The Canadian Taxpayers Federation has released its听2021 Canada Day Debt Report听showing how much each Canadian owes in provincial and federal government debt.听
鈥淕overnments have been borrowing too much money for too long and now they need to start addressing the red ink before taxpayers get clobbered,鈥� said Franco Terrazzano, the Federal Director for the CTF.听听鈥淐anadians don鈥檛 have tens of thousands of dollars lying around to pay for this mountain of government debt, and that鈥檚 why it鈥檚 so important for politicians to find savings like everyone else.鈥�
Government debt ranges between $47,300 and $65,200 per Canadian depending on the province by the end of 2021. When you add up all provincial and federal debt, each Canadian will owe $57,500 on average.
Debt interest charges will cost between $1,100 and $2,400 per person this year.听
The CTF report uses debt and interest charge numbers published in government budgets.听
鈥淚nterest charges alone will cost more than $1,000 per person this year, and that money isn鈥檛 being spent on health care or lowering taxes because it鈥檚 going to bond fund managers,鈥� said Terrazzano. 鈥淐anadian governments are up to their eyeballs in debt and taxpayers are going to get walloped if politicians don鈥檛 figure out ways to save money.鈥�
You can find the CTF鈥檚 2021 Canada Day Debt Report听.
Government debt and interest costs, 2021 fiscal year (federal + provincial)
|
听 |
Debt per person |
Interest costs per person |
|
British Columbia |
$52,000 |
$1,100 |
|
Alberta |
$58,200 |
$1,100 |
|
Saskatchewan |
$47,300 |
$1,200 |
|
Manitoba |
$53,900 |
$1,200 |
|
Ontario |
$61,600 |
$1,400 |
|
Quebec |
$57,000 |
$1,500 |
|
New Brunswick |
$50,200 |
$1,400 |
|
Nova Scotia |
$50,500 |
$1,300 |
|
Prince Edward Island |
$48,600 |
$1,300 |
|
Newfoundland and Labrador |
$65,200 |
$2,400 |
|
Federal government |
$32,200 |
$570 |
Note: Each province calculates its debt differently, so the numbers are best used as an estimate of the government debt each Canadian owes, rather than a provincial comparison.听
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