What is the current total national debt of Canada as of 2025?

Executive Summary — Clear but Conflicting Totals

Canada’s reported “total national debt” in 2025 depends on which measure you choose: federal net debt estimates cluster around CAD 1.44–1.48 trillion, while Statistics Canada’s measure of general‑government net debt (federal + provincial/territorial + local) is CAD 597.4 billion, or CAD 1.462.1 trillion when excluding social‑security funds (a broader measure)**. Different official and private trackers also report the government’s stock of market debt projected at CAD 1,619 billion for fiscal 2025–26, producing apparent contradictions that reflect methodological differences, not arithmetic errors ^{[1] [2] [3] [4]}.

1. Why one number can’t answer the question — the accounting battle that matters

Observers report multiple “debt” figures because Canada uses distinct accounting concepts: federal net debt (the federal government’s liabilities minus financial assets), general‑government net debt (combined federal and subnational governments), stock of market debt (marketable borrowings the federal government plans to hold), and versions that include or exclude social‑security/pension assets. Private trackers and media commonly quote the federal net figure near CAD 1.44–1.48 trillion, explicitly noting treatment of CPP/QPP as assets can materially change headline totals ^{[1] [2]}. The federal Debt Management Strategy frames the issue by reporting market debt projections—a narrower measure of federal borrowing—rather than a singular “total national debt,” signalling the government’s focus on financing plans rather than a single stock figure ^[3]. These definitional choices explain divergent headlines even when underlying finances are consistent.

2. The facts on federal debt — what independent trackers are reporting

Independent and media estimates in late 2025 place federal net debt roughly between CAD 1.44 trillion and CAD 1.48 trillion, with per‑person and per‑taxpayer breakdowns published by private “debt clock” projects and coverage noting near‑term projected increases ^{[1] [2]}. The Hub and related commentators flagged rising interest costs and projected net debt growth through the decade, reflecting fiscal projections rather than a single audited stock number ^[2]. The government’s own Debt Management Strategy does not present a single “total” federal debt figure for 2025 but explicitly projects the stock of market debt at CAD 1,619 billion by March 31, 2026, a related but not identical concept to net debt reported by third parties ^[3]. Comparing these figures requires care: market debt is a financing metric; net debt is an accounting metric that subtracts financial assets.

3. The broader picture — Statistics Canada’s general‑government measures

Statistics Canada reports aggregate measures that capture a different policy question: how indebted is Canada’s public sector as a whole? For the first quarter of 2025, Statistics Canada recorded general‑government net debt at CAD 597.4 billion, representing liabilities minus financial assets for federal, provincial/territorial and local governments combined. Statistics Canada also provides a broader variant that excludes social‑security funds, resulting in net debt of CAD 1,462.1 billion, a number similar to federal net‑debt estimates and illustrating how pension and other assets materially change headline totals ^[4]. These figures are official statistical aggregates designed for macroeconomic analysis and international comparisons, and they emphasize that a single “national debt” headline can obscure the split between public sectors and the treatment of designated funds.

4. International and historical comparators — USD conversions and older series

Other data series provide context but not single definitive 2025 totals. A CEIC aggregation listed Canada’s national government debt at approximately USD 1,519.8 billion as of March 2024, a historical datapoint that must be netted, converted, and updated to be comparable to 2025 CAD figures ^[5]. Another source cited a 2024 CAD total of 1,223.62 billion, underscoring that year‑to‑year changes and exchange‑rate conversions affect cross‑source comparisons ^[6]. These data emphasize that time, currency, and definitional differences—gross vs. net, government level, inclusion of pension assets—drive apparent discrepancies between published totals.

5. What journalists and policymakers should watch — the choices that change the headline

When quoting Canada’s “national debt,” specify which debt measure you mean: federal net debt, general‑government net debt, stock of market debt, or gross debt. Analysts should disclose whether CPP/QPP and other social‑security funds are treated as offsetting assets; including them lowers headline debt, excluding them raises it ^{[2] [4]}. Watch the Debt Management Strategy for market‑debt projections ^[3] and Statistics Canada releases for consolidated public‑sector aggregates ^[4]. Private “debt clocks” and media pieces offer timely snapshots but sometimes adopt a particular methodology or political framing—readers should compare methodology notes to avoid conflating different measures ^{[1] [2]}.

6. Bottom line — the defensible 2025 range and why it matters

A defensible summary for 2025 is: federal net debt ≈ CAD 1.44–1.48 trillion; general‑government net debt = CAD 597.4 billion (or CAD 1.462.1 trillion when excluding social‑security funds); and federal market debt projected at CAD 1,619 billion by March 2026. These figures are not contradictory once you recognize they answer different fiscal questions and use different accounting conventions ^{[1] [2] [3] [4]}. For clarity in reporting or analysis, always accompany any headline debt figure with the definition used and the source and date.