Canada’s Finances with Franco Terrazzano and Jay Goldberg

Faytene TV

The Canadian Taxpayers Federation Debt Clock website says Canada's federal debt is now over $1.2 trillion. When I first began airing the show in 2018, it was not yet half of that.

Our current federal government has more than doubled the federal debt in less than a decade and racked up more debt than all previous governments combined in the previous 150 years.

Each Canadian's portion of the federal debt is over $31,000.

Add your provincial debt portion to this, and you have what you actually owe.

Topping the list is Ontario at over $400 billion and Quebec at $235 billion. Residents in these two provinces owe over $26,000 per person to the provincial debts on top of the $31,000 in federal debt. This means that the average family of four in those provinces owe $200,000 combined in public debt.

Newfoundland and Labrador have the highest debt portion per person at just under $31,000, and Saskatchewan and New Brunswick have the lowest at $14,000 per person for provincial debt.

How does this impact everyday Canadians, families, and businesses? With so much of our taxpayer dollars going to servicing interest on the debt, how is this hurting our critical infrastructure? What does this heavy debt load mean for our children and future generations and for our ability to care for our seniors in the years ahead?

Most economists agree that this type of debt will inevitably lead to higher taxation. And are we seeing that? If so, how and where? These are all important questions.

Here to unpack it all are two repeat guests familiar to you, our viewers: Franco Terrazzano and Jay Goldberg from the Canadian Taxpayers Federation

The Canadian Taxpayers Federation is a nonprofit watchdog of public funds. It is committed to keeping Canadians informed about what is happening in this area of taxation and what we can do if we have concerns.

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