https://www.westernstandard.news/canadian/crisis-canadians-spend-75-million-per-day-on-national-debt-interest/60723
“National finances under Prime Minister Justin Trudeau have tanked, and many residents likely don't know just how broke they are.
Canadians now pay around $75 million per day in interest on the national debt.

The net debt, which is gross debt minus financial assets, was reported at a federal level to be around $1.173 trillion in 2023, with an increase to about $1.501 trillion by March 2024.

"If Canadian families spent and borrowed like the federal government, they would be $427,759 in debt," the Fraser Institute wrote in a 2024 report. "While deficits can sometimes be justified in certain circumstances, perpetual spending-driven deficits have become the norm rather than a temporary exception for the federal government."

Canada's general government gross debt for the fiscal year ending March 31, 2022, was approximately $2.942 trillion. This includes federal, provincial, territorial, and local government debts combined but excludes the Canada Pension Plan and Quebec Pension Plan liabilities.

"Deficits have helped drive federal gross debt from 53% of the economy ($1.1 trillion) in 2014/15 up to an expected 69.8% ($2.1 trillion) in 2024/25," the Fraser Institute continued. "This increase in the level of federal debt comes with costs and will result in higher taxes on Canadians."

The interest on Canada's federal debt for the 2023/24 fiscal year was projected to be around $46.5 billion. The amount is significant when compared to other government expenditures like childcare benefits and the Canada Health Transfer. The CHT, a federal transfer payment program created to support health care in provinces and territories, cost $49.4 billion in the 2023-2024 fiscal year.

Per the Fraser Institute, as a result of it all average Canadian wages have dipped lower than those in the poorest U.S. states, such as Louisiana and Mississippi.”