OTTAWA, ON: The Canadian Taxpayers Federation is calling on all federal parties to answer three questions for taxpayers regarding the $1-trillion federal debt, ways to save money in the budget and the need to protect Canadians from tax hikes.

“Politicians need to show taxpayers their plan to repair Canada’s national finances,” said Franco Terrazzano, Federal Director with the CTF. “Politicians owe taxpayers the truth on how they are going to pay for their deficits, where they are going to save some money and what they are going to do about the $1-trillion federal debt.”

The CTF is calling on all federal parties to answer three important questions for taxpayers.

What are you going to do about the $1-trillion federal debt?

The debt is already more than $1 trillion and the federal government is projected to rack-up another $2.7 trillion in debt before balancing the budget in 2070 under the status quo, according to Parliamentary Budget Officer data. Interest charges would cost taxpayers about $3.8 trillion by 2070.

Where will you find savings?

There was already a need to find savings before COVID-19. By 2018, the federal government had increased spending to all-time highs, according to the Fraser Institute. Budget 2021 would increase permanent spending by $100 billion by 2026. 

Are you going to raise taxes to pay for all the new spending?

Canadians can’t afford tax hikes. Even during COVID-19, the average Canadian family saw 36 per cent of its budget go to taxes, according to the Fraser Institute. That’s more than the typical family spends on food, shelter and clothing combined.

“Taxpayers are still waiting for politicians to address the elephant in the room: $1-trillion federal debt,” said Terrazzano. “Canadians deserve to know how politicians are going to pay for the unprecedented spending and when they’re going to stop borrowing.”