Provincial debt in Canada has nearly doubled—from $1.1 trillion to a projected $2.1 trillion—according to a new study released by the Fraser Institute.
The highest per-person debt load is in this province—at $64,579 for each Newfoundlander and Labradorian.
The lowest debt load and debt-per-person is in Alberta.
A major consequence of growing debt according to study author Jake Fuss, is debt-servicing costs.
Fuss says the federal and provincial governments must develop long-term plans to meaningfully address the country’s growing debt problem.