Each Canadian taxpayer is expected to pay between $1,845 and $3,348 in interest on federal and provincial debt this year, depending on the province they reside in, a recent study finds.
The study, published by the Fraser Institute on June 18, noted that deficit spending and growing government debt have become a trend for many of the governments in Canada, including Ottawa and the 10 provinces, and as a result, the interest payments on this debt have created “a substantial burden for Canadians to bear.”
“Governments across Canada continue to rack up large debts, which impose real costs on Canadians, not only in the form of future higher taxes to repay the debt, but also in high debt interest charges which must be paid by taxpayers,” said author Jake Fuss, director of fiscal studies at the think tank, in a June 18 news release….