Short-term thinking.

In the Fiscal Reference Tables, the accumulated deficit was $481,499 million in 2005–06, $628,910 million in 2014–15, $685,450 million in 2018–19, and $1,266,484 million in 2024–25. As a share of GDP those totals were 33.9%, 31.5%, 30.7%, and 41.2%.

The Annual Financial Report states the federal debt, meaning the accumulated deficit, at $1,266.5 billion on 31 March 2025.

Statistics Canada’s preliminary population estimate for 1 April 2025 is 41,548,787.

Dividing the 2024–25 accumulated deficit of $1,266,484 million by that estimate gives $30,482 per person, rounded to the nearest dollar.

Public debt charges in 2024–25 were $53.4 billion, 9.8% of expenses, up $6.1 billion from the year before.

Actual spending on the Canada Health Transfer that year was $52,070,383,303.

Budget 2025 projects public debt charges of $55.6 billion in 2025–26, rising to $76.1 billion in 2029–30.

On 4 June 2025, the Parliamentary Budget Officer projected public debt charges of $69.9 billion by 2029–30. That projection predates Budget 2025.

The C.D. Howe Institute writes that deficit financing raises intergenerational fairness issues, because the people who benefit from the spending do not pay its full cost. It also says a public update of the finances before an election can attenuate deficit bias.

A 2024 Fraser Institute study says accumulating debt today increases the tax burden on future generations, because they will be responsible for paying it off.

The Parliamentary Budget Officer’s 2024 report still finds current federal fiscal policy sustainable over the long term, with room of 1.5% of GDP ($46 billion in current dollars) to raise spending or cut taxes and stabilize net debt at 29.1% of GDP.