Our Total Liabilities

As has been noted, our accumulated federal debt stands at more than $500 billion. We must pay between $30 billion and $40 billion annually in debt service charges, the second biggest expense category for the federal government, consuming 23% of annual expenditures. These are big numbers, and difficult for the average person to appreciate. The following tool is designed to bring this debt liability down to a personal level.

My Contribution to Debt Servicing

Check out your latest tax return. See what you paid in federal tax (line 420), and enter it in the box below. Note: Do not use commas when entering your federal tax paid.

This is what it is costing you annually to help service the federal debt. Multiply this by 10 and you will get an idea of what this may cost you in a decade (assuming all conditions remain the same).

Remember that if this debt load is not decreased significantly, it will also be a liability inherited by your children and your children’s children, and future generations down the line.

Other Liabilities

Unfortunately the federal debt is not the only liability facing Canadians. There are also various provincial governments carrying debt loads. The following table illustrates the extent of various provincial debts, which add up to an astounding $325 billion! Remember, there are not federal taxpayers and provincial taxpayers...we all carry the load for both levels of government.