The combined net debt of federal and provincial governments in Canada has nearly doubled over the past 18 years from $1.24 trillion in 2007-2008 to a projected $2.44 trillion in the current fiscal year, a new study suggests.
The 2008-2009 financial crisis marked a shift away from the balanced-budget standards that were established in the mid-1990s and persisted until the late 2000s at both federal and provincial levels, according to a report released this week by the Fraser Institute.
