Canadian Taxpayers Will Pay Up to $3,348 This Year to Cover Interest on Government Debt: Study

A magnifying glass enlarges the holographic image of Parliament Hill’s Peace Tower on a $20 bill issued by the Bank of Canada, shown in a display case at the Bank of Canada Museum in Ottawa on Sept. 4, 2024. The Canadian Press/Justin Tang

Each Canadian taxpayer is expected to pay between $1,845 and $3,348 in interest on federal and provincial debt this year, depending on the province they reside in, a recent study finds.

The study, published by the Fraser Institute on June 18, noted that deficit spending and growing government debt have become a trend for many of the governments in Canada, including Ottawa and the 10 provinces, and as a result, the interest payments on this debt have created “a substantial burden for Canadians to bear.”