The vast majority of the National Debt is owed to Canadians – those individual Canadians and Canadian financial institutions such as banks, insurance companies, trust companies and pension funds who have bought the government bonds. Many people believe that the National Debt is owed to other countries, so that it represents a claim by foreign creditors on our economy, a claim that could cause Canada to go “bankrupt.” This belief is incorrect, because generally, less than 4 percent of Canada’s National Debt has been owed to foreign creditors.
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