My thoughts on the debt-to-GDP ratio start with understanding the calculation of debt. There are several ways you can calculate the debt-to-GDP ratio. The government's financial statement discussion and analysis uses a few, which are the actual debt reverse.... There is also a calculation that looks at the International Monetary Fund one.
I guess it depends on which one you're looking at in order to understand.
The IMF calculation is one that levels Canada to other countries and allows you to compare it to other countries. Then there would be the straight debt-to-GDP ratio, or your equity ratio, that you would normally look at when you analyze financial statements. They both tell a slightly different story.
I would go back to whichever element you want to discuss.