This year's federal budget deficit will reach a projected $381 billion.
The Trudeau Liberals initially promised to run deficits for three years to finance spending increases.
Borrowing costs could increase without interest rates changing if lenders believe Canada is becoming a bigger credit risk.
The federal budget deficit in 2020-21 is an esitmated $343.2 billion.
The government increased income taxes for more than 80 per cent of middle-income families.
Indigenous and Northern Affairs represented the largest share of federal program spending growth.
The Trudeau government ran consistent deficits and accumulated significant debt over its first four years in office.
Upon assuming power, the Trudeau government immediately increased budgeted federal program spending by $8.1 billion over 2015-16 to 2019-20.