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Trudeau to Raise Canada Debt Ceiling 57% to $1.4 Trillion

  • Finance minister plans debut in green bond market next year
  • Government to bolster bill issues, cut bond sales for 2020-21
Canada plans to join other Group of Seven countries including Germany and the U.K in selling green bonds.

Canada plans to join other Group of Seven countries including Germany and the U.K in selling green bonds.

Photographer: Brent Lewin/Bloomberg
Updated on

Canada plans to increase its mid-term debt ceiling by 57% as it embarks on record borrowing to fight the Covid-19 pandemic.

Prime Minister Justin Trudeau’s government will put forward a bill to raise the maximum borrowing level to C$1.83 trillion ($1.41 trillion), up from a current limit of C$1.17 trillion, the government said in budget documents released Monday. The new amount is expected to cover projected borrowings until the end of the fiscal year 2023-24.