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Paying the interest on government debt cost Canadian taxpayers $62.8 billion last year, says the Fraser Institute.

That translates to $1,752 for every Canadian, or slightly more than $7,000 for a family of four.

The think-tank's study says federal and provincial debt in 2016-17 will total $1.4 trillion, an increase of more than half-a-trillion dollars since 2007-08.

“It’s not a choice – interest must be paid on government debt, and the more money governments spend on interest payments the less money is available for the programs and services that matter to Canadians,” said report co-author Charles Lammam.

Interest payments on all levels of government debt in 2015-16 cost roughly the same as what the country spent on primary and secondary education ($63.9 billion) in 2013-14, the study found.

Interest payments on just the federal debt ($24.9 billion) are roughly the same as Ottawa’s projected deficit this year of $25.1 billion.

In B.C., interest payments for both the provincial debt and its share of the federal debt ($5.6 billion) are comparable to what the province collects in PST.

Alberta’s combined provincial-federal debt interest payments will cost $5.3 billion this year – more than the province will spend on social services, including welfare.

“Governments across Canada are racking up large debts with no end in sight, and this imposes real costs on Canadians. Interest payments are substantial and take money from other important priorities, such as social programs or tax relief," said Lammam.