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The cost of servicing Ottawa’s growing debt is now hitting Canadians directly in the wallet, with new figures showing each person will effectively pay about $1,400 this year just to cover interest charges.

According to a new report from the Parliamentary Budget Officer, federal debt interest costs are “showing a concerning upward track,” as the government’s borrowing continues to pile up.

New PBO reports just dropped:

Federal debt interest charges cost YOU $1,400 this year.

That will increase to $1,900 by 2030.

Each Canadian owes $33,592 in federal government debt, increasing to $38,295 in 2030.

— Franco Terrazzano (@franco_nomics) May 4, 2026

The report projects per-person debt charges will climb from $1,409 in 2026-27 to $1,901 by 2030-31. At the same time, interest payments will eat up a larger share of federal revenues, rising from 10.6 percent to 13.2 percent over that period.

In total, Ottawa is expected to spend $58.7 billion this year just on interest payments — more than it sends to provinces through health transfers ($57.4 billion) and more than it collects in GST revenue ($53.4 billion).

The PBO also found the government is already on track to exceed its own spending plan by $6.3 billion this year, despite the budget being released just six months ago.

Meanwhile, each Canadian’s share of the federal debt is projected to grow from $33,592 this year to $38,295 by 2030.

Franco Terrazzano, federal director of the Canadian Taxpayers Federation, said the rising costs are a direct result of runaway spending.

“Debt interest payments continue to spiral out of control because spending continues to spiral out of control,” Terrazzano said.

He warned that billions spent on interest payments are dollars that cannot go toward tax relief or core services.

“Carney needs to reverse course and put down the credit card because taxpayers can’t afford to pay $1,400 covering the government’s interest charges.”