OTTAWA, ON: The Canadian Taxpayers Federation is calling on the federal government to cut spending and provide a plan to balance the budget ahead of its Fall Economic Statement. 

“Interest charges on the federal credit card now cost taxpayers more than $1 billion every week,” said Franco Terrazzano, CTF Federal Director. “Every dollar the government takes from the GST now goes to paying interest on the federal debt. 

“Enough is enough, taxpayers can’t afford to pay higher taxes and debt interest charges to bankroll this government’s borrowing binge.”

Finance Minister Chrystia Freeland announced the government will present its Fall Economic Statement on Monday, Dec. 16, 2024.

Budget 2024 projects a deficit of $39.8 billion this year. However, an October report from the Parliamentary Budget Officer projects this year’s budget deficit at $46.4 billion.

The federal government’s debt is expected to pass $1.25 trillion this year, which is more than double where it stood when Prime Minister Justin Trudeau formed government in 2015.  

Interest charges on the federal debt will cost taxpayers $54.1 billion this year, according to Budget 2024. For comparison, the federal government is spending more money on debt interest charges than it sends to the provinces in health transfers. 

In Budget 2023, the government promised to find “savings of $15.4 billion over the next five years.” However, the government increased spending by $24 billion last year and plans to increase spending by $111 billion over the next five years. 

“If the government doesn’t cut spending and provide a real plan to balance the budget in the Fall Economic Statement, it will be more proof this government isn’t serious about financial responsibility,” Terrazzano said. “The government has tried out-of-control spending and runaway deficits and it’s not making Canadians’ lives better, so it’s time for a different approach. 

“It’s time for the government to put down the credit card and pick up some scissors.”