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FIRST READING: Skyrocketing provincial and federal debt set to hit 100 per cent of GDP

Unprecedented federal debt binge is being matched by similar record-breaking debt binges at the provincial level

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FIRST READING: Skyrocketing provincial and federal debt set to hit 100 per cent of GDP Back to video

Amid record provincial and federal deficits, Canada is hurtling towards a debt threshold it hasn’t encountered since the country teetered towards fiscal insolvency in the 1990s.

As per the latest deficit projections in federal and provincial budgets, the total amount of Canadian public debt will hit $2.526 trillion by year’s end.

Federal liabilities are about $1.347 trillion of this, with the rest being represented by provincial debt. By year’s end, Ontario and Quebec alone are expected to hold a combined $758 billion in debt ($485 billion for Ontario, $273 billion for Quebec).

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