Not only did the population of the world reach a record 7 billion people on October 31, 2011, but the Canadian Federal Debt also reached an all-time high. Based on economic forecasts, the Federal Debt (accumulated deficit) reached $568 billion on October 31st.
The Canadian debt is confusing, because several different numbers are reported. As of March 31, 2011, which is the financial year end for the Government of Canada, here are the various numbers, in $billions:
The total government gross debt is reported in the table below. Most organizations focus on the Federal Debt (accumulated deficit), which is a much lower total than the gross government debt.
When the debt includes all levels of government, Canada’s total gross government debt in 2011 is 84% of GDP, or $1.4 trillion. See our article on Debt in Selected Countries for the significance of this number.
For more information visit the Tax Tips website