Canada's federal and provincial deficits will total $90 billion dollars this year, a study by the Toronto-Dominion Bank predicted Tuesday.

The report said the shortfall could even reach $100 billion.

The bank said Saskatchewan would be the only province able to avoid a deficit.

The federal finance department recently estimated Ottawa's deficit would hit $56 billion. TD said the cumulative total of all federal deficits — the national debt — will amount this year to six per cent of the total value of all goods and services produced annually in Canada.

A little over a year ago, Ottawa and the provinces were all reporting surpluses.

Revenue has fallen as business and personal incomes fall with the recession, and spending has increased with government economic stimulus programs. At the same time, TD noted that Canada is in a better fiscal position than most developed countries.