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Dear John,
Canadians will pay more than $1,750 per person in 2023/24 on government debt interest costs.
A new study published by the Fraser Institute today finds that taxpayers across Canada will pay a total of $81.8 billion on interest payments for the federal and provincial debts this year alone.
Interest must be paid on government debt, and the more money governments spend on interest payments the less money is available for the programs and services that matter to Canadians.
The federal government will spend $46.5 billion on debt servicing charges in 2023/24, which is more than the government expects to spend on childcare benefits and almost as much as the Canada Health Transfer.
Read the full study here, and be sure to share this one on social media.
Sincerely,
Niels Veldhuis
President
The Fraser Institute
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