This report finds that for the first time ever, Canada’s private sector is racking up debt faster than any other of the world’s 22 advanced economies, putting the country at risk of serious economic consequences. The report reveals that Canada added $1 trillion in private sector debt over the past five years (in 2016 dollars), with the corporate sector responsible for the majority of it. The study concludes that weaning the country off private sector debt should be our primary public policy concern, and recommends further study of corporate debt and consideration of a housing speculators’ tax to further reign in mortgage debt increases.
Addicted to Debt
Tracking Canada’s rapid accumulation of private sector debt
June 22, 2017