Canada's total government debt now equals 107 per cent of GDP.
The Trudeau government forecasts a $154.7 billion budget deficit in 2021/22.
The plan calls for $27.2 billion over the next five years to reduce daycare costs.
Federal program spending in 2021/22 is $54.4 billion higher than planned in November 2020.
The federal debt-to-GDP ratio will reach 51.2 per cent, the highest level since 1999.
At 79 per cent, Canada had the fastest growth in its debt-to-GDP ratio in the G-7.
Interest payments on the federal debt are expected to equal $20.2 billion in 2020/21.
Ottawa ran budget deficits worth a total of $94.1 billion from 2015/16 to 2019/20.
The federal government has seemingly ditched the debt-averse approach that largely prevailed in Ottawa since the mid-1980s.