Since 2007/08, Canada’s federal debt has grown by $176 billion to $692 billion in 2015/16.
federal government debt
Once new major spending is factored in, the annual deficit is likely to be more than $25 billion.
With budget season on the horizon, the headlines may mask the magnitude of growth in government debt.
Since 2007/08, combined federal and provincial government net debt has grown from $834 billion to $1.3 trillion.
What are the top three business/economic issues federal parties should be addressing in the current federal campaign?
With a relatively weak Canadian economy, depressed commodity prices and the myriad of international economic issues (i.e. uncertainty in China), federal parties should offer solutions to the economic storm clouds on the horizon.
The 2007/08 recession knocked many Canadian governments off the sound policy footing of balanced budgets, falling debt levels, and tax relief. After a sustained period of deficit spending, the federal government now seems poised to balance the budget.