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It is difficult to calculate the true financial costs of the pandemic due to a number of variables.
Perhaps the biggest reason has been the leveraging of the economic future of the economy on record low-interest rates. We honestly do not know how much it will cost to pay back the hundreds of billions of dollars borrowed both federally and provincially to cover much-needed COVID-19 supports.
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ALDRICH: Provinces, feds risk high interest costs, crumbling public finances Back to video
The Fraser Institute released a report on Tuesday that took a deep dive into Canada’s debt levels and what it could mean if interest rates returned to previous lows of 2019.