Saskatchewan’s debt is growing by millions a day, and taxpayers are paying the price in rising interest costs and lost services
Saskatchewan’s debt is spiralling, and unless the government reins in spending and starts paying it down, taxpayers will face higher costs and fewer services.
That’s why the Canadian Taxpayers Federation took its Debt Clock, which shows the debt rolling up in real time, around the province to raise the alarm about Saskatchewan’s increasing debt.
It’s a big, bright reminder to provincial politicians that the debt is a problem that must be dealt with. The clock is a public awareness tool the federation uses across Canada to highlight government overspending.
The message couldn’t have been clearer, but instead of taking it seriously, the provincial government responded that Saskatchewan maintains the second-lowest net debt-to-GDP ratio in Canada and positions itself as a national leader in economic growth.
That’s the bureaucratic equivalent of sticking your head in the sand.
Comparing Saskatchewan to other provinces doesn’t make the debt any less dangerous. Every other province in the country is also racking up debt. But following their lead isn’t wise. Just because your friends max out their credit cards on concert tickets doesn’t mean you should do the same.
And the truth is, Saskatchewan’s debt is growing fast.
It increases by about $3,300 every minute and nearly $5 million every day. By year’s end, it’s projected to reach $23.5 billion: more than $18,000 for every Saskatchewanian. The longer the province waits to act, the more it will cost.
Borrowed money isn’t free. Every dollar adds to an interest bill that keeps climbing and crowds out spending on public services.
When Premier Scott Moe first took office in 2018, annual interest charges on the debt were about $414 million. This year, they will reach $878 million: more than $700 per person.
Some officials try to downplay the concern by pointing to Saskatchewan’s debt-to-GDP ratio—which compares debt to the size of the economy—but just because the ratio looks better than in other provinces doesn’t mean rising debt is harmless. This is the time to fix the problem—not ignore it.
The cost of inaction isn’t hypothetical.
In the 1990s, former premier Roy Romanow hiked the gas tax, sales tax and business taxes while closing 52 hospitals. The province had essentially gone bankrupt, buried under years of overspending and debt.
It doesn’t have to be this way: other provinces have shown what’s possible.
Alberta paid off its debt entirely in 2004. And former Saskatchewan premier Brad Wall once cut the province’s debt by 40 per cent in a single year.
“I’d like Saskatchewan to have a debt clock with exactly one digit: zero,” Wall said.
That goal is still possible. But it requires discipline.
In 2024, the government blew past its planned spending by $970 million, overspending in nine of its 11 main departments. Yet it also brought in $994 million more in revenue than projected.
Had the government held the line on spending, it could have reduced the debt by nearly $1 billion, saving taxpayers millions in future interest payments.
Saskatchewan can’t afford to let the debt grow any higher.
It’s time to stop overspending, rein in the budget and start paying down the debt.
A debt clock with one digit isn’t a fantasy—it’s a goal worth pursuing.
Gage Haubrich is the Prairie director for the Canadian Taxpayers Federation.
Explore more on Saskatchewan debt and deficit, Saskatchewan taxes, Moe government
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