Federal gross debt will reach a projected $2.4 trillion by 2027-28.
federal government debt
Since 2007-08, combined federal and provincial government net debt has increased by roughly $1 trillion.
The 1995 federal budget began a process of major policy reforms that put the government on a path to fiscal balance.
Federal debt interest costs increased by 90 per cent in just two years.
Projected federal spending from 2024 to 2027 is now $30.7 billion higher than previous forecasts.
Since 2014/15, federal government debt interest costs have nearly doubled.
According to forecasts, Ottawa's annual debt interest costs will eclipse $50 billion by 2028.
According to forecasts, the federal deficit will eclipse $40 billion this year.
Federal debt interest costs will reach a forecasted $43.9 billion in 2023/24.
Canada's gross government debt is equal to 111 per cent of the country's GDP.