Take a look at the Canada debt clock to find out the total federal debt and how much of it is your share.
The Canadian National Debt Continues To Rise
The Canadian Taxpayers Federation claims that the clock and Canada’s federal debt are growing by $878 per second, which is $52,701 per minute, $3.1 million per hour, or $75.9 million every single day. The debt clock is currently over $713 billion and Canada’s federal debt continues to grow daily.
What is the Canada Debt Clock?
The Canada Debt clock is a visual representation of the country’s total debt, in real-time. With the current debt figure where it is, it’s hard to believe the Canadian government balanced the budget in 1997. The Canada Debt Clock came out of retirement in 2011, and the federal government has been dealing with long-term debt for years now. However, the 2015 budget states a balance that ran up to February of 2016.
How Government Debts Affect You
The approximate interest rate on the cost of market debt in Canada is about 2.01 percent. Interestingly enough, the country accrues $75 million of debt per day in interest charges alone. That trickles down to the taxpayers, many of whom are seeking debt relief options for themselves.
According to the Financial Post, a study shows that Canada is a world leader in debt. One hypothesis for the debt getting so high is the fact that Canada came out largely unscathed from the last financial crisis. Low interest rates encouraged more borrowing, which led to bankruptcies and other economic downturns.
See Your Province’s Debt Clock
The above Canada Debt Clock you see represents the country as a whole. For more information on your province’s debt, click on the appropriate link below.
- Provincial DebtClocks
- British Columbia
- New Brunswick
- Newfoundland and Labrador
- Nova Scotia
- Prince Edward Island
What Can You Do?
Frustrated with the government debt, running a deficit, and increasing the national debt year after year? Join the thousands of Canadians who feel the same way you do.
Sign the petition at the Canadian Taxpayers Federation website today!