By Jake Fuss, Fraser Institute
January 24, 2026
BURLINGTON, ON
Examining Federal Debt in Canada by Prime Ministers Since Confederation, 2026
Canada’s 24 prime ministers have each left a legacy, and each of those legacies has an effect on all Canadians. One element critical to an analysis of each prime minister is whether he or she left the federal government more or less indebted than when first taking office.
This bulletin measures the debt legacies of all prime ministers from 1870 to 2025. We examine the percentage change in inflation-adjusted gross debt per person during the tenures of various prime ministers. By accounting for population growth and inflation, the level of debt accumulated by each prime minister can be compared through Canada’s history.
Historical context is vital to understanding the debt legacies of each prime minister. For instance, global conflicts such as World War I and World War II and multiple economic downturns contributed significantly to the substantial growth in debt per person that occurred during the tenures of Sir Robert Borden (188.1 percent) and William Lyon Mackenzie King (145.2 percent).
During economic downturns, the federal government collects less revenue and spends more as incomes decline and Canadians draw more on services such as Employment Insurance. These downturns contribute significantly to federal debt accumulation, but are out of the direct control of prime ministers.
In 2025, federal per-person debt is projected to be $56,432, which is the second-highest amount in Canadian history (surpassed only by 2021). During the first year of Prime Minister Mark Carney’s tenure, federal per-person debt is expected to increase by 4.2 percent.
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The article promises the debt level per person of every PM but delivers only for one – confusing. Has percentage for two PMs but doesn’t tell what the percent applies too – confusing again. Question: Does Carney’s number include the debt left behind by all previous PMs or just the debt added during his term? If it includes all previous debt the implication that Carney is bad is deceptive.