Government Finances
EstimatesWhere your tax dollars come from and where they go. Latest data: 2024.
Revenue vs. Spending
The federal government spent $640B in 2020 — nearly double the previous year — as pandemic programs like CERB flooded the economy. Spending has since moderated but remains well above pre-pandemic levels, while revenue hasn't fully caught up.
Federal budget balance ($B)
Source: Department of Finance Canada, Fiscal Monitor
Where the money comes from
Personal income tax is the largest source of federal revenue, contributing about 43% of total revenue. Corporate taxes and the GST together make up another 26%.
Federal revenue by source ($B)
Source: Department of Finance Canada
Where the money goes
Operating costs and transfers to persons (elderly benefits, children's benefits, EI) dominate federal spending. Debt servicing costs have risen sharply with higher interest rates, now consuming $47B annually.
Federal spending by category ($B)
Source: Department of Finance Canada
The national debt
Canada's federal debt jumped from $721B to over $1 trillion during the pandemic and continues to climb. It represents roughly 42% of GDP — manageable by international standards but growing faster than the economy.
Federal net debt ($B)
Source: Department of Finance Canada, Fiscal Reference Tables
Per Canadian
Fiscal data from the Department of Finance Canada Fiscal Monitor and Fiscal Reference Tables. Spending breakdown is estimated from published categories. This is analyzed data — verify at source.