Combined federal and provincial debt in Canada has nearly doubled in the past 16 years, going from $1.18 trillion in the 2007-2008 fiscal year to a projected $2.18 trillion for 2024, according to a newly released report.
Although there was a significant rise in debt levels in 2020 associated with pandemic spending, debt has long been a problem in Canada, said the report from the Fraser Institute. Ottawa has chosen to run deficits since the onset of the global financial crisis of 2007-2008, resulting in an 85 percent increase in Canada’s combined public debt.
