Canada’s federal debt grew steadily between 5% and 10% per year until 1975 when it began to explode; growing for the next 12 years at more than 20% per year.

It broke the $100 billion mark in 1981 and the $200 billion mark in 1985. It broke the $300 billion mark in 1988, the $400 billion barrier in 1991 and the $500 billion level in 1994.

The debt peaked at $562.9 billion at the end of 1996-97.

Between 1997 and 2008, $105 billion of the federal debt was repaid, dropping to $457.6 billion in 2007-08.

Between 2008 and 2015, more than $150 billion was added back onto the federal debt, leaving it at $612 billion. According to the 2015 budget, balance had been reached. This balance was maintained through February 2016.?

The 2016 budget began the plunge back into debt with a promise of an additional $140 billion in debt through 2023 ($757 billion debt).