Mr. Speaker, when it comes to Canada's debt and debt-to-GDP ratio, let me quote someone whom all members of the House should trust, and that is the Parliamentary Budget Officer. At the finance committee a few weeks ago, he said, “When looking at G7 countries, Canada compares very favourably on net debt-to-GDP.” Furthermore, in his testimony, he described a conversation he had with someone from Moody's, who said that Canada's deficit should make us “quite happy because by European standards that's very low.” That is not me talking; that is the Parliamentary Budget Officer.
In the House of Commons on May 15th, 2023. See this statement in context.