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Dear John,
Combined government debt interest payments for both the federal and provincial governments in Canada will cost $92.5 billion in 2024/25 — or between $1,937 and $3,432 per Canadian, depending on the province.
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 $53.8 billion on debt servicing charges in 2024/25, which is significantly more than the government expects to spend on the Canada Child Benefit and Canada-wide Early Learning and Child Care benefit ($35.1 billion) and more than the Canada Health Transfer payments to the provinces ($52.1 billion).
Learn more here, and be sure to share this news on social media.
Sincerely,
Niels Veldhuis
President
The Fraser Institute
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