Canada has the fifth-highest level of total government debt among 29 industrialized countries.
debt and deficit
The Trudeau government plans to implement new spending programs including national childcare and pharmacare.
Program spending is projected to increase from pre-pandemic levels by 15.2 per cent in 2021/22.
The string of deficits will increase Nova Scotia’s government debt by nearly 40 per cent from 2019/20 to 2024/25.
The federal debt will reach nearly 70 per cent of GDP by 2050.
If Prime Minister Trudeau keeps his commitment to no new taxes, borrowing will finance the proposed expansion.
Total federal expenditures will grow to a projected $420.5 billion in 2024-25.
Federal government spending (per person) is at a record high.
No Opposition party has signalled it would balance the budget in the near- or medium-term.