Personal finance contributor Christopher Liew on Canada's current national debt and where the government spends money, so you can better understand how federal debt and spending have changed over recent years.
Canadian consumer debt hit an all-time high of $2.32 trillion in the first quarter of 2023, according to a. However, Canada’s national debt has also been rising steeply, giving economists and government leaders cause for concern.
Today, I’ll share some facts and figures about Canada’s current national debt and where the government spends money, so you can better understand how federal debt and spending have changed over recent years.WHAT IS THE NATIONAL DEBT? Consumer debt is money owed by individuals for personal needs, whereas national debt is the total borrowing by a government for public purposes. They operate at different levels, with consumer debt impacting individual finances and national debt affecting a country's overall economic health.2021-2022 fiscacanadal yearAdjusted for current inflation, Canada’s total provincial and federal debt increased from $1.1 trillion to $2.
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