With Prime Minister Mark Carney set to release his first federal budget on November 4, the Canadian Taxpayers Federation (CTF) is sounding the alarm over Canada’s growing national debt and out-of-control government spending.
Franco Terrazzano, Federal Director of the CTF, says the federal government is on track to continue a “debt-fueled spending spree,” similar to the Trudeau era, where federal debt doubled in ten years. He urges Canadians to ignore budget “spin” and instead focus on one key metric: how fast the national debt is increasing.
Franco Terrazzano
According to Terrazzano, the federal government now spends over $1 billion per week on interest payments alone — money that could otherwise fund essential services like hospitals. He estimates each Canadian will pay $1,300 this year just to cover debt interest, underlining the immediate impact on individuals and families.
The CTF also criticizes the rapid expansion of the federal bureaucracy, which has grown by 100,000 employees since 2016, increasing costs by 77%. Terrazzano argues that despite this growth, service levels have declined, with half of Canadians believing federal services have worsened.
He also highlights what he sees as wasteful spending, from $8 million barns to government-funded podcasts, and takes aim at corporate welfare — such as multi-billion-dollar subsidies to EV battery manufacturers — and over $1 billion annually for the CBC, which he considers a blend of bureaucracy and corporate welfare.
Terrazzano believes a balanced budget is possible if Ottawa cuts unnecessary spending and prioritizes fiscal responsibility. As the 2025 federal budget nears, he encourages Canadians to ask: how fast is the debt growing — and who’s paying the price?
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Entrepreneur. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024 and 2025.
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