OTTAWA, ON: The Canadian Taxpayers Federation is releasing a guide to the federal election to help taxpayers understand where each party stands on the debt, balancing the budget, taxes and spending before heading to the polls on Sept. 20.
“The federal government is more than $1 trillion in debt, and taxpayers deserve to know how politicians plan to pay for all that spending,” said Franco Terrazzano, Federal Director with the CTF. “The guide will help taxpayers navigate the key pocketbook issues from taxes to government debt before election day.”
In addition to highlighting party positions, the CTF guide provides context on the state of Canada’s federal finances before election promises.
Federal debt: The government is $1.1 trillion in debt, which means each Canadian is on the hook for an average of about $30,000.
Balanced budget: On its the current trajectory (pre-election), the federal government wouldn’t balance its budget until 2070.
Taxes: During the pandemic, the average family paid about $35,000, or 36 per cent of its budget, to taxes (all levels of government). That’s more than the average family paid for shelter, food and clothing combined.
Spending: Even before the pandemic, the federal government increased its per-person spending to all-time highs in 2018.
“Taxpayers are still waiting for a credible plan to balance the budget and chip away at the $1-trillion debt,” said Terrazzano. “With the federal government spending all-time highs before the pandemic, it shouldn’t be too hard for politicians to save money. But all taxpayers are hearing is more borrowing and more debt.”
You can find the CTF’s taxpayer guide to the 2021 federal election here.