OTTAWA, ON: The Canadian Taxpayers Federation is calling on the federal government to balance the budget following today’s Statistics Canada report showing interest charges increased by 37 per cent over the year.  

“Ten cents out of every single dollar from taxpayers is now going to interest charges on the debt,” said Franco Terrazzano, CTF Federal Director. “Taxpayers are losing out on billions of dollars every month that can’t be used to lower taxes or improve services because that money is going to pay interest on the government credit card.”

Statistics Canada released its Government finance statistics, third quarter 2023 report today.

“Interest expenses incurred by federal government in the third quarter increased by 36.7 per cent,” according to Statistics Canada. “Over the quarter, federal government devoted 10.1 cents for every dollar of revenue to the payment of interest.”

The Fall Economic Statement shows federal interest charges will surpass health-care transfers in 2024-25. By 2028-29, interest charges will consume all of the money collected through the GST.

Federal interest charges will cost taxpayers $46.5 billion this year.

“This should be a wake-up call for the feds,” Terrazzano said. “Prime Minister Justin Trudeau needs to put down the credit card and pick up some scissors.”