Federal and Provincial Debt-Interest Costs for Canadians, 2024 Edition

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Federal and Provincial Debt-Interest Costs for Canadians, 2024 Edition
  • 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.
  • In aggregate, the provinces and federal government are expected to spend $81.8 billion on interest payments in 2023/24.
  • Residents in Newfoundland & Labrador face by far the highest combined federal-provincial interest payments per person ($3,225). Manitoba is the next highest at $2,728 per person.
  • The federal government will spend $46.5 billion on debt servicing charges in 2023/24, which is nearly what the government expects to spend on the Canada Health Transfer ($49.4 billion), and significantly more than it expects to spend on childcare benefits ($31.2 billion).
  • Combined federal-provincial interest costs in Ontario ($31.5 billion), Quebec ($20.3 billion), and Alberta ($8.6 billion) are nearly as much, or more than, what these provinces will spend on K-12 education in 2023/24.
  • Meanwhile, combined federal-provincial interest costs for British Columbians ($9.6 billion) are higher than what the province expects to spend on its social services this year.

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