Each Canadian is on the hook for $57,500 in government debt: Canada Day Debt Report

The Canadian Taxpayers Federation released its 2021 Canada Day Debt Report showing how much each Canadian owes in provincial and federal government debt. “Governments have been borrowing too much money for too long and now they need to start addressing the red ink before taxpayers get clobbered,” said Franco Terrazzano, the Federal Director for the CTF. “Canadians don’t have tens of thousands of dollars lying around to pay for this mountain of government debt, and that’s why it’s so important for politicians to find savings like everyone else.”

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. The CTF report uses debt and interest charge numbers published in government budgets. “Interest charges alone will cost more than $1,000 per person this year, and that money isn’t being spent on health care or lowering taxes because it’s going to bond fund managers,” said Terrazzano. “Canadian governments are up to their eyeballs in debt and taxpayers are going to get walloped if politicians don’t figure out ways to save money.” You can find the CTF’s 2021 Canada Day Debt Report here.

Government debt and interest costs, 2021 fiscal year (federal + provincial)

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. For more information or to schedule interviews, please contact: Franco Terrazzano, CTF Federal Director Email: fterrazzano@taxpayer.com Twitter: @franco_nomics

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