Taxpayers on the hook for $50 billion worth of interest on government debt


A new report by the Fraser Institute suggests that nearly $50 billion will be spent on interest payments this year for Canada’s ballooning debt. The report found that interest will cost the federal and provincial governments a significant portion of their total budgets. Regardless of province, governments will spend over $1,000 per person on interest payments. “In recent years, deficit spending and growing government debt have become a trend for many Canadian governments. Like households, governments are required to pay interest on their debt,” the report reads. “Residents in Newfoundland & Labrador face by far the highest combined federal-provincial interest payments per person ($2,604). Quebec, Canada’s second-most populous province, is the next highest at $1,417 per person.”

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