Canada's debt costs expected to rise to $60.7 billion in 2028-29: federal update

With interest rates at a 20-year high, the cost of borrowing has spiked from $20.3 billion in 2020-21 to $46.5 billion in this fiscal year. Carrying the debt is expected to cost the federal treasury $60.7 billion in 2028-29, according to Canada's fall economic statement. Jimmy Jean, chief economist at Desjardins, and Armine Yalnizyan, the Atkinson Fellow on the Future of Workers, weigh in.

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