Discussion · Government Orders
Carlos Leitão Liberal
“I was talking about Canada's net debt, not its total debt. If we count what the provinces owe, we must also count what they own. Canada's debt is still low compared to other wealthy countries.”
“Mr. Speaker, I did point out that was on net federal debt. I was not talking about the total debt, but if we want to include total debt, including the provinces, then we also have to look at the assets. There are many financial assets that the provinces also own, but if we want to look at debt, excluding the CPP, then the total Canadian federal debt is still around 40% of GDP, which is still one of the lowest in the OECD.”
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Mr. Speaker, I did point out that was on net federal debt. I was not talking about the total debt, but if we want to include total debt, including the provinces, then we also have to look at the assets. There are many financial assets that the provinces also own, but if we want to look at debt, excluding the CPP, then the total Canadian federal debt is still around 40% of GDP, which is still one of the lowest in the OECD.