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What was Canada's national debt in 2024?
Executive summary
Canada’s federal (accounting) debt — the difference between total liabilities and total assets — was reported at $1,236.2 billion (about $1.24 trillion) at March 31, 2024 according to the Government of Canada’s Annual Financial Report (fiscal 2023–24) [1]. Broader measures and data providers report larger “public” or “general government” debt figures for 2024 — for example, trading and data services show total government debt of CAD 1,223.62 billion [2] or convert to roughly USD 1,519.8 billion in March 2024 [3] — because they use different definitions, timeframes, and currency conversions [3] [2].
1. What the government’s official “federal debt” number means
The Government of Canada’s Annual Financial Report states the federal debt (total liabilities minus total assets) stood at $1,236.2 billion at March 31, 2024; that figure is an accounting aggregate used in federal financial statements and yields a federal debt‑to‑GDP ratio of 42.1% for that date [1]. This is the number most directly comparable with prior federal financial reports and is the source used in official federal fiscal documents [1].
2. Why other sources give different 2024 totals
Commercial databases and economic trackers report other 2024 totals because they measure “government debt” differently — for example, CEIC reports Canada’s national government debt as USD 1,519.8 billion in March 2024 after converting local‑currency data to US dollars using period exchange rates [3], and TradingEconomics lists government debt of CAD 1,223.62 billion for 2024 [2]. Differences arise from whether the series measures federal vs. general government, gross vs. net debt, market‑bearing debt vs. accounting liabilities, and whether figures are currency‑converted [3] [2] [1].
3. Federal versus “general government” and net vs gross debt
Statistics Canada and other releases differentiate measures: “general government” aggregates federal, provincial/territorial and local governments and can include or exclude social security funds; StatsCan’s quarterly releases record net debt and provide reconciled totals for 2024 that differ from federal accounting (for example, Canadian general government net debt figures and net‑debt‑to‑GDP ratios in 2024) [4] [5]. The Fraser Institute and other analysts likewise compile combined federal–provincial measures for public debate, showing yet other totals depending on inclusions [6] [7].
4. Currency conversions and timing change headline numbers
Some vendors (CEIC, countryeconomy) convert Canadian dollar figures into US dollars or euros and report an annual point (often March) value; CEIC reports USD 1,519.8 billion for March 2024 specifically, noting it uses Federal Reserve exchange rates [3]. Converting or reporting at different cut‑offs (calendar year vs fiscal year) materially changes the headline number even when underlying amounts are similar [3] [2].
5. What the 2024 trajectory and context look like
Budget documents and debt strategies for 2024 indicate higher borrowing needs: the 2024–25 Debt Management Strategy projected $508 billion aggregate borrowing in that fiscal year to refinance maturing debt and meet financing needs [8]. The federal operating deficit for fiscal 2023–24 was reported at $61.9 billion, helping push the federal debt higher by year‑end [1]. StatsCan’s quarterly accounts show movements in general government net debt through 2024 and into 2025 reflecting those deficits and market valuation changes [9] [5].
6. How journalists and analysts should report “Canada’s debt in 2024”
Reporters must name the measure being cited: “federal debt (accounting)” — $1,236.2 billion at March 31, 2024 (Government of Canada) — or “total government/public debt” and specify the data source and unit (e.g., TradingEconomics CAD 1,223.62 billion or CEIC USD 1,519.8 billion for March 2024) [1] [2] [3]. Failing to label the measure conflates different concepts (fiscal accounts vs market debt vs consolidated public‑sector debt) and risks misleading readers [1] [3].
7. Competing perspectives and implicit agendas
Academic and think‑tank publications use these differing aggregates to advance policy arguments: the Fraser Institute’s analyses focus on the “debt burden” and combined levels, often to argue for fiscal restraint [6] [7], while government releases highlight fiscal anchors and debt‑to‑GDP targets in context of program spending and contingent liabilities [1] [8]. Data vendors offering single‑number time series (CEIC, TradingEconomics) prioritize consistency for international comparison, which requires currency conversion and specific definitions that may not match federal accounting [3] [2].
8. Bottom line and how to follow updates
If you want the federal government’s official accounting figure for 2024, use $1,236.2 billion as of March 31, 2024 [1]. If you care about consolidated public‑sector or international comparability, use sources that specify whether they present general government gross/net debt and note currency/time conversions — for example, TradingEconomics (CAD 1,223.62 billion, 2024) and CEIC (USD 1,519.8 billion, Mar 2024) [2] [3]. For ongoing changes, watch the Department of Finance publications (Annual Financial Report, Debt Management Report) and Statistics Canada’s Government Finance Statistics releases [1] [9] [5].
Limitations: available sources differ in definition and timing; this summary relies only on the provided sources and therefore does not include other possible official or private estimates not cited above [3] [2] [1].