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National

Federal debt interest will consume nearly one quarter of income tax revenue in 2024

Published

7 months ago

5 minute read

From the Fraser Institute

By Grady Munro and Jake Fuss

The Trudeau government will table its next budget on April 16. In recent years, the government has overseen a substantial rise in the amount of interest it must pay to service federal debt, reversing a long-standing trend of interest costs declining relative to personal income tax revenues. By 2024/25, according to projections, nearly one in four dollars of personal income tax revenue will go towards debt interest.

Just like how individuals must pay interest when they take out a mortgage, the government must also pay interest when it borrows money. These interest payments represent taxpayer dollars that don’t go towards programs or services for Canadians.

When interest costs rise faster than the government’s ability to pay—i.e. the revenues it brings in—the government will face pressure to take on more debt to maintain funding for programs and services. And by taking on more debt, this places additional upward pressure on interest costs (all else equal) and the cycle repeats.

A useful way to track this is to measure debt interest costs as a share of federal personal income tax (PIT) revenues, which represent Ottawa’s single-most important revenue source. In 2024/25, they’re expected to comprise just under half (46.4 per cent) of total revenues and therefore provide a useful gauge of the government’s ability to pay interest on its debt. As such, the chart below includes projections for federal debt interest costs as a share of PIT revenues for the two decades from 2004/05 to 2024/25.

Chart

As we can see from the chart, for many years federal debt interest costs had been declining as a share of Personal Income Tax revenues. In 2004/05, 34.6 per cent of PIT revenues went towards servicing federal debt, but by 2015/16 that share had fallen to 15.1 per cent. In other words, during the Trudeau government’s first year in office, federal interest costs consumed less than one in six dollars of personal income tax revenue paid by Canadians. Interest costs as a share of PIT revenues continued to fall for the next several years, down to a low of 11.7 per cent in 2020/21. However, this marked the end of the decline, and the years since have seen rapid growth in debt interest costs that far exceeds growth in PIT revenues.

In the two years from 2020/21 to 2022/23, federal interest payments rose from 11.7 per cent of PIT revenues to 16.8 per cent. And by the end of the upcoming fiscal year in 2024/25, debt interest payments will reach a projected 23.4 per cent of PIT revenues. In four years, debt interest payments are expected to have gone from consuming about one in nine dollars of PIT revenue to nearly one in four dollars. Put differently, nearly one quarter of the money taxpayers send to Ottawa in the form of personal income taxes will not go towards any programs or services in 2024/25.

The causes of this sudden rise in interest costs as a share of PIT revenues are the combined effects of a substantial accumulation of debt under the Trudeau government, and a recent rise in interest rates. From 2015/16 to 2022/23, the Trudeau government added $820.7 billion in gross federal debt, and by 2024/25 total debt will reach a projected $2.1 trillion—roughly double the amount inherited by the current government. Meanwhile, from 2022 to 2023, the Bank of Canada increased its policy interest rate from a low of 0.25 per cent to the current rate of 5.00 per cent.

Simply put, federal debt interest costs have risen and are expected to eat up almost one quarter of federal PIT revenues by 2024/25. To help prevent taxpayers from devoting an even larger share of their tax dollars towards debt interest, the Trudeau government should cease its heavy reliance on borrowing in this year’s federal budget.

Authors:

Grady Munro
Jake Fuss
Related Topics:

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Health

Canadian Health Organizations Unite to Demand Truth on Vaccine Safety

Published on November 1, 2024

By

News release from the World Council of Health Canada

Canadian Health Authorities Served Over Childhood Vaccine Information

Children’s Health Defense, Canada Health Alliance, Vaccine Choice Canada, and WCH Canada joined this week to serve health officers and ministers of health across the country.

The Canada Health Alliance, Children’s Health Defense Canada, Vaccine Choice Canada, and the World Council For Health Canada united this week to put Fraser Health and other health authorities across Canada on notice regarding dangerous information being provided to parents and families about vaccinations. Fraser Health, one of five regional health authorities in British Columbia, Canada, is responsible for delivering health care services to a population of over 2 million people in Metro Vancouver and the Fraser Valley. Fraser Health is currently promoting COVID-19 genetic “vaccines”  and various traditional vaccines for children and youth. The information that Fraser Health is providing is inaccurate and dangerous. Like many governmental agencies in Canada and elsewhere, Fraser Health is promoting misleading claims of safety and efficacy for DNA-contaminated, modified-RNA, genetic “vaccines” for COVID-19, as well as various traditional vaccines for other infections. Children’s health and lives are at risk.

On October 28, 2024, four major Canadian health organizations together sent a registered open letter to all medical health officers in Fraser Health, as well as mailed copies to all other district medical health officers in BC; all provincial, territorial, and federal chief medical officers of health; and all provincial, territorial, and federal health ministers. Appropriate cover letters were included for each recipient.

The intent of these letters is to reach the heart of the recipients, inspiring them to take corrective action on dangerous misinformation regarding childhood vaccines.
October 25, 2024

Re: Open Letter to Fraser Health Authority

We are writing in response to the information currently being disseminated by various public health officers at the request of Fraser Health Authority utilizing the ‘Healthy Schools Communications Toolkit’. (Source)

The broader medical community, the public, and especially parents look to health authorities such as Fraser Health Authority to provide accurate, up-to-date information to assist in making informed decisions regarding the health and safety of children.

Statements in the ‘Healthy Schools Communication Toolkit’ issued by Fraser Health Authority in recent weeks claim, with no conditions or qualifiers, that vaccines are ‘safe, effective and necessary’ for the health and safety of children.

These statements are inaccurate and misleading.

Of particular note for being misleading and outright dishonest are the following:

  • Tdap-IPV: protects against diphtheria, tetanus, pertussis (whooping cough) and polio.
  • “Vaccines are safe and are your child’s best protection.”
  • Repeatedly misrepresenting “vaccination” as “immunization” (Source)
  • “The COVID-19 vaccines . . . are safe, effective and will save lives.”
  • “Vaccines do more than protect the people getting vaccinated, they also protect everyone around them. The more people in a community who are immunized and protected from COVID-19, the harder it is for COVID-19 to spread.”
  • “The best way to protect others and reduce the risk of getting sick with the flu and COVID-19 is to get immunized. The flu and COVID-19 vaccines are safe, effective and available for free to anyone aged six months and older. It is much safer to get the vaccines than to get the illnesses.” (Source)

These statements are especially disconcerting given recent disclosures related to the lack of evidence of the safety of childhood vaccines and the COVID ‘vaccine’ in particular.

The COVID ‘Vaccine’

The claim of safety of the COVID ‘vaccine’ cannot be made in the face of the May 29, 2024 admission by the Public Health Agency of Canada (PHAC) in response to an order paper question from Conservative MP Cathay Wagantall. (Source) The Public Health Agency of Canada acknowledged that booster recipients have higher death numbers than the unvaccinated. The report states: “Across all weeks in the time period of interest, the number of deaths were highest among those with a primary series and 1 additional dose.”

Despite PHAC urging caution in interpreting the data, they fail to address their own misleading definitions when they identify vaccine recipients as “unvaccinated” during the first 14 days following vaccination, the period of high lethality after the injections. The misleading use of the term “unvaccinated” renders all information from the PHAC and Health Canada unreliable and validates the safety and efficacy concerns surrounding these products.

Researchers investigating the safety and effectiveness of Pfizer’s vaccine in fully vaccinated, partially vaccinated, and unvaccinated children and teens found cases of myocarditis and pericarditis only in vaccinated children. (Source) The study also found that initial protection by BNT162b2 vaccination against positive SARS-CoV-2 tests in adolescents aged 12-15 had waned by 14 weeks after vaccination. Brian Hooker, Ph.D., chief scientific officer of Children’s Health Defense states: “This study clearly shows that Pfizer’s COVID vaccine provides almost no benefit to children and adolescents but does increase their risk of myocarditis and pericarditis. It begs the question: Why does the CDC continue to recommend these unlicensed shots for kids? Where is the data they use to support their statement that the benefits of these vaccines outweigh the risks?”

On October 7,2024, Florida State Surgeon General Dr. Joseph A. Ladapo announced new guidance regarding mRNA vaccines. (Source) The Florida Department of Health conducted an analysis to evaluate vaccine safety. This analysis found that there is an 84% increase in the relative incidence of cardiac-related death among males 18-39 years old within 28 days following mRNA vaccination. Non-mRNA vaccines were not found to have these increased risks. As such, the State Surgeon General recommends against males aged 18 to 39 from receiving mRNA COVID-19 vaccines.

The Department continues to stand by its Guidance for Pediatric COVID-19 Vaccines, issued March 2022, which recommends against use in healthy children and adolescents 5 years old to 17 years old. This now includes recommendations against COVID-19 vaccination among infants and children under 5 years old.

The following is beyond medical debate and considered accepted medical knowledge:

  • The COVID injections do not stop COVID infection or transmission.
  • Healthy young people have essentially zero risk of serious illness and death from COVID.
  • • Since the COVID mRNA “vaccines” were given to the public, over 1.6 million adverse events and over 38,000 deaths related to these injections have been reported to the CDC’s Vaccine Adverse Events Reporting System (VAERS) in the US. Among these toxicities, increased rates of myocarditis—sometimes fatal—in young people, especially boys, have been demonstrated in recipients of the mRNA injections.
  • Additionally laboratory analysis has found high levels of DNA adulteration, and multiple undeclared genetic sequences in both Moderna and Pfizer Covid-19 genetic “vaccines”.
  • The Pfizer and Moderna COVID mRNA injections, while commonly called vaccines, are not true vaccines, but a type of mRNA-based gene therapy. In effect, they are ‘vaccines-in-name-only’.

There is no legitimate medical justification for healthy children or young adults to receive the COVID mRNA injections. Any institution continuing to refer to these injections as ‘vaccines’ and declaring them to be “safe and effective” is intentionally misinforming the public and health practitioners alike. This demonstrates a blatant disregard for scientific evidence and the health of our children and youth.

Lack of Proven Safety of Childhood Vaccines

In August 2024 Vaccine Choice Canada sent personalized letters (Source) to all provincial Health Ministers and chief public health officers, including Dr. Bonnie Henry, on the lack of proper safety testing of childhood vaccines. In that letter VCC stated:

“In the July 6, 2024 publication of the New England Journal of Medicine, Dr. Stanley Plotkin et al. (Source) admitted “the need for more rigorous science” pertaining to the safety of vaccines. They noted that “In 234 reviews of various vaccines and health outcomes conducted from 1991 to 2012, the Institute of Medicine (IOM) found inadequate evidence to prove or disprove causation in 179 (76%) of the relationships it explored.”

What Plotkin and his fellow authors acknowledged is that the science to conclude vaccine safety is inadequate. (Source) Additionally, in 2023 the Informed Consent Action Network confirmed that “none of the vaccine doses the CDC recommends for routine injection into children were licensed based on a long-term placebo-controlled trial.” (Source) This is also true for Health Canada.

Further, five studies comparing unvaccinated children with vaccinated children provide compelling evidence that the current vaccination schedule is harming our children and a significant contributor to the epidemic of chronic disease in children today. (A New Parents Guide to Understanding Vaccination)

There is no substantive evidence to claim that the following vaccines prevent infection or transmission:

  • Pertussis
  • Polio
  • Tetanus
  • COVID
  • Influenza
  • Diphtheria

These vaccine products are designed to minimize symptoms, and do not prevent infection or transmission. Referring to these products as “immunizations” is misleading and dishonest. With these critical disclosures, it is no longer honest, responsible, or ethical for Public Health authorities to claim that “vaccines have been proven to be safe and effective”.

Fraser Health has no scientific basis to assure parents that giving their children vaccines is “your child’s best protection” when none of the vaccines on the childhood schedule have been tested for safety and effectiveness against a true placebo. That claim is scientifically unsupported and contradicts what is medically known.

It is time to cease the unqualified claim that “vaccines are safe, effective and necessary”.

Canada has consumer protection laws which prohibits engaging in any act or practice that is otherwise misleading, false, or deceptive to the consumer. Because parents rely on Health Canada and our Public Health Officers when they make health care decisions, children are harmed by the misleading and deceptive claims of health agencies such as Fraser Health Authority. These consumer protection laws need to be enforced.

Conclusion

  • Public Health agencies such as Fraser Health Authority continue to mislead and deceive the public by maintaining the unsubstantiated claim that vaccines are safe, effective and necessary. That claim requires immediate retraction and correction.
  • Public Health undermines their credibility in making such unsubstantiated statements and puts the credibility of the entire health care system at risk.
  • We appeal to your moral and legal responsibility to be fully transparent regarding the limitations on the evidence of vaccine safety, effectiveness and necessity.

We expect you will address this matter with the same seriousness that we are and we look forward to receiving your response.

Sincerely,

Ted Kuntz, President, Vaccine Choice Canada

Dr. Bill Code, President, Canada Health Alliance

Dr. Mark Trozzi, President, World Council for Health Canada

Christine Colebeck, President, Children’s Health Defence Canada

Organizations

The Canada Health Alliance, Children’s Health Defense Canada, Vaccine Choice Canada, World Council For Health Canada, and the World Council For Health International.

Related Material

  • Here is honest, concise information about vaccines and genetic injections in the form of a 6-minute video. Please share this liberally with parents, teachers, and families (Click Here)
  • Vaccine Choice Canada’s New Parents’ Guide to Understanding Vaccinations (Click Here)
  • Children’s Health Defense Canada. A Parents’ Guide to Healthy Children. (Click Here)
  • World Council For Health International 2022 Alert to Parents Regarding Children and Covid-19 Genetic “Vaccines”. English, Spanish, and German. (Click Here)
  • Children Should Be Freed Now and Never COVID-Injected. Children are by nature very resistant to coronavirus infection for multiple reasons that we will concisely discuss below. (Click Here)
  • COVID Injections: Unveiling the Mechanisms of Harm. New pathology, a new wave of disease, and 44 common examples of injection-induced illnesses supported by over 930 scientific publications linking these diseases with the injections. (Click Here)
  • Canada Health Alliance. Why Do Vaccines Continually Fail to Live Up to Their Promises? (Click Here)
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Crime

RCMP Bust B.C. Fentanyl Superlab Linked to Mexico and Transnational Exports

Published on November 1, 2024

By

Sam Cooper 

@samthebureau

In a remote mountainous area of British Columbia, federal police have dismantled the largest fentanyl laboratory ever discovered in Canada. This western province has become a critical front in the Five Eyes battle against the production and distribution of deadly synthetic narcotics trafficked globally by networks involving Chinese and Iranian state-sponsored mafias and Mexican cartels.

In a groundbreaking discovery, the RCMP located the superlab in Falkland—a village of 946 residents nestled in the rugged terrain between Calgary and Vancouver—using Phenyl-2-Propanone (P2P) to manufacture methamphetamine. This production method, primarily employed by Mexican cartels, stems from the precursors and scientific expertise Mexican cartels have gathered from elite Chinese criminals since the early 2000s, according to U.S. enforcement sources.

David Teboul, Commander of the RCMP Federal Policing program in the Pacific Region, underscored the significance: “Manufacturing methamphetamine using P2P had not been seen in Western Canada until now,” he said. “The P2P manufacturing method has been the primary method used by Mexican cartels to produce methamphetamine for years.”

Demonstrating the destructive power of the cartels involved, the RCMP seized a staggering cache of illicit substances and weapons. Officers confiscated 54 kilograms of fentanyl, massive amounts of precursor chemicals, 390 kilograms of methamphetamine, 35 kilograms of cocaine, 15 kilograms of MDMA, and 6 kilograms of cannabis. The superlab was described as the largest and most sophisticated of its kind, capable of producing multiple types of illicit drugs.

“To put things into context,” Teboul said, “the over 95 million potentially lethal doses of fentanyl that have been seized could have taken the lives of every Canadian at least twice over.”

A large portion of the product was destined for other countries.

During the investigation, RCMP officers learned of several large shipments of methamphetamine prepared for international export. They intercepted 310 kilograms of methamphetamine before it could leave Canada, preventing a significant quantity from reaching global markets—a critical point as Canada faces pressure from its allies over its role in the global fentanyl and methamphetamine trade.

Teboul noted that the RCMP collaborated with its Five Eyes enforcement partners—an intelligence alliance comprising Canada, the United States, the United Kingdom, Australia, and New Zealand. Although Teboul did not provide specific details, this cooperation underscores the international scope of the transnational investigation.

The first suspect, Gaganpreet Singh Randhawa, was identified and arrested during raids. He is currently in custody and faces multiple charges, including possession and export of controlled substances, possession of prohibited firearms and devices, and possession of explosive devices. More arrests are expected, Teboul said.

The scale of this criminal network echoes the power and violence fueling gang wars that have rocked British Columbia, putting innocent lives at risk during high-powered shootouts in Vancouver. Investigators seized a total of 89 firearms, including 45 handguns, 21 AR-15-style rifles, and submachine guns—many of which were loaded and ready for use. The searches also uncovered small explosive devices, vast amounts of ammunition, firearm silencers, high-capacity magazines, body armor, and $500,000 in cash.

British Columbia has been grappling with an influx of synthetic opioids like fentanyl, significantly exacerbating the opioid crisis across Canada. The province has witnessed a surge in overdose deaths, prompting law enforcement to intensify efforts against drug production and trafficking networks. Experts highlight weaknesses in Canadian laws and a lack of federal oversight at the Port of Vancouver, which have been exploited by transnational crime and money laundering organizations from China, Iran, and Mexico.

This significant bust comes at a time when Canada is under increased scrutiny from international allies over its role as a hub for the export of fentanyl and methamphetamine. The superlab takedown appears to align with serious concerns raised by lawmakers in Washington about how Canada and Mexico are being used by transnational crime organizations to distribute fentanyl worldwide.

A recent U.S. congressional report argues that the Chinese Communist Party’s (CCP) strategy relies less on overt military actions and more on covert tactics, including trafficking of fentanyl and leveraging money laundering, aimed at exploiting vulnerabilities across social, economic, and health domains.

“Fentanyl precursors are manufactured in China and shipped to Mexico and Canada. For precursors that arrive in Mexico, Chinese transnational mafias work with Mexican cartels to smuggle and distribute fentanyl in the United States on behalf of the CCP,” the report states. “The DEA confirmed Chinese transnational crime leaders hold government positions in the CCP and indicated that Chinese transnational crime organizations are dedicated to the CCP.”

“The public deserves to know about the CCP’s role in fentanyl production and how the Party is using fentanyl as a chemical weapon to kill Americans,” the report adds. It recommends that Washington publicly “blame the CCP as much as the DEA and its partners currently blame the Sinaloa Cartel” for fentanyl trafficking and urges the government to “educate international allies about CCP chemical warfare” and encourage them to condemn Chinese transnational crime.

According to congressional investigations, Beijing is actively incentivizing the export of fentanyl and methamphetamine worldwide. The report alleges that Chinese criminal organizations, including Triads led by individuals with official positions in the CCP, are working alongside Mexican cartels to generate profit to fund interference operations in America.

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