| #CanadaFacts
Economy
Understand how various levels of government across Canada generate revenue and where the money goes. Explore economic levers, including taxes, trade, inflation, immigration, and employment trends, and how they impact Canadians. Dive into our Canada Facts series, where fascinating insights meet reliable data, delivering everything you need to stay informed and captivated about Canada!
What are government deficits and do they matter?
At the end of fiscal year (FY) 2022-2023, the Canadian federal debt reached $1.17 trillion, up 2 percent or $33 billion from fiscal 2021-2022. The twenty-year period between FY 2002-2003 and FY 2022-2023 saw the federal debt increase 2.32 times.
How much debt does the Canadian federal government have?
At the end of fiscal year (FY) 2022-2023, the Canadian federal debt reached $1.17 trillion, up 2 percent or $33 billion from fiscal 2021-2022. The twenty-year period between FY 2002-2003 and FY 2022-2023 saw the federal debt increase 2.32 times.
What is the CPI and how does it impact Canadians?
In October 2024, the Canadian Consumer Price Index (CPI) rose by 2% year-over-year, up from 1.6% in September. The CPI is one of the most commonly used measures of inflation. Produced by Statistics Canada (StatCan), the CPI compares the price of a fixed basket of goods and services — about 700 or so — Canadians typically buy.
How much money does the federal government spend?
In fiscal 2022-2023, the Canadian government spent a total of $483.1 billion, down $20.5 billion, or 4.1 per cent, from 2021–22. Government expenses peaked in 2020-2021 reaching $644.2 billion mainly due to support for businesses and individuals impacted by the pandemic. From 2000-2001 to 2022-2023, spending has increased 2.76 times.
How much money does the federal government collect?
In fiscal 2022-2023, the federal government’s revenue increased to $447.8 billion from $413.3 billion in 2021-2022. That represents approximately an 8% jump. Revenue has grown steadily over the past 20 years with the total revenues in 2022-2023 reaching more than double the amount in 2002-2003.