wants fairness for every generation, but doubling the debt isn’t fair for Canadians’ kids and grandkids.”

Debt interest charges will cost taxpayers $54 billion this year, which is more than the federal government will send to the provinces in health transfers.

The deficit will total $40 billion this year. There is no plan to balance the budget.

The debt will total more than $1.2 trillion this year. When Prime Minister Justin Trudeau first took power, the debt was $616 billion. That means the Trudeau government will be responsible for doubling the national debt.

“Finance Minister Chrystia Freeland promised Canadians she would find savings, but when you increase spending by more than $30 billion in one year, you’re saving money wrong,” Terrazzano said. “This government could win the lottery every day and it would still max out its credit card.”

Spending this year is increasing by $37.1 billion, from $497.5 billion to $534.6 billion. Budget 2024 also increases capital gains taxes.

“This government has no plan to balance the budget or save money,” Terrazzano said. “This government’s only plan is to take as much money from taxpayers as it can.”

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Franco Terrazzano
Federal Director at
Canadian Taxpayers

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