Canada’s public debt – and the cost of maintaining it – is increasing so quickly that it is now costing $2,000 per Canadian, per year just to cover the interest charges.

According to a new analysis published by the Fraser Institute, the cost of servicing Canada’s combined provincial and federal debt hit an unprecedented $92.5 billion in the 2024/2025 fiscal year.

This makes debt servicing one of the fastest growing shares of Canadian government spending. And with large deficits and high interest rates set to continue into the foreseeable future, that trend is set to continue.

Of every tax dollar collected in the 2024/2025 fiscal year, the Fraser Institute found that eight cents of it was spent merely to pay the interest charges on public debt, be it the $1.3 trillion in debt held by the

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