As we approach the end of 2024, I wanted to share some critical research from the Fraser Institute that highlights a serious concern for Canada’s financial future.

It is important to understand the actual state of our fiscal reality.

Recent studies have revealed a deeply concerning reality: Canada’s national debt is far more alarming than the government often portrays.  While the government boasts of having the lowest net debt among G7 nations, this metric is misleading. Net debt excludes crucial factors, painting a rosier picture than reality.  Our research shows that when total debt (including unfunded liabilities) is considered, Canada ranks 26th out of 32 developed countries. This places Canada among the most indebted nations in the industrialized world – an alarming statistic.

To truly understand the gravity of this situation, imagine a typical Canadian family operating with the same financial recklessness as the federal government. This family would be $427,759 in debt, constantly borrowing more each year to cover excessive spending.

This irresponsible financial management is unsustainable. Nearly 11% of this hypothetical family’s income would be devoured by interest payments alone, leaving little room for essential needs or saving for the future.

This is not a hypothetical scenario. It’s a stark reflection of the current state of Canadian government finances.  We need to take this information into consideration in the upcoming Federal Election