CANADA'S BUDGET FOR YOU NUMBER CRUNCHERS

IT WOULD SEEM BUDGETS DO NOT BALANCE THEMSELVES

All dollar figures in billions; population in millions of people.

Fiscal year	Canada population* (July 1, M)	Federal revenues ($B)	Federal expenses ($B)**	Surplus / Deficit ($B)
2018-19	37.1	332.2	346.2	-14.0
2019-20	37.6	334.1	373.5	-39.4
2020-21	38.0	316.4	644.2	-327.7
2021-22	38.2	413.3	503.6	-90.3
2022-23	38.9	447.8	483.1	-35.3
2023-24	40.1	459.5	521.4	-61.9
2024-25 (actual)	41.3	511.0	547.3	-36.3
2025-26 (proj.)	41.7	507.5	585.9	-78.3

* Population is Canada’s estimated population on July 1 of the calendar year the fiscal year starts (StatsCan Table 17-10-0005-01 and related Daily releases for 2018–2025). (Statistics Canada)

** Expenses are total federal expenses including public debt charges and net actuarial losses. 2018-19 to 2024-25 are from Finance Canada’s Fiscal Reference Tables 2025, Table 1 (actual Public Accounts results). (Canada)

The 2025-26 row (revenues, expenses, and the -$78.3B deficit) comes from Budget 2025 – Annex 1 (Summary statement of transactions / budgetary balance projections). (Budget Canada)

FOR COMPARISON TO LAST HARPER BUDGET 

For the last full fiscal year under the Harper government before Trudeau’s election, the relevant year is 2014–15 (fiscal year ending March 31, 2015).

From the federal Annual Financial Report 2014–2015: (Canada)

• Total revenues: $282.3 billion

• Total expenses: $280.4 billion

  • Program expenses: $253.8B

  • Public debt charges: $26.6B

• Budgetary balance: +$1.9 billion (surplus)

In the last full year before Trudeau took office, Ottawa was running a small surplus (~$2B) on revenues of about $282B and expenses of about $280B. Federal debt stood at about 31% of GDP, down from the year before.

CURRENT DEBT SERVICE CHARGES

Ottawa is currently paying about $53.4 billion a year in interest (“public debt charges”) on the federal debt.

Here’s the breakdown in today’s numbers:

• Latest audited year (2024-25, year ended Mar. 31, 2025):
  Public debt charges were $53.4 billion, which was 9.8% of total federal expenses and meant just over 10 cents of every revenue dollar went to interest (interest ratio 10.5%). (Canada)

• Previous year (2023-24):
  Public debt charges were $47.3 billion, about 9.1% of expenses, with an interest ratio of 10.3% of revenues. (Canada)

• Per-week shorthand (useful for VON copy):
  2024-25’s $53.4 B works out to roughly $1.0 billion per week in interest alone; 2023-24 was about $0.9 billion per week.

• Current projection for next year (2025-26 Budget 2025):
  Public debt charges are projected to rise further to $55.6 billion in 2025-26 and continue climbing through 2029-30. (Budget Canada)

The your “current” number for federal debt charges is $53.4 B in 2024-25, heading toward the mid-$50 B range next year if the projections hold.