Assuming that 2021 is the only year where we have a deficit, which is far from being certain, we would have a debt-to-GDP ratio of 48%, which is still some percentage points away from the record that was reached in the mid-1990s when it was 66.6% of GDP. You may remember that at that time The Wall Street Journal deemed Canada to be an honorary member of the third world, so we're far from that.
It wouldn't, however, take that many more years of deficits of that magnitude for Canada to reach that level of debt-to-GDP.