European Parliamentary Research Service By / April 24, 2025

3. CAnada public finances_Surplus standalone

Canadian surplus/deficit (% of GDP)

Canadian surplus/deficit (% of GDP)

Over the past 20 years, Canada has been running small deficits. Two notable exceptions, as was the case globally, were the global financial crisis (-3.9 % in 2009, 4.7 % in 2010 and -3.3 % in 2011), and the COVID-19 pandemic (see Figure 5). In the latter case, the government’s significant financial support in 2020 and 2021 increased the deficit by -10.9 % and -2.9 %, respectively. As a result, government debt increased from 70.6 % of GDP in 2005 to 118.2 % of GDP in 2020. Efforts by the government to reduce this debt since 2021 have moderately succeeded, with the debt level in 2024 dropping to 106.1 % of GDP.

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