The federal deficit could hit $34.4 billion should Canada go into recession.
federal government debt
The 2018-19 federal deficit will be $800 million higher than projected in the government’s budget.
Canada’s gross debt will increase this year by almost $120 billion.
Program spending is set to grow again by 1.8 per cent this year.
All the estimates converge to a federal deficit of more than $12 billion by 2022-23.
The Trudeau government spent $8,639 per person in 2018-19.
The federal deficit is now about $19 billion.
Federal program spending will reach a projected $321.5 billion next year—up 22.2 per cent since 2015.