| #CanadaFacts
Economy
Understand how various levels of government across Canada generate revenue and where the money goes. Explore economic levers, including taxes, trade, inflation, immigration, and employment trends, and how they impact Canadians. Dive into our Canada Facts series, where fascinating insights meet reliable data, delivering everything you need to stay informed and captivated about Canada!
Key Indicators
GDP (2023)
Median household income (2022)
Median individual income (2022)
Who are Ontario’s top trade partners?
Combining imports and exports, the United States was Ontario’s top trade partner in 2024, with more than $438 billion of goods exchanged.
What is the median income in Canada?
The median income of individuals in Canada rose by $1,440 in 2022, reaching $43,090—an increase of 3% from the previous year.
Who are Canada’s top trade partners?
In 2023, the United States was Canada’s top trade partner with nearly $968 billion of goods and services exchanged between the two nations.
What are government deficits and do they matter?
The federal government’s deficit for the 2022-2023 fiscal year was approximately $35.23 billion, a significant decrease from $90.32 billion the previous year.
How much debt does the Canadian federal government have?
At the end of the 2022-2023 fiscal year, the Canadian federal debt reached $1.17 trillion, up 2% or $33 billion from the previous fiscal year.
What is the CPI and how does it impact Canadians?
The CPI is one of the most commonly used measures of inflation. Produced by Statistics Canada (StatCan), the CPI compares the price of a fixed basket of goods and services — about 700 or so — Canadians typically buy.
How much money does the federal government spend?
In fiscal 2022-2023, the Canadian government spent a total of $483.1 billion, down $20.5 billion, or 4.1 per cent, from 2021–22.
How much money does the federal government collect?
In fiscal 2022-2023, the federal government’s revenue increased to $447.8 billion from $413.3 billion in 2021-2022. That represents approximately an 8% jump.