The development of the F-35 has been dogged by controversy and claims it will not measure up against the latest Russian and Chinese fighter jets, although officials insist the plane is state-of-the-art.
On 16 July 2010, the Government of Canada under Conservative Prime Minister Stephen Harper announced its intention to buy 65 F-35s to replace the Canadian Forces' existing 80 CF-18s.
A 2014 independent report warned that the true price tag would be least C$10-billion higher for a total of C$56-billion. Under the worst-case scenario, the report by University of British Columbia academic Michael Byers predicted, the full lifetime bill for Canada's F-35 Lightning jets would hit C$126-billion – about $81-billion higher than Ottawa’s working estimate of C$45.8-billion.
The Liberal fiscal plan is to run short-term deficit of about C$10 billion for each of the first three years and then a balanced budget by the 2019-2020 fiscal year.
Canada has an annual military budget of about C$20 billion.
Canada has very little military even for a country of its economic size and population. Australia spends about A$32 billion (C$30 billion)and has 65% of the population of Canada. Canada spends less than half per capita on defense than Australia.
SOURCES- Sydney morning herald, Wikipedia, Globe and Mail