Live debt tracker
Canada's Federal Debt
What Ottawa owes, growing by the second on the government's own path, with the interest it costs and your share of it.
By Grant Levy Updated
Growing at $2,632 per secondReceipt$2,632Growth of federal net debt per second, 2026-27Forecast · FY2026-27How we got it(net debt at March 31, 2027 − net debt at March 31, 2026) ÷ 31,536,000 seconds in 2026-27Inputsdebt.federal.net_debt.2027-03-31, debt.federal.net_debt.2026-03-31SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2026-2027 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceSourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2025-2026 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceSpreads the Spring Economic Update 2026 projection for the year evenly over every second.All sourcesdebt.federal.net_debt.per_second.fy2026-27
Live estimate of federal net debt on the Spring Economic Update 2026 pathReceipt$1,556,000,000,000Federal net debt, March 31, 2027 (Spring Economic Update projection)Forecast · 2027-03-31SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2026-2027 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceTotal liabilities minus financial assets. It does not subtract non-financial assets (buildings, equipment, land), so it is larger than the accumulated deficit.All sourcesdebt.federal.net_debt.2027-03-31 · Figures checked October 2026
Ottawa’s own measure · ten years
Ten years. Doubled.
At March 31, 2015$628.9BReceipt$628,910,000,000Federal accumulated deficit ("federal debt") at March 31 of each yearActual · 2015-03-31SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025, Part 1WhereTable 1 Fiscal transactions, "Accumulated deficit" column, 2014-15 to 2024-25 rows (millions of dollars)CheckedSeptember 28, 2026Open the sourceRestated series: earlier years reflect later accounting changes, so a value can differ from the one first published in that year's Annual Financial Report.All sourcesdebt.federal.accumulated_deficit_history@2015-03-31
At March 31, 2025$1.3TReceipt$1,266,484,000,000Federal accumulated deficit ("federal debt") at March 31 of each yearActual · 2025-03-31SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025, Part 1WhereTable 1 Fiscal transactions, "Accumulated deficit" column, 2014-15 to 2024-25 rows (millions of dollars)CheckedSeptember 28, 2026Open the sourceRestated series: earlier years reflect later accounting changes, so a value can differ from the one first published in that year's Annual Financial Report.All sourcesdebt.federal.accumulated_deficit_history@2025-03-31
Ottawa’s measure, net of everything it owns. What it owed at March 31, 2025: $2.2T in total liabilitiesReceipt$2,182,300,000,000Federal total liabilities, March 31, 2025Actual · 2025-03-31SourceDepartment of Finance CanadaDocumentAnnual Financial Report of the Government of Canada, Fiscal Year 2024-2025WhereTable 7 Outstanding Debt at Year-End, "Total liabilities", 2024-25 (billions of dollars)PublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceAll sourcesdebt.federal.total_liabilities.2025-03-31
Federal accumulated deficit, Ottawa's measure: $628.9B at March 31, 2015, $721.4B at March 31, 2020, and $1.3T at March 31, 2025.
Federal accumulated deficit at March 31, Finance Canada’s headline measure · Public Accounts of CanadaReceipt$1,266,484,000,000Federal accumulated deficit ("federal debt") at March 31 of each yearActual · 2025-03-31SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025, Part 1WhereTable 1 Fiscal transactions, "Accumulated deficit" column, 2014-15 to 2024-25 rows (millions of dollars)CheckedSeptember 28, 2026Open the sourceRestated series: earlier years reflect later accounting changes, so a value can differ from the one first published in that year's Annual Financial Report.All sourcesdebt.federal.accumulated_deficit_history
The counter above is net debt, the fuller measure: it keeps the assets Ottawa’s headline nets out. At March 31, 2025 that was Receipt$1,393,600,000,000Federal net debt, March 31, 2025Actual · 2025-03-31SourceDepartment of Finance CanadaDocumentAnnual Financial Report of the Government of Canada, Fiscal Year 2024-2025WhereTable 7 Outstanding Debt at Year-End, "Net debt", 2024-25 (billions of dollars)PublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceTotal liabilities minus financial assets. It does not subtract non-financial assets (buildings, equipment, land), so it is larger than the accumulated deficit.All sourcesdebt.federal.net_debt.2025-03-31 against the Receipt$1,266,484,000,000Federal accumulated deficit ("federal debt"), March 31, 2025Actual · 2025-03-31SourceDepartment of Finance CanadaDocumentAnnual Financial Report of the Government of Canada, Fiscal Year 2024-2025WhereTable 6 Federal Debt (Accumulated Deficit), "Federal debt at end of year", 2024-25 (millions of dollars); also Tables 2 and 7PublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceFinance Canada's "federal debt": total liabilities minus all assets, financial and non-financial. It equals net debt minus non-financial assets such as buildings, equipment and land.All sourcesdebt.federal.accumulated_deficit.2025-03-31 charted here.
Show the numbers
| Period | Accumulated deficit, Ottawa’s measure |
|---|---|
| 2015-03-31 | $628.9B |
| 2016-03-31 | $634.4B |
| 2017-03-31 | $651.5B |
| 2018-03-31 | $671.3B |
| 2019-03-31 | $685.5B |
| 2020-03-31 | $721.4B |
| 2021-03-31 | $1.0T |
| 2022-03-31 | $1.1T |
| 2023-03-31 | $1.2T |
| 2024-03-31 | $1.2T |
| 2025-03-31 | $1.3T |
Your Child's Share
$36,300Receipt$1,556,000,000,000Federal net debt, March 31, 2027 (Spring Economic Update projection)Forecast · 2027-03-31SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2026-2027 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceTotal liabilities minus financial assets. It does not subtract non-financial assets (buildings, equipment, land), so it is larger than the accumulated deficit.All sourcesdebt.federal.net_debt.2027-03-31
Net debt per CanadianReceipt41,798,407Population of Canada, July 1, 2026Preliminary · 2026-07-01SourceStatistics CanadaDocumentTable 17-10-0009-01 Population estimates, quarterlyWhereCanada (vector v1), July 1, 2026PublishedSeptember 23, 2026CheckedSeptember 28, 2026Open the sourcePreliminary postcensal estimate. Statistics Canada revised its population estimates back to July 2021 on September 23, 2026 (new method for non-permanent residents).All sourcespopulation.canada.2026-07-01, inherited at birth
Debt-to-GDP
Receipt41.2%Federal debt (accumulated deficit) as a share of GDPActual · FY2024-25SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 2, Fiscal transactions (per cent of GDP), column "Accumulated deficit"PublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceThe Spring Economic Update 2026 restates 2024-25 at 40.7% after Statistics Canada revised GDP.All sourcesseries.federal_debt_to_gdp.canada@FY2024-25
Ottawa's federal debt, 2024-25, up from Receipt28.2%Federal accumulated deficit as a share of GDP, 2008-09Actual · FY2008-09SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025, Part 1WhereTable 2 Fiscal transactions (per cent of GDP), 2008-09 row, "Accumulated deficit" columnPublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceSame table and vintage as the 2024-25 ratio of 41.2% (Table 2), so the two compare like for like.All sourcesdebt.federal.accumulated_deficit_to_gdp.fy2008-09 in 2008-09
Interest This Year
Receipt$58,700,000,000Federal public debt charges (interest on the debt), 2026-27Forecast · FY2026-27SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.9 The Expense Outlook, "Public debt charges" row, 2026-2027 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceSpring Economic Update 2026 projection (the government's plan for the year).All sourcesfederal.pdc.fy2026-27
More than the military's own budget this year
How Fast Is Debt Growing?
| Time Period | Increase in Net Debt |
|---|---|
| Per Second | $2,632 |
| Per Minute | $157,915 |
| Per Hour | $9.5 million |
| Per Day | $227.4 million |
| Per Year (2026-27) | Receipt$83,000,000,000Projected increase in federal net debt, 2026-27Forecast · FY2026-27How we got itnet debt at March 31, 2027 − net debt at March 31, 2026Inputsdebt.federal.net_debt.2027-03-31, debt.federal.net_debt.2026-03-31SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2026-2027 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceSourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2025-2026 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceNet debt rises by the deficit plus what Ottawa spends on roads, buildings and other non-financial assets beyond their depreciation.All sourcesdebt.federal.net_debt.increase.fy2026-27 |
Based on the $83.0 billion rise in net debt Ottawa projects for 2026-27 (Spring Economic Update 2026, Table A1.7), spread evenly across the year: a straight line from $1,473.0 billionReceipt$1,473,000,000,000Federal net debt, March 31, 2026 (Spring Economic Update estimate)Estimate · 2026-03-31SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2025-2026 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceTotal liabilities minus financial assets. It does not subtract non-financial assets (buildings, equipment, land), so it is larger than the accumulated deficit.All sourcesdebt.federal.net_debt.2026-03-31 estimated for March 31, 2026 to $1,556.0 billionReceipt$1,556,000,000,000Federal net debt, March 31, 2027 (Spring Economic Update projection)Forecast · 2027-03-31SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2026-2027 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceTotal liabilities minus financial assets. It does not subtract non-financial assets (buildings, equipment, land), so it is larger than the accumulated deficit.All sourcesdebt.federal.net_debt.2027-03-31 projected for March 31, 2027. The counter stops at the March 31, 2027 projection rather than extrapolating past it. Other debt clocks, such as the Montreal Economic Institute's, can show different figures because they use a different measure or an older projection.
Debt Against The Economy
On Ottawa's own measure, the accumulated deficit was Receipt41.2%Federal debt (accumulated deficit) as a share of GDPActual · FY2024-25SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 2, Fiscal transactions (per cent of GDP), column "Accumulated deficit"PublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceThe Spring Economic Update 2026 restates 2024-25 at 40.7% after Statistics Canada revised GDP.All sourcesseries.federal_debt_to_gdp.canada@FY2024-25 of GDP in 2024-25 (Receipt40.7%Federal accumulated deficit as a share of GDP, 2024-25Actual · FY2024-25SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.7 Summary Statement of Transactions, Per cent of GDP, "Federal debt" row, 2024-2025 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceRestated for later GDP revisions; the ratio first published in the Annual Financial Report 2024-25 is listed separately.All sourcesdebt.federal.accumulated_deficit_to_gdp.fy2024-25 on revised GDP). The pandemic year took the ratio to its peak, and it has not come back to where it stood before.
This chart shows only Ottawa's measure. The fuller one, net debt against GDP year by year, is missing here: no sourced series of it is in our registry yet, and the chart will carry it beside Ottawa's line once it is built.
2014-1531.5%Receipt31.5%Federal debt (accumulated deficit) as a share of GDPActual · FY2014-15SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 2, Fiscal transactions (per cent of GDP), column "Accumulated deficit"PublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceThe Spring Economic Update 2026 restates 2024-25 at 40.7% after Statistics Canada revised GDP.All sourcesseries.federal_debt_to_gdp.canada@FY2014-15
2024-2541.2%Receipt41.2%Federal debt (accumulated deficit) as a share of GDPActual · FY2024-25SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 2, Fiscal transactions (per cent of GDP), column "Accumulated deficit"PublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceThe Spring Economic Update 2026 restates 2024-25 at 40.7% after Statistics Canada revised GDP.All sourcesseries.federal_debt_to_gdp.canada@FY2024-25
Share of GDP, from zero. The peak was 2020-21: 47.2%Receipt47.2%Federal debt (accumulated deficit) as a share of GDPActual · FY2020-21SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 2, Fiscal transactions (per cent of GDP), column "Accumulated deficit"PublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceThe Spring Economic Update 2026 restates 2024-25 at 40.7% after Statistics Canada revised GDP.All sourcesseries.federal_debt_to_gdp.canada@FY2020-21.
Show the numbers
| Fiscal year | Debt to GDP |
|---|---|
| 2014-15 | 31.5% |
| 2015-16 | 31.9% |
| 2016-17 | 32.2% |
| 2017-18 | 31.4% |
| 2018-19 | 30.7% |
| 2019-20 | 31.2% |
| 2020-21 | 47.2% |
| 2021-22 | 45.0% |
| 2022-23 | 41.1% |
| 2023-24 | 42.1% |
| 2024-25 | 41.2% |
Historical Debt Growth
Finance Canada's own headline, “federal debt”, is the accumulated deficit: net debt minus the roads, buildings and land Ottawa owns. It is the smaller number (Receipt$1,266,484,000,000Federal accumulated deficit ("federal debt"), March 31, 2025Actual · 2025-03-31SourceDepartment of Finance CanadaDocumentAnnual Financial Report of the Government of Canada, Fiscal Year 2024-2025WhereTable 6 Federal Debt (Accumulated Deficit), "Federal debt at end of year", 2024-25 (millions of dollars); also Tables 2 and 7PublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceFinance Canada's "federal debt": total liabilities minus all assets, financial and non-financial. It equals net debt minus non-financial assets such as buildings, equipment and land.All sourcesdebt.federal.accumulated_deficit.2025-03-31 against Receipt$1,393,600,000,000Federal net debt, March 31, 2025Actual · 2025-03-31SourceDepartment of Finance CanadaDocumentAnnual Financial Report of the Government of Canada, Fiscal Year 2024-2025WhereTable 7 Outstanding Debt at Year-End, "Net debt", 2024-25 (billions of dollars)PublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceTotal liabilities minus financial assets. It does not subtract non-financial assets (buildings, equipment, land), so it is larger than the accumulated deficit.All sourcesdebt.federal.net_debt.2025-03-31 of net debt at March 31, 2025), and it is the measure Finance Canada restates back through the years. On that measure:
March 31, 2015
Before the Trudeau government
Receipt$628,910,000,000Federal accumulated deficit ("federal debt") at March 31 of each yearActual · 2015-03-31SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025, Part 1WhereTable 1 Fiscal transactions, "Accumulated deficit" column, 2014-15 to 2024-25 rows (millions of dollars)CheckedSeptember 28, 2026Open the sourceRestated series: earlier years reflect later accounting changes, so a value can differ from the one first published in that year's Annual Financial Report.All sourcesdebt.federal.accumulated_deficit_history@2015-03-31
March 31, 2020
As the pandemic hit
Receipt$721,360,000,000Federal accumulated deficit ("federal debt") at March 31 of each yearActual · 2020-03-31SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025, Part 1WhereTable 1 Fiscal transactions, "Accumulated deficit" column, 2014-15 to 2024-25 rows (millions of dollars)CheckedSeptember 28, 2026Open the sourceRestated series: earlier years reflect later accounting changes, so a value can differ from the one first published in that year's Annual Financial Report.All sourcesdebt.federal.accumulated_deficit_history@2020-03-31
March 31, 2025
Audited, the latest year-end
Receipt$1,266,484,000,000Federal accumulated deficit ("federal debt") at March 31 of each yearActual · 2025-03-31SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025, Part 1WhereTable 1 Fiscal transactions, "Accumulated deficit" column, 2014-15 to 2024-25 rows (millions of dollars)CheckedSeptember 28, 2026Open the sourceRestated series: earlier years reflect later accounting changes, so a value can differ from the one first published in that year's Annual Financial Report.All sourcesdebt.federal.accumulated_deficit_history@2025-03-31
Growth 2015-2025: +$637.6 billion (+101%)Receipt$637,574,000,000Increase in the federal accumulated deficit, March 31, 2015 to March 31, 2025Actual · 2015-03-31 to 2025-03-31How we got itaccumulated deficit at March 31, 2025 − accumulated deficit at March 31, 2015Inputsdebt.federal.accumulated_deficit_history@2025-03-31, debt.federal.accumulated_deficit_history@2015-03-31SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025, Part 1WhereTable 1 Fiscal transactions, "Accumulated deficit" column, 2014-15 to 2024-25 rows (millions of dollars)CheckedSeptember 28, 2026Open the sourceAll sourcesdebt.federal.accumulated_deficit.increase.2015-2025Receipt101.4%Growth of the federal accumulated deficit, March 31, 2015 to March 31, 2025Actual · 2015-03-31 to 2025-03-31How we got it(accumulated deficit at March 31, 2025 ÷ accumulated deficit at March 31, 2015) − 1Inputsdebt.federal.accumulated_deficit_history@2025-03-31, debt.federal.accumulated_deficit_history@2015-03-31SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025, Part 1WhereTable 1 Fiscal transactions, "Accumulated deficit" column, 2014-15 to 2024-25 rows (millions of dollars)CheckedSeptember 28, 2026Open the sourceAll sourcesdebt.federal.accumulated_deficit.growth.2015-2025
Federal debt MORE THAN DOUBLED in 10 years
The accumulated deficit is Ottawa’s measure, net of everything it owns. What it owed at March 31, 2025 in total liabilities: $2,182.3 billionReceipt$2,182,300,000,000Federal total liabilities, March 31, 2025Actual · 2025-03-31SourceDepartment of Finance CanadaDocumentAnnual Financial Report of the Government of Canada, Fiscal Year 2024-2025WhereTable 7 Outstanding Debt at Year-End, "Total liabilities", 2024-25 (billions of dollars)PublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceAll sourcesdebt.federal.total_liabilities.2025-03-31
The Cost of Debt
This year Ottawa plans to pay Receipt$58,700,000,000Federal public debt charges (interest on the debt), 2026-27Forecast · FY2026-27SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.9 The Expense Outlook, "Public debt charges" row, 2026-2027 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceSpring Economic Update 2026 projection (the government's plan for the year).All sourcesfederal.pdc.fy2026-27 just in interest on the debt. It buys ZERO services. About Receipt78.4%Share of federal interest on the debt paid to bondholders, 2024-25Actual · FY2024-25How we got itinterest on marketable bonds ÷ total public debt charges, 2024-25Inputsfederal.pdc.marketable_bonds_interest.fy2024-25, federal.pdc.fy2024-25SourceReceiver General for Canada (Public Services and Procurement Canada)DocumentPublic Accounts of Canada 2025, Volume I, Section 3: ExpensesWhereTable 3.8 Public debt charges, "Unmatured debt", "Interest on marketable bonds", 2025 column (millions of dollars); total public debt charges 53,410CheckedSeptember 28, 2026Open the sourceSourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025, Part 1WhereTable 1 Fiscal transactions, 2024-25 row, "Public debt charges" column (millions of dollars)CheckedSeptember 28, 2026Open the sourceThe rest is mostly interest on public-sector pension and other employee and veteran future benefit obligations.All sourcesfederal.pdc.bondholder_share.fy2024-25 goes to the investors who hold Ottawa's bonds (2024-25); the rest is mostly interest on federal pension and other benefit obligations.
Debt interest, 2026-27
Receipt$58,700,000,000Federal public debt charges (interest on the debt), 2026-27Forecast · FY2026-27SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.9 The Expense Outlook, "Public debt charges" row, 2026-2027 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceSpring Economic Update 2026 projection (the government's plan for the year).All sourcesfederal.pdc.fy2026-27
Canada Health Transfer, 2026-27
Receipt$57,419,000,000Canada Health Transfer, total, 2026-27Actual · FY2026-27SourceDepartment of Finance CanadaDocumentMajor federal transfersWhereTable "Federal Support to Provinces and Territories" (millions of dollars), "Canada Health Transfer" row, 2026-27 columnPublishedDecember 11, 2025CheckedSeptember 28, 2026Open the sourceAll sourcestransfers.cht.total.fy2026-27
The military money, 2026-27: National Defence without the Coast Guard
Receipt$47,743,121,277The military money: National Defence's 2026-27 planned spending without the Coast GuardForecast · FY2026-27How we got itNational Defence's total − the Canadian Coast Guard's core responsibilitiesInputsfederal.defence.dnd_planned_spending.fy2026-27, federal.defence.ccg_spending.fy2026-27SourceDepartment of National DefenceDocument2026-27 Departmental Plan (National Defence and the Canadian Armed Forces)WherePlanned spending and human resources, Table 10.2: Planned three-year spending on core responsibilities and internal services (dollars), 2026-27 column, "Total" row; also the Highlights: "total planned spending (including internal services) for DND/CAF is $51,703,553,000"PublishedMarch 13, 2026CheckedOctober 5, 2026Open the sourceSourceDepartment of National DefenceDocument2026-27 Departmental Plan (National Defence and the Canadian Armed Forces)WherePlanned spending and human resources, Table 10.2: Planned three-year spending on core responsibilities and internal services (dollars), 2026-27 column, "Marine Navigation" rowPublishedMarch 13, 2026CheckedOctober 5, 2026Open the sourceSourceDepartment of National DefenceDocument2026-27 Departmental Plan (National Defence and the Canadian Armed Forces)WherePlanned spending and human resources, Table 10.2: Planned three-year spending on core responsibilities and internal services (dollars), 2026-27 column, "Marine Operations and Response" rowPublishedMarch 13, 2026CheckedOctober 5, 2026Open the sourceAll sourcesfederal.defence.military_spending.fy2026-27
2026-27, on one scale
Interest on the federal debt: $58.7B; Canada Health Transfer: $57.4B; The military money: National Defence without the Coast Guard: $47.7B; NATO’s count of defence, as Ottawa reports it (their figure): $71.5B.
Hatched: Ottawa’s presentation to NATO, which counts more than the military. Sources open on each figure.
NATO's count of Canada's defence spending, as Ottawa reports it, is Receipt$71,517,000,000NATO's count of Canada's defence spending, as Ottawa reports it (core defence expenditure), 2026-27Estimate · FY2026-27SourceNorth Atlantic Treaty OrganizationDocumentDefence Investment of NATO Countries (2014-2026)WhereTable 1: Core defence expenditure, current prices, million national currency units, Canada (Canadian dollars), 2026e column (p. 5); p. 14 note: for Canada the year shown is the fiscal year that begins in itPublishedJuly 7, 2026CheckedSeptember 28, 2026Open the sourceNATO estimate. NATO counts spending by all departments that meets its definition, not only National Defence.All sourcesfederal.defence.nato_core.fy2026-27 for 2026-27 (NATO estimate), on the definition every ally agreed toReceiptNational Defence follows guidelines established by NATO and agreed to by Allies to ensure a common approach to defining defence expenditures.National Defence's briefing note for the Senate defence committee on how it counts defence spending for NATOActual · 2026-04-27SourceDepartment of National DefenceDocumentAppearance Before the Standing Senate Committee on National Security, Defence and Veterans Affairs (SECD): Mandate, Priorities, and NATO 2% - 27 April 2026WhereKey Issues, "North Atlantic Treaty Organization (NATO) Investment Pledge", response "If pressed on financial contributions by the Canadian Coast Guard to the NATO spending target"PublishedAugust 21, 2026CheckedOctober 5, 2026Open the sourceAll sourcesfederal.quote.dnd_nato_guidelines.2026-04-27. Interest costs less than that count, but more than the Canada Health Transfer and more than the military money. The gap between the count and the military money is Receipt$23,773,878,723NATO's count of Canada's defence spending above the military money, 2026-27Forecast · FY2026-27How we got itNATO's count as Ottawa reports it − the military moneyInputsfederal.defence.nato_core.fy2026-27, federal.defence.military_spending.fy2026-27SourceNorth Atlantic Treaty OrganizationDocumentDefence Investment of NATO Countries (2014-2026)WhereTable 1: Core defence expenditure, current prices, million national currency units, Canada (Canadian dollars), 2026e column (p. 5); p. 14 note: for Canada the year shown is the fiscal year that begins in itPublishedJuly 7, 2026CheckedSeptember 28, 2026Open the sourceSourceDepartment of National DefenceDocument2026-27 Departmental Plan (National Defence and the Canadian Armed Forces)WherePlanned spending and human resources, Table 10.2: Planned three-year spending on core responsibilities and internal services (dollars), 2026-27 column, "Total" row; also the Highlights: "total planned spending (including internal services) for DND/CAF is $51,703,553,000"PublishedMarch 13, 2026CheckedOctober 5, 2026Open the sourceSourceDepartment of National DefenceDocument2026-27 Departmental Plan (National Defence and the Canadian Armed Forces)WherePlanned spending and human resources, Table 10.2: Planned three-year spending on core responsibilities and internal services (dollars), 2026-27 column, "Marine Navigation" rowPublishedMarch 13, 2026CheckedOctober 5, 2026Open the sourceSourceDepartment of National DefenceDocument2026-27 Departmental Plan (National Defence and the Canadian Armed Forces)WherePlanned spending and human resources, Table 10.2: Planned three-year spending on core responsibilities and internal services (dollars), 2026-27 column, "Marine Operations and Response" rowPublishedMarch 13, 2026CheckedOctober 5, 2026Open the sourceAll sourcesfederal.defence.nato_gap.fy2026-27, Receipt33.2%Share of NATO's count of Canada's defence spending that is not the military money, 2026-27Forecast · FY2026-27How we got itgap ÷ NATO's countInputsfederal.defence.nato_gap.fy2026-27, federal.defence.nato_core.fy2026-27SourceNorth Atlantic Treaty OrganizationDocumentDefence Investment of NATO Countries (2014-2026)WhereTable 1: Core defence expenditure, current prices, million national currency units, Canada (Canadian dollars), 2026e column (p. 5); p. 14 note: for Canada the year shown is the fiscal year that begins in itPublishedJuly 7, 2026CheckedSeptember 28, 2026Open the sourceSourceDepartment of National DefenceDocument2026-27 Departmental Plan (National Defence and the Canadian Armed Forces)WherePlanned spending and human resources, Table 10.2: Planned three-year spending on core responsibilities and internal services (dollars), 2026-27 column, "Total" row; also the Highlights: "total planned spending (including internal services) for DND/CAF is $51,703,553,000"PublishedMarch 13, 2026CheckedOctober 5, 2026Open the sourceSourceDepartment of National DefenceDocument2026-27 Departmental Plan (National Defence and the Canadian Armed Forces)WherePlanned spending and human resources, Table 10.2: Planned three-year spending on core responsibilities and internal services (dollars), 2026-27 column, "Marine Navigation" rowPublishedMarch 13, 2026CheckedOctober 5, 2026Open the sourceSourceDepartment of National DefenceDocument2026-27 Departmental Plan (National Defence and the Canadian Armed Forces)WherePlanned spending and human resources, Table 10.2: Planned three-year spending on core responsibilities and internal services (dollars), 2026-27 column, "Marine Operations and Response" rowPublishedMarch 13, 2026CheckedOctober 5, 2026Open the sourceAll sourcesfederal.defence.nato_gap_share.fy2026-27 of the count. NATO's definition admits more than the military: other departments, military pensionsReceiptRetirement pensions payments made directly by the government to retired military and civilian employees of military departments and for active personnel is included in the NATO defence expenditure definition.NATO's definition of defence expenditure, on pensionsActual · 2026SourceNorth Atlantic Treaty OrganizationDocumentDefence expenditures and NATO’s 5% commitmentWhereSection "What counts as NATO defence expenditure?"CheckedOctober 5, 2026Open the sourceAll sourcesfederal.quote.nato_pensions.2026 and the Coast Guard, which National Defence took in as a civilian agency in September 2025ReceiptOn September 2, 2025, the CCG was transferred to the Department of National Defence as a civilian Special Operating Agency through an Order in Council.National Defence on the Canadian Coast Guard's transfer into the departmentActual · 2025-09-02SourceDepartment of National DefenceDocumentIntegration of the Canadian Coast GuardWhereKey Issues, "Transfer of the Canadian Coast Guard through an Order in Council"PublishedApril 10, 2026CheckedOctober 5, 2026Open the sourceAll sourcesfederal.quote.dnd_ccg_transfer.2025-09-02. The two figures are also counted on different bases. The record does not split the gap. National Defence lists some of the other departments, without amounts: “This includes Veterans Affairs Canada, Treasury Board of Canada Secretariat, Global Affairs Canada, Shared Services Canada, and others that cannot be disclosed publicly.ReceiptThis includes Veterans Affairs Canada, Treasury Board of Canada Secretariat, Global Affairs Canada, Shared Services Canada, and others that cannot be disclosed publicly.National Defence's briefing note for the Senate defence committee, on the other departments in Canada's NATO countActual · 2026-04-27SourceDepartment of National DefenceDocumentAppearance Before the Standing Senate Committee on National Security, Defence and Veterans Affairs (SECD): Mandate, Priorities, and NATO 2% - 27 April 2026WhereKey Issues, "Other Government Departments and Agencies’ Contributions to the NATO Investment Pledge", after "Eligible funding from other government departments also contributes to Canada's defence expenditures."PublishedAugust 21, 2026CheckedOctober 5, 2026Open the sourceAll sourcesfederal.quote.dnd_other_departments.2026-04-27”
What This Means For You
Per person who paid income tax
$67,200
Net debt divided by the 22.6 million income tax returns with tax to pay for 2024Receipt$1,556,000,000,000Federal net debt, March 31, 2027 (Spring Economic Update projection)Forecast · 2027-03-31SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2026-2027 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceTotal liabilities minus financial assets. It does not subtract non-financial assets (buildings, equipment, land), so it is larger than the accumulated deficit.All sourcesdebt.federal.net_debt.2027-03-31Receipt22,569,834Taxable individual income tax returns (returns with tax payable), Canada, 2024 tax yearActual · 2024SourceCanada Revenue AgencyDocumentIndividual Income Tax Return Statistics (2024 tax year)WhereTable 1: General statement by province and territory of taxation, "Canada", "Taxable returns", Number of returnsPublishedMay 1, 2026CheckedSeptember 28, 2026Open the sourceReturns with income tax payable.All sourcespopulation.canada.taxable_returns.2024
Per Canadian
Your child's share, above, divides the same net debt by all 41.8 million people in Canada on July 1, 2026Receipt41,798,407Population of Canada, July 1, 2026Preliminary · 2026-07-01SourceStatistics CanadaDocumentTable 17-10-0009-01 Population estimates, quarterlyWhereCanada (vector v1), July 1, 2026PublishedSeptember 23, 2026CheckedSeptember 28, 2026Open the sourcePreliminary postcensal estimate. Statistics Canada revised its population estimates back to July 2021 on September 23, 2026 (new method for non-permanent residents).All sourcespopulation.canada.2026-07-01, every child included.
Every child born today inherits this debt before earning their first dollar.
From 2015 to 2025, the accumulated deficit per person rose Receipt33.2%Change in federal debt per person, March 2015 to March 2025, after inflationEstimate · 2015 to 2025How we got it(debt per person, March 2025 ÷ CPI 2025) ÷ (debt per person, March 2015 ÷ CPI 2015) − 1Inputsseries.federal_debt_per_person.2015-03-31, debt.federal.accumulated_deficit.per_person.2025-03-31, percapita.canada.cpi_annual.2015-2025@2015, percapita.canada.cpi_annual.2015-2025@2025SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025, Part 1WhereTable 1 Fiscal transactions, "Accumulated deficit" column, 2014-15 to 2024-25 rows (millions of dollars)CheckedSeptember 28, 2026Open the sourceSourceStatistics CanadaDocumentTable 17-10-0009-01 Population estimates, quarterlyWhereCanada; vector v1PublishedSeptember 23, 2026CheckedSeptember 28, 2026Open the sourceSourceDepartment of Finance CanadaDocumentAnnual Financial Report of the Government of Canada, Fiscal Year 2024-2025WhereTable 6 Federal Debt (Accumulated Deficit), "Federal debt at end of year", 2024-25 (millions of dollars); also Tables 2 and 7PublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceSourceStatistics CanadaDocumentTable 17-10-0009-01 Population estimates, quarterlyWhereCanada (vector v1), April 1, 2025PublishedSeptember 23, 2026CheckedSeptember 28, 2026Open the sourceSourceStatistics CanadaDocumentTable 18-10-0005-01 Consumer Price Index, annual average, not seasonally adjustedWhereCanada; All-items; vector v41693271CheckedSeptember 28, 2026Open the sourceAll sourcesseries.federal_debt_per_person_real_change.2015-2025 after inflation. Real GDP per person rose Receipt4.4%Change in real GDP per person, Canada, 2015 to 2025Estimate · 2015 to 2025How we got itreal GDP per person in 2025 ÷ real GDP per person in 2015 − 1Inputspercapita.canada.real_gdp_per_person.2015, percapita.canada.real_gdp_per_person.2025SourceStatistics CanadaDocumentTable 36-10-0104-01 Gross domestic product, expenditure-based, Canada, quarterlyWhereGross domestic product at market prices; Chained (2017) dollars; Seasonally adjusted at annual rates; vector v62305752PublishedAugust 28, 2026CheckedSeptember 28, 2026Open the sourceSourceStatistics CanadaDocumentTable 17-10-0009-01 Population estimates, quarterlyWhereCanada; vector v1PublishedSeptember 23, 2026CheckedSeptember 28, 2026Open the sourceSourceStatistics CanadaDocumentTable 17-10-0009-01 Population estimates, quarterlyWhereCanada (vector v1), July 1, 2025PublishedSeptember 23, 2026CheckedSeptember 28, 2026Open the sourceAll sourcespercapita.canada.real_gdp_per_person_change.2015-2025. Canada's GDP per capita: bigger economy, barely more per person →
How It Got Here: Every Year, Three Ways
Each year since the Liberals' first budget: the lowest forecast before the year, with the padding removed; the deficit Ottawa reported; and the deficit counted in full, what it had to borrow.
- 2016-17$28.0BReceipt-$27,969,000,000Federal financial requirement: the cash Ottawa had to borrow in the year (negative = borrowing)Actual · FY2016-17SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 1, Fiscal transactions (millions of dollars), column "Financial requirement (-)/source"PublishedNovember 7, 2025CheckedOctober 5, 2026Open the sourceThe budgetary balance plus non-budgetary transactions: loans, investments and advances, capital spending on non-financial assets, pensions and other accounts, and accruals. A negative value is the amount Ottawa had to raise by borrowing; a positive value is a source of funds. Restated series, like the budgetary balance.All sourcesseries.federal_financial_requirement.canada@FY2016-17Promised $23.4B. Ottawa’s deficit $19.0B. Counted in full $28.0B.
- 2017-18$9.5BReceipt-$9,464,000,000Federal financial requirement: the cash Ottawa had to borrow in the year (negative = borrowing)Actual · FY2017-18SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 1, Fiscal transactions (millions of dollars), column "Financial requirement (-)/source"PublishedNovember 7, 2025CheckedOctober 5, 2026Open the sourceThe budgetary balance plus non-budgetary transactions: loans, investments and advances, capital spending on non-financial assets, pensions and other accounts, and accruals. A negative value is the amount Ottawa had to raise by borrowing; a positive value is a source of funds. Restated series, like the budgetary balance.All sourcesseries.federal_financial_requirement.canada@FY2017-18Promised $23.0B. Ottawa’s deficit $19.0B. Counted in full $9.5B.
- 2018-19$13.4BReceipt-$13,363,000,000Federal financial requirement: the cash Ottawa had to borrow in the year (negative = borrowing)Actual · FY2018-19SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 1, Fiscal transactions (millions of dollars), column "Financial requirement (-)/source"PublishedNovember 7, 2025CheckedOctober 5, 2026Open the sourceThe budgetary balance plus non-budgetary transactions: loans, investments and advances, capital spending on non-financial assets, pensions and other accounts, and accruals. A negative value is the amount Ottawa had to raise by borrowing; a positive value is a source of funds. Restated series, like the budgetary balance.All sourcesseries.federal_financial_requirement.canada@FY2018-19Promised $15.1B. Ottawa’s deficit $14.0B. Counted in full $13.4B.
- 2019-20$43.9BReceipt-$43,907,000,000Federal financial requirement: the cash Ottawa had to borrow in the year (negative = borrowing)Actual · FY2019-20SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 1, Fiscal transactions (millions of dollars), column "Financial requirement (-)/source"PublishedNovember 7, 2025CheckedOctober 5, 2026Open the sourceThe budgetary balance plus non-budgetary transactions: loans, investments and advances, capital spending on non-financial assets, pensions and other accounts, and accruals. A negative value is the amount Ottawa had to raise by borrowing; a positive value is a source of funds. Restated series, like the budgetary balance.All sourcesseries.federal_financial_requirement.canada@FY2019-20Promised $11.7B. Ottawa’s deficit $39.4B. Counted in full $43.9B.
- 2020-21$325.0BReceipt-$325,043,000,000Federal financial requirement: the cash Ottawa had to borrow in the year (negative = borrowing)Actual · FY2020-21SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 1, Fiscal transactions (millions of dollars), column "Financial requirement (-)/source"PublishedNovember 7, 2025CheckedOctober 5, 2026Open the sourceThe budgetary balance plus non-budgetary transactions: loans, investments and advances, capital spending on non-financial assets, pensions and other accounts, and accruals. A negative value is the amount Ottawa had to raise by borrowing; a positive value is a source of funds. Restated series, like the budgetary balance.All sourcesseries.federal_financial_requirement.canada@FY2020-21Promised $8.3B. Ottawa’s deficit $327.7B. Counted in full $325.0B.
- 2021-22$84.4BReceipt-$84,428,000,000Federal financial requirement: the cash Ottawa had to borrow in the year (negative = borrowing)Actual · FY2021-22SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 1, Fiscal transactions (millions of dollars), column "Financial requirement (-)/source"PublishedNovember 7, 2025CheckedOctober 5, 2026Open the sourceThe budgetary balance plus non-budgetary transactions: loans, investments and advances, capital spending on non-financial assets, pensions and other accounts, and accruals. A negative value is the amount Ottawa had to raise by borrowing; a positive value is a source of funds. Restated series, like the budgetary balance.All sourcesseries.federal_financial_requirement.canada@FY2021-22Promised $10.8B. Ottawa’s deficit $90.3B. Counted in full $84.4B.
- 2022-23$66.2BReceipt-$66,150,000,000Federal financial requirement: the cash Ottawa had to borrow in the year (negative = borrowing)Actual · FY2022-23SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 1, Fiscal transactions (millions of dollars), column "Financial requirement (-)/source"PublishedNovember 7, 2025CheckedOctober 5, 2026Open the sourceThe budgetary balance plus non-budgetary transactions: loans, investments and advances, capital spending on non-financial assets, pensions and other accounts, and accruals. A negative value is the amount Ottawa had to raise by borrowing; a positive value is a source of funds. Restated series, like the budgetary balance.All sourcesseries.federal_financial_requirement.canada@FY2022-23Promised $9.1B. Ottawa’s deficit $35.3B. Counted in full $66.2B.
- 2023-24$85.7BReceipt-$85,729,000,000Federal financial requirement: the cash Ottawa had to borrow in the year (negative = borrowing)Actual · FY2023-24SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 1, Fiscal transactions (millions of dollars), column "Financial requirement (-)/source"PublishedNovember 7, 2025CheckedOctober 5, 2026Open the sourceThe budgetary balance plus non-budgetary transactions: loans, investments and advances, capital spending on non-financial assets, pensions and other accounts, and accruals. A negative value is the amount Ottawa had to raise by borrowing; a positive value is a source of funds. Restated series, like the budgetary balance.All sourcesseries.federal_financial_requirement.canada@FY2023-24Promised $6.8B. Ottawa’s deficit $61.9B. Counted in full $85.7B.
- 2024-25$130.0BReceipt-$130,015,000,000Federal financial requirement: the cash Ottawa had to borrow in the year (negative = borrowing)Actual · FY2024-25SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 1, Fiscal transactions (millions of dollars), column "Financial requirement (-)/source"PublishedNovember 7, 2025CheckedOctober 5, 2026Open the sourceThe budgetary balance plus non-budgetary transactions: loans, investments and advances, capital spending on non-financial assets, pensions and other accounts, and accruals. A negative value is the amount Ottawa had to raise by borrowing; a positive value is a source of funds. Restated series, like the budgetary balance.All sourcesseries.federal_financial_requirement.canada@FY2024-25Promised $8.6B. Ottawa’s deficit $36.3B. Counted in full $130.0B.
- 2025-26preliminary$103.7BReceipt-$103,689,000,000Federal financial requirement for 2025-26, preliminary: the cash Ottawa had to borrow (negative = borrowing)Preliminary · FY2025-26SourceDepartment of Finance CanadaDocumentThe Fiscal Monitor, March 2026WhereTable 1, Summary statement of transactions, row "Financial source/requirement", April to March 2025-26 columnPublishedMay 29, 2026CheckedOctober 5, 2026Open the sourceUnaudited result before year-end adjustments, from the same table as the preliminary budgetary balance (forecasts.balance_projections.fy2025-26): the balance plus non-budgetary transactions. The audited figure comes with the Public Accounts 2025-26.All sourcesforecasts.financial_requirement.fiscal-monitor-2026-03Promised $14.5B. Ottawa’s deficit $55.3B. Counted in full $103.7B.
- 2026-27forecast$133.4BReceipt-$133,400,000,000Federal financial requirement in the Spring Economic Update 2026: the cash Ottawa must borrow (negative = borrowing)Forecast · FY2026-27SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026WhereAnnex 1, Table A1.10 (The Budgetary Balance, Non-Budgetary Transactions, and Financial Source/Requirement), row "Financial source (requirement)", 2026–2027 columnPublishedApril 28, 2026CheckedOctober 5, 2026Open the source2025-26 is an estimate: the year has ended, and the audited result comes with the Public Accounts. 2026-27 is the government's projection. Each equals the budgetary balance plus non-budgetary transactions, as in the Fiscal Reference Tables series.All sourcesforecasts.financial_requirement.spring-update-2026@FY2026-27Promised $3.4B. Ottawa’s deficit $65.3B. Counted in full $133.4B.
Broken bars: 2020-21 runs off the scale, at $327.7B reported and $325.0B in full.
Show the numbers
| Year | Promised | Ottawa’s deficit | In full |
|---|---|---|---|
| 2016-17 | $23.4B | $19.0B | $28.0B |
| 2017-18 | $23.0B | $19.0B | $9.5B |
| 2018-19 | $15.1B | $14.0B | $13.4B |
| 2019-20 | $11.7B | $39.4B | $43.9B |
| 2020-21 | $8.3B | $327.7B | $325.0B |
| 2021-22 | $10.8B | $90.3B | $84.4B |
| 2022-23 | $9.1B | $35.3B | $66.2B |
| 2023-24 | $6.8B | $61.9B | $85.7B |
| 2024-25 | $8.6B | $36.3B | $130.0B |
| 2025-26 (preliminary) | $14.5B | $55.3B | $103.7B |
| 2026-27 (forecast) | $3.4B | $65.3B | $133.4B |
Promised: budgets and fall statements from 2016 on, padding removedReceipt-$8,600,000,000The smallest federal deficit Ottawa forecast for each year before the year began, with the padding taken out, 2016-17 to 2024-25 (negative = deficit)Forecast · FY2024-25SourceDepartment of Finance CanadaDocumentBudget 2019: Investing in the Middle ClassWhereAnnex 1, Table A1.2 (Economic and Fiscal Developments since the 2018 Fall Economic Statement and Investments Included in Budget 2019), row "Budgetary balance", the line above "Adjustment for risk", 2023–2024 columnPublishedMarch 19, 2019CheckedOctober 5, 2026Open the sourceSourceDepartment of Finance CanadaDocumentFall Economic Statement 2016WhereAnnex 1, Table A1.2 (Economic and Fiscal Developments Since Budget 2016), row "Budget 2016 budgetary balance (without forecast adjustment)", 2016–2017 columnPublishedNovember 1, 2016CheckedOctober 5, 2026Open the sourceSourceDepartment of Finance CanadaDocumentFall Economic Statement 2016WhereAnnex 1, Table A1.2 (Economic and Fiscal Developments Since Budget 2016), row "Budget 2016 budgetary balance (without forecast adjustment)", 2017–2018 columnPublishedNovember 1, 2016CheckedOctober 5, 2026Open the sourceSourceDepartment of Finance CanadaDocumentBudget 2018: Equality + Growth: A Strong Middle ClassWhereAnnex 1, Table A1.2 (Economic and Fiscal Developments Since the 2017 Fall Economic Statement and Investments Included in Budget 2018), row "Budgetary balance", the line above "Adjustment for risk", 2018–2019 columnPublishedFebruary 27, 2018CheckedOctober 5, 2026Open the sourceSourceDepartment of Finance CanadaDocumentFall Economic Statement 2016WhereAnnex 1, Table A1.2 (Economic and Fiscal Developments Since Budget 2016), row "Budget 2016 budgetary balance (without forecast adjustment)", 2019–2020 columnPublishedNovember 1, 2016CheckedOctober 5, 2026Open the sourceSourceDepartment of Finance CanadaDocumentFall Economic Statement 2016WhereAnnex 1, Table A1.2 (Economic and Fiscal Developments Since Budget 2016), row "Budget 2016 budgetary balance (without forecast adjustment)", 2020–2021 columnPublishedNovember 1, 2016CheckedOctober 5, 2026Open the sourceSourceDepartment of Finance CanadaDocumentBudget 2018: Equality + Growth: A Strong Middle ClassWhereAnnex 1, Table A1.2 (Economic and Fiscal Developments Since the 2017 Fall Economic Statement and Investments Included in Budget 2018), row "Budgetary balance", the line above "Adjustment for risk", 2021–2022 columnPublishedFebruary 27, 2018CheckedOctober 5, 2026Open the sourceSourceDepartment of Finance CanadaDocumentBudget 2019: Investing in the Middle ClassWhereAnnex 1, Table A1.2 (Economic and Fiscal Developments since the 2018 Fall Economic Statement and Investments Included in Budget 2019), row "Budgetary balance", the line above "Adjustment for risk", 2022–2023 columnPublishedMarch 19, 2019CheckedOctober 5, 2026Open the sourceSourceDepartment of Finance CanadaDocumentEconomic and Fiscal Update 2019WhereAnnex 1, Table A1.2 (Economic and Fiscal Developments Since Budget 2019), row "Final budgetary balance", the line above "Adjustment for risk", 2024–2025 columnPublishedDecember 16, 2019CheckedOctober 5, 2026Open the sourceFor each fiscal year, the least negative budgetary balance forecast in any budget, fall statement or update published before the year began, from Budget 2016 on, with the document's padding taken out (S-072). Budget 2016 cut the private-sector forecast for nominal GDP by $40 billion a year "for fiscal planning purposes", which it said "translates into a fiscal impact of approximately $6 billion per year"; the 2016 Fall Economic Statement restates Budget 2016's balance without that adjustment. Budgets 2017 to 2019 and the updates of 2017 to 2019 each subtracted an "adjustment for risk" of up to $3.0 billion a year and print the balance before it; that balance is used. A later document's restatement of an earlier forecast is used only where the original printed no balance without its padding, as for Budget 2016; elsewhere a restatement in a later table is not a new forecast. Budget 2016 is the first budget of the Liberal governments that have run every year since. Earlier budgets and updates are left out because they were the previous government's plans. That includes the November 2015 update, published by the new government three weeks after it took office: it projected the previous government's plan and says of its projections, "They do not include any measures adopted by this Government" (Update of Economic and Fiscal Projections 2015, chapter 1, https://www.budget.canada.ca/efp-peb/2015/pub/chap01-en.html). Each point carries its own document. From 2025-26 on, the same rule picks the promise from that year's series of projections (forecasts.balance_projections); the documents it picks carry no padding.All sourcesforecasts.balance_lowest_before_year.canada · Audited years: Fiscal Reference TablesReceipt-$36,348,000,000Federal budgetary balance (negative = deficit)Actual · FY2024-25SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 1, Fiscal transactions (millions of dollars), column "Budgetary surplus or deficit (–)"PublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceRestated series: later accounting changes are applied to earlier years, so early values differ from those first published.All sourcesseries.federal_budgetary_balance.canadaReceipt-$130,015,000,000Federal financial requirement: the cash Ottawa had to borrow in the year (negative = borrowing)Actual · FY2024-25SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 1, Fiscal transactions (millions of dollars), column "Financial requirement (-)/source"PublishedNovember 7, 2025CheckedOctober 5, 2026Open the sourceThe budgetary balance plus non-budgetary transactions: loans, investments and advances, capital spending on non-financial assets, pensions and other accounts, and accruals. A negative value is the amount Ottawa had to raise by borrowing; a positive value is a source of funds. Restated series, like the budgetary balance.All sourcesseries.federal_financial_requirement.canada · Preliminary: the Fiscal MonitorReceipt-$103,689,000,000Federal financial requirement for 2025-26, preliminary: the cash Ottawa had to borrow (negative = borrowing)Preliminary · FY2025-26SourceDepartment of Finance CanadaDocumentThe Fiscal Monitor, March 2026WhereTable 1, Summary statement of transactions, row "Financial source/requirement", April to March 2025-26 columnPublishedMay 29, 2026CheckedOctober 5, 2026Open the sourceUnaudited result before year-end adjustments, from the same table as the preliminary budgetary balance (forecasts.balance_projections.fy2025-26): the balance plus non-budgetary transactions. The audited figure comes with the Public Accounts 2025-26.All sourcesforecasts.financial_requirement.fiscal-monitor-2026-03 · Forecast: the Spring Economic UpdateReceipt-$133,400,000,000Federal financial requirement in the Spring Economic Update 2026: the cash Ottawa must borrow (negative = borrowing)Forecast · FY2026-27SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026WhereAnnex 1, Table A1.10 (The Budgetary Balance, Non-Budgetary Transactions, and Financial Source/Requirement), row "Financial source (requirement)"PublishedApril 28, 2026CheckedOctober 5, 2026Open the sourceSourceDepartment of Finance CanadaDocumentSpring Economic Update 2026WhereAnnex 1, Table A1.10 (The Budgetary Balance, Non-Budgetary Transactions, and Financial Source/Requirement), row "Financial source (requirement)", 2025–2026 columnPublishedApril 28, 2026CheckedOctober 5, 2026Open the sourceSourceDepartment of Finance CanadaDocumentSpring Economic Update 2026WhereAnnex 1, Table A1.10 (The Budgetary Balance, Non-Budgetary Transactions, and Financial Source/Requirement), row "Financial source (requirement)", 2026–2027 columnPublishedApril 28, 2026CheckedOctober 5, 2026Open the source2025-26 is an estimate: the year has ended, and the audited result comes with the Public Accounts. 2026-27 is the government's projection. Each equals the budgetary balance plus non-budgetary transactions, as in the Fiscal Reference Tables series.All sourcesforecasts.financial_requirement.spring-update-2026
Frequently Asked Questions
How much debt does Canada have?
About $1.52 trillion and counting, measured as net debt: everything Ottawa owes minus its financial assets, such as cash, loans and investments. Ottawa estimates it was $1,473.0 billion at March 31, 2026; the counter adds the $83.0 billion rise it projects for 2026-27, second by second. On March 31, 2025, Ottawa's bonds and treasury bills alone came to $1,477 billion.Receipt$1,473,000,000,000Federal net debt, March 31, 2026 (Spring Economic Update estimate)Estimate · 2026-03-31SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2025-2026 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceTotal liabilities minus financial assets. It does not subtract non-financial assets (buildings, equipment, land), so it is larger than the accumulated deficit.All sourcesdebt.federal.net_debt.2026-03-31Receipt$83,000,000,000Projected increase in federal net debt, 2026-27Forecast · FY2026-27How we got itnet debt at March 31, 2027 − net debt at March 31, 2026Inputsdebt.federal.net_debt.2027-03-31, debt.federal.net_debt.2026-03-31SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2026-2027 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceSourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2025-2026 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceNet debt rises by the deficit plus what Ottawa spends on roads, buildings and other non-financial assets beyond their depreciation.All sourcesdebt.federal.net_debt.increase.fy2026-27Receipt$1,477,000,000,000Federal market debt (bonds, treasury bills and foreign debt), March 31, 2025Actual · 2025-03-31SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 3: Debt Management StrategyWhereTable A3.3 Change in Composition of Market Debt, "Total market debt", 2024-25 Actual (billions of dollars, end of fiscal year)PublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceGovernment of Canada securities held by investors. Market debt grows faster than the accumulated deficit because Ottawa also borrows to lend to Crown corporations.All sourcesdebt.federal.market_debt.2025-03-31
How much debt does each Canadian owe?
Each Canadian's share of federal net debt is about $36,300. Every child born today inherits this debt before earning their first dollar. Per person who actually paid income tax (22.6 million in the 2024 tax year), it's about $67,200.Receipt$1,556,000,000,000Federal net debt, March 31, 2027 (Spring Economic Update projection)Forecast · 2027-03-31SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2026-2027 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceTotal liabilities minus financial assets. It does not subtract non-financial assets (buildings, equipment, land), so it is larger than the accumulated deficit.All sourcesdebt.federal.net_debt.2027-03-31Receipt41,798,407Population of Canada, July 1, 2026Preliminary · 2026-07-01SourceStatistics CanadaDocumentTable 17-10-0009-01 Population estimates, quarterlyWhereCanada (vector v1), July 1, 2026PublishedSeptember 23, 2026CheckedSeptember 28, 2026Open the sourcePreliminary postcensal estimate. Statistics Canada revised its population estimates back to July 2021 on September 23, 2026 (new method for non-permanent residents).All sourcespopulation.canada.2026-07-01Receipt22,569,834Taxable individual income tax returns (returns with tax payable), Canada, 2024 tax yearActual · 2024SourceCanada Revenue AgencyDocumentIndividual Income Tax Return Statistics (2024 tax year)WhereTable 1: General statement by province and territory of taxation, "Canada", "Taxable returns", Number of returnsPublishedMay 1, 2026CheckedSeptember 28, 2026Open the sourceReturns with income tax payable.All sourcespopulation.canada.taxable_returns.2024
How fast is Canada's debt growing?
About $2,632 a second, or $227.4 million a day: the $83.0 billion rise in net debt Ottawa projects for 2026-27 (Spring Economic Update 2026), spread evenly across the year. Other debt clocks, such as the Montreal Economic Institute's, can show different figures because they use a different measure or an older projection.Receipt$2,632Growth of federal net debt per second, 2026-27Forecast · FY2026-27How we got it(net debt at March 31, 2027 − net debt at March 31, 2026) ÷ 31,536,000 seconds in 2026-27Inputsdebt.federal.net_debt.2027-03-31, debt.federal.net_debt.2026-03-31SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2026-2027 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceSourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2025-2026 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceSpreads the Spring Economic Update 2026 projection for the year evenly over every second.All sourcesdebt.federal.net_debt.per_second.fy2026-27Receipt$83,000,000,000Projected increase in federal net debt, 2026-27Forecast · FY2026-27How we got itnet debt at March 31, 2027 − net debt at March 31, 2026Inputsdebt.federal.net_debt.2027-03-31, debt.federal.net_debt.2026-03-31SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2026-2027 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceSourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.7 Summary Statement of Transactions, Financial Position, "Net debt" row, 2025-2026 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceNet debt rises by the deficit plus what Ottawa spends on roads, buildings and other non-financial assets beyond their depreciation.All sourcesdebt.federal.net_debt.increase.fy2026-27
What is Canada's debt-to-GDP ratio?
On Ottawa's own measure, the accumulated deficit, federal debt was 41.2% of GDP in 2024-25 (40.7% on revised GDP), up from 28.2% in 2008-09: a 46% rise. In September 2025 the Parliamentary Budget Officer projected it would rise above 43% over the medium term; its June 2026 update has it at 42.5% by 2030-31.Receipt41.2%Federal debt (accumulated deficit) as a share of GDPActual · FY2024-25SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 2, Fiscal transactions (per cent of GDP), column "Accumulated deficit"PublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceThe Spring Economic Update 2026 restates 2024-25 at 40.7% after Statistics Canada revised GDP.All sourcesseries.federal_debt_to_gdp.canada@FY2024-25Receipt40.7%Federal accumulated deficit as a share of GDP, 2024-25Actual · FY2024-25SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.7 Summary Statement of Transactions, Per cent of GDP, "Federal debt" row, 2024-2025 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceRestated for later GDP revisions; the ratio first published in the Annual Financial Report 2024-25 is listed separately.All sourcesdebt.federal.accumulated_deficit_to_gdp.fy2024-25Receipt28.2%Federal accumulated deficit as a share of GDP, 2008-09Actual · FY2008-09SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025, Part 1WhereTable 2 Fiscal transactions (per cent of GDP), 2008-09 row, "Accumulated deficit" columnPublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceSame table and vintage as the 2024-25 ratio of 41.2% (Table 2), so the two compare like for like.All sourcesdebt.federal.accumulated_deficit_to_gdp.fy2008-09Receipt46.1%Rise in the federal debt-to-GDP ratio (accumulated deficit), 2008-09 to 2024-25Actual · FY2008-09 to FY2024-25How we got itaccumulated deficit as a share of GDP, 2024-25 ÷ the same ratio, 2008-09 − 1 (Fiscal Reference Tables 2025, Table 2)Inputsseries.federal_debt_to_gdp.canada@FY2024-25, debt.federal.accumulated_deficit_to_gdp.fy2008-09SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025WherePart 1, Table 2, Fiscal transactions (per cent of GDP), column "Accumulated deficit"PublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceSourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025, Part 1WhereTable 2 Fiscal transactions (per cent of GDP), 2008-09 row, "Accumulated deficit" columnPublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceAll sourcesdebt.federal.accumulated_deficit_to_gdp.change.fy2008-09_fy2024-25Receipt43.0%Parliamentary Budget Officer, September 2025: the federal debt-to-GDP ratio was projected to rise above this level over the medium termForecast · medium term (September 2025 outlook)SourceOffice of the Parliamentary Budget OfficerDocumentPBO Releases Latest Economic and Fiscal Outlook (news release, Economic and Fiscal Outlook – September 2025)WhereFifth paragraph: "Due to persistent budgetary deficits, the federal debt-to-GDP ratio is projected to rise above 43 per cent over the medium term."PublishedSeptember 25, 2025CheckedSeptember 28, 2026Open the sourceA threshold, shown as "above 43%". Superseded by the PBO's June 2026 outlook, listed separately.All sourcesdebt.pbo.debt_to_gdp_medium_term.efo-2025-09Receipt42.5%Parliamentary Budget Officer, June 2026: federal debt-to-GDP ratio projected for 2030-31Forecast · FY2030-31SourceOffice of the Parliamentary Budget OfficerDocumentUpdated outlook projects weaker growth and higher deficits, says Parliamentary Budget Officer (news release, Economic and Fiscal Outlook – June 2026)WhereSeventh paragraph: the federal debt-to-GDP ratio "is expected to increase from 41.3 per cent in 2025-26 to 42.5 per cent in 2030-31"PublishedJune 4, 2026CheckedSeptember 28, 2026Open the sourceAll sourcesdebt.pbo.debt_to_gdp_efo_2026_06.fy2030-31
How much does Canada pay in debt interest?
Ottawa plans $58.7 billion in public debt charges this year (2026-27). NATO's count of Canada's defence spending, as Ottawa reports it on the definition every ally agreed to, is larger: $71.5 billion. That definition admits more than the military: other departments, military pensions and the Coast Guard. The military money, National Defence's planned spending without the Coast Guard, is $47.7 billion. Interest costs more than that, and more than the Canada Health Transfer ($57.4 billion). The gap between the count and the military money is $23.8 billion; the two are counted on different bases, and the record does not split the gap. Of the $53.4 billion paid in 2024-25, about 78% went to bondholders; the rest was mostly interest on federal pension and other benefit obligations. None of it buys a service.Receipt$58,700,000,000Federal public debt charges (interest on the debt), 2026-27Forecast · FY2026-27SourceDepartment of Finance CanadaDocumentSpring Economic Update 2026, Annex 1: Details of Economic and Fiscal ProjectionsWhereTable A1.9 The Expense Outlook, "Public debt charges" row, 2026-2027 columnPublishedApril 28, 2026CheckedSeptember 28, 2026Open the sourceSpring Economic Update 2026 projection (the government's plan for the year).All sourcesfederal.pdc.fy2026-27Receipt$57,419,000,000Canada Health Transfer, total, 2026-27Actual · FY2026-27SourceDepartment of Finance CanadaDocumentMajor federal transfersWhereTable "Federal Support to Provinces and Territories" (millions of dollars), "Canada Health Transfer" row, 2026-27 columnPublishedDecember 11, 2025CheckedSeptember 28, 2026Open the sourceAll sourcestransfers.cht.total.fy2026-27Receipt$47,743,121,277The military money: National Defence's 2026-27 planned spending without the Coast GuardForecast · FY2026-27How we got itNational Defence's total − the Canadian Coast Guard's core responsibilitiesInputsfederal.defence.dnd_planned_spending.fy2026-27, federal.defence.ccg_spending.fy2026-27SourceDepartment of National DefenceDocument2026-27 Departmental Plan (National Defence and the Canadian Armed Forces)WherePlanned spending and human resources, Table 10.2: Planned three-year spending on core responsibilities and internal services (dollars), 2026-27 column, "Total" row; also the Highlights: "total planned spending (including internal services) for DND/CAF is $51,703,553,000"PublishedMarch 13, 2026CheckedOctober 5, 2026Open the sourceSourceDepartment of National DefenceDocument2026-27 Departmental Plan (National Defence and the Canadian Armed Forces)WherePlanned spending and human resources, Table 10.2: Planned three-year spending on core responsibilities and internal services (dollars), 2026-27 column, "Marine Navigation" rowPublishedMarch 13, 2026CheckedOctober 5, 2026Open the sourceSourceDepartment of National DefenceDocument2026-27 Departmental Plan (National Defence and the Canadian Armed Forces)WherePlanned spending and human resources, Table 10.2: Planned three-year spending on core responsibilities and internal services (dollars), 2026-27 column, "Marine Operations and Response" rowPublishedMarch 13, 2026CheckedOctober 5, 2026Open the sourceAll sourcesfederal.defence.military_spending.fy2026-27Receipt$71,517,000,000NATO's count of Canada's defence spending, as Ottawa reports it (core defence expenditure), 2026-27Estimate · FY2026-27SourceNorth Atlantic Treaty OrganizationDocumentDefence Investment of NATO Countries (2014-2026)WhereTable 1: Core defence expenditure, current prices, million national currency units, Canada (Canadian dollars), 2026e column (p. 5); p. 14 note: for Canada the year shown is the fiscal year that begins in itPublishedJuly 7, 2026CheckedSeptember 28, 2026Open the sourceNATO estimate. NATO counts spending by all departments that meets its definition, not only National Defence.All sourcesfederal.defence.nato_core.fy2026-27Receipt$23,773,878,723NATO's count of Canada's defence spending above the military money, 2026-27Forecast · FY2026-27How we got itNATO's count as Ottawa reports it − the military moneyInputsfederal.defence.nato_core.fy2026-27, federal.defence.military_spending.fy2026-27SourceNorth Atlantic Treaty OrganizationDocumentDefence Investment of NATO Countries (2014-2026)WhereTable 1: Core defence expenditure, current prices, million national currency units, Canada (Canadian dollars), 2026e column (p. 5); p. 14 note: for Canada the year shown is the fiscal year that begins in itPublishedJuly 7, 2026CheckedSeptember 28, 2026Open the sourceSourceDepartment of National DefenceDocument2026-27 Departmental Plan (National Defence and the Canadian Armed Forces)WherePlanned spending and human resources, Table 10.2: Planned three-year spending on core responsibilities and internal services (dollars), 2026-27 column, "Total" row; also the Highlights: "total planned spending (including internal services) for DND/CAF is $51,703,553,000"PublishedMarch 13, 2026CheckedOctober 5, 2026Open the sourceSourceDepartment of National DefenceDocument2026-27 Departmental Plan (National Defence and the Canadian Armed Forces)WherePlanned spending and human resources, Table 10.2: Planned three-year spending on core responsibilities and internal services (dollars), 2026-27 column, "Marine Navigation" rowPublishedMarch 13, 2026CheckedOctober 5, 2026Open the sourceSourceDepartment of National DefenceDocument2026-27 Departmental Plan (National Defence and the Canadian Armed Forces)WherePlanned spending and human resources, Table 10.2: Planned three-year spending on core responsibilities and internal services (dollars), 2026-27 column, "Marine Operations and Response" rowPublishedMarch 13, 2026CheckedOctober 5, 2026Open the sourceAll sourcesfederal.defence.nato_gap.fy2026-27Receipt$53,410,000,000Federal public debt charges (interest on the debt), 2024-25Actual · FY2024-25SourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025, Part 1WhereTable 1 Fiscal transactions, 2024-25 row, "Public debt charges" column (millions of dollars)CheckedSeptember 28, 2026Open the sourceAll sourcesfederal.pdc.fy2024-25Receipt78.4%Share of federal interest on the debt paid to bondholders, 2024-25Actual · FY2024-25How we got itinterest on marketable bonds ÷ total public debt charges, 2024-25Inputsfederal.pdc.marketable_bonds_interest.fy2024-25, federal.pdc.fy2024-25SourceReceiver General for Canada (Public Services and Procurement Canada)DocumentPublic Accounts of Canada 2025, Volume I, Section 3: ExpensesWhereTable 3.8 Public debt charges, "Unmatured debt", "Interest on marketable bonds", 2025 column (millions of dollars); total public debt charges 53,410CheckedSeptember 28, 2026Open the sourceSourceDepartment of Finance CanadaDocumentFiscal Reference Tables 2025, Part 1WhereTable 1 Fiscal transactions, 2024-25 row, "Public debt charges" column (millions of dollars)CheckedSeptember 28, 2026Open the sourceThe rest is mostly interest on public-sector pension and other employee and veteran future benefit obligations.All sourcesfederal.pdc.bondholder_share.fy2024-25
Which debt measure do you use, and why?
Net debt: everything Ottawa owes minus its financial assets, such as cash, loans and investments. It doesn't subtract roads, buildings and land, which will never be sold to repay lenders. Finance Canada's headline "federal debt" is the accumulated deficit, which does subtract them, so it is smaller: $1,266.5 billion at March 31, 2025, against $1,393.6 billion of net debt. We show both, and say which is which.Receipt$1,266,484,000,000Federal accumulated deficit ("federal debt"), March 31, 2025Actual · 2025-03-31SourceDepartment of Finance CanadaDocumentAnnual Financial Report of the Government of Canada, Fiscal Year 2024-2025WhereTable 6 Federal Debt (Accumulated Deficit), "Federal debt at end of year", 2024-25 (millions of dollars); also Tables 2 and 7PublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceFinance Canada's "federal debt": total liabilities minus all assets, financial and non-financial. It equals net debt minus non-financial assets such as buildings, equipment and land.All sourcesdebt.federal.accumulated_deficit.2025-03-31Receipt$1,393,600,000,000Federal net debt, March 31, 2025Actual · 2025-03-31SourceDepartment of Finance CanadaDocumentAnnual Financial Report of the Government of Canada, Fiscal Year 2024-2025WhereTable 7 Outstanding Debt at Year-End, "Net debt", 2024-25 (billions of dollars)PublishedNovember 7, 2025CheckedSeptember 28, 2026Open the sourceTotal liabilities minus financial assets. It does not subtract non-financial assets (buildings, equipment, land), so it is larger than the accumulated deficit.All sourcesdebt.federal.net_debt.2025-03-31