Magna International Inc. founder Frank Stronach said Canada must focus on eliminating its debt and reduce the gap between the country’s working and wealthiest classes.

Stronach spoke with BNN Bloomberg on Monday about his views on Canada’s “major problems,” including an “enormous” federal deficit of more than $40 billion, which he said may spell problems for future generations.

“When we look down the road, who’s going to pay that back,” Stronach said in a television interview.

“We’ve got to have a plan where we can eliminate our debt.” A plan to reduce the country’s debt by five per cent each year would be “reasonable,” he said.

The international auto parts magnate said he’s also concerned by the rising cost of living for working class Canadians while the “rich are getting richer.”

He said Canada should consider simplifying its income tax rules and reduce the size of its bureaucracy. Stronach also argued that workers should have a greater share of the wealth they help create, suggesting a legal benchmark of 20 per cent of company profits should go to its employees.

Watch the video above to hear more of Stronach’s conversation with Jon Erlichman.