This is how we could restart using the Bank of Canada (BoC) as we had been doing prior to 1974, based on the following information from the Government of Canada website, see link below. Here’s a simple explanation to put things into context. Do you use a credit card? If you do, do you pay the balance every month so that not to pay interest? If so, it is the same idea with a longer grace period that enables the government to use a portion of its “estimated revenue for its fiscal year” interest free, “in the case of the Government of Canada, exceed one-third of the estimated revenue of the Government of Canada for its fiscal year, and shall not, in the case of a provincial government, exceed one-fourth of that government’s estimated revenue for its fiscal year, and such loans shall be repaid before the end of the first quarter after the end of the fiscal year of the government that has contracted the loan”. It's like having a credit line that costs you no interest if you pay back the principal within the grace period, the BoC grace period is simply much longer. This same logic could be applied to slowly eliminate the debt by using the money saved in interest payments to pay back the principal, that simple. The Bank may (j) make loans to the Government of Canada or the government of any province, but such loans outstanding at any one time shall not, in the case of the Government of Canada, exceed one-third of the estimated revenue of the Government of Canada for its fiscal year, and shall not, in the case of a provincial government, exceed one-fourth of that government’s estimated revenue for its fiscal year, and such loans shall be repaid before the end of the first quarter after the end of the fiscal year of the government that has contracted the loan; See "Business and Powers of the Bank" in link below