The Canadian Taxpayers Federation is urging the federal government to rein in its spending after a new report revealed debt interest charges will cost taxpayers $54 billion in 2024-25.“The PBO report shows debt interest charges cost taxpayers more than $1 billion every week,” said Franco Terrazzano, federal director of the CTF. “Massive deficits mean interest charges cost taxpayers more than the feds send to the provinces in health transfers.”The Parliamentary Budget Officer projects the federal deficit will reach $46 billion this fiscal year. According to the PBO’s Economic and Fiscal Monitor, interest payments on the federal debt will surpass the $52 billion spent on the Canada Health Transfer in 2024.A separate PBO report estimates debt interest costs will rise to $70 billion by 2029.A recent Leger poll found 45% of Canadians want the government to cut spending, while only 20% support increased spending and 19% prefer to maintain current levels.“Borrowing tens of billions of dollars every year is unaffordable and unacceptable,” said Terrazzano. “Canadians want Prime Minister Mark Carney to put an end to Ottawa’s debt-fuelled spending spree.”
