🍁Canada National Debt Clock

What is Net Debt vs. Total Liabilities?
The net debt (accumulated deficit) of $1.27 trillion represents the government's total liabilities minus all assets (financial and non-financial). Total federal liabilities of $2.18 trillion includes all obligations - accounts payable, interest-bearing debt, pension liabilities, and other liabilities - without subtracting assets. As of March 31, 2025, total liabilities per person stood at $52,487, the highest nominal per-person federal liability figure in Canadian history.

Debt Service Costs:
In fiscal year 2024-25, the Government of Canada spent $53.3 billion on public debt charges (interest payments), up 13.0% from the prior year. This represents roughly 9.8% of total federal expenses and about 10.5% of federal revenues, as higher average interest rates on the outstanding stock of marketable bonds continued to push costs upward.

How Fast is the Debt Growing?
Based on the November 2025 federal budget's projected deficit of $78.3 billion for fiscal year 2025-26, Canada's net debt is increasing by approximately $214.5 million per day, or $148,973 per minute, or $2,483 per second. Budget 2025 projects deficits will gradually decline but remain elevated, averaging $64.3 billion annually through 2029-30 according to the Parliamentary Budget Officer.

📊 Historical Context: Canada's total federal liabilities of $2.18 trillion are at an all-time high. The debt-to-GDP ratio is projected to rise above 43% by 2027-28 before stabilizing, remaining well above its pre-pandemic level of 31.2%.

💳 Credit Rating: Canada maintains a AAA credit rating from major agencies, though Budget 2025's projected deficits averaging over $64 billion annually have raised questions about the trajectory of fiscal policy.

🏛 Provincial Debt: In addition to federal debt, Canada's provincial, territorial, and local governments carry approximately $1.58 trillion in total liabilities (2024), making the combined government debt burden significantly larger.

📈 Future Outlook: The Parliamentary Budget Officer has warned there is limited fiscal room for the government to reduce revenues or increase spending while maintaining a sustainable fiscal path. The PBO estimates only a 7.5% chance that the government's declining deficit-to-GDP target will be met.