The federal government's debt will reach a projected $2.1 trillion in 2024/25.
federal spending
Because of its own failures to responsibly manage the nation’s finances, Canada is in a weak fiscal position to increase defence spending.
From 2015 to 2022, average government transfers to families with children have increased by 24.2 per cent.
The Ontario government expects a net debt increase of more than $24 billion this year alone.
According to the budget, the government will spend $95 billion more in 2024-25 than it planned only three years ago.
The size of the federal government has expanded by more than one quarter in a decade.
Compared to last year’s fiscal plan, the government will now overspend by $120.8 billion over five years.
In 2024/25, federal program spending will reach a projected $483.6 billion—up $16.1 billion from the previous budget’s estimates.
According to projections, this federal government will possess the eight highest levels of per-person spending in Canadian history.