Dear John,
Combined federal and provincial government debt in Canada has nearly doubled from $1.21 trillion in 2007/08 (the year before the 2008 financial crisis) to a projected $2.30 trillion in 2025/26.
The latest Fraser Institute study specifically measures net debt, which is a measure of the total debt of the federal and provincial governments minus financial assets held by the governments. It is a common measure of indebtedness.
The study finds that not only has Canada’s projected combined government debt nearly doubled since 2007/08, but the combined debt now equals 74.8% of the Canadian economy (GDP). For perspective, debt represented 53.2% of GDP in 2007/08.
Newfoundland and Labrador has the highest provincial-only debt as a share of the economy (GDP), while Alberta’s remains the lowest in the country.
See where the other provinces place here [[link removed]], and be sure to share this one on social media.
Sincerely,
Niels Veldhuis
President
The Fraser Institute
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