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The Canadian federal budget for the fiscal years of 2023–24 was presented to the House of Commons by Finance Minister Chrystia Freeland on 28 March 2023. [2] The budget was meant to reflect Prime Minister Justin Trudeau's stated policy objective to "make life more affordable for Canadians" [3] while also reducing government expenditures.
In November 2023, Freeland promised a 2023-24 deficit at or below C$40.1 billion ($28.17 billion), to reduce the debt-to-GDP ratio in 2024-25 below 42.4% and to keep it declining.
(The Government of Canada Fiscal Year runs from April 1 to March 31.) This partial authority enables Parliament to spend more time in examining the Estimates documents. In June, Parliament appropriates the full supply.
By March 2022, food banks across Canada recorded nearly 1.5 million visits, marking an all-time high, with approximately 2.8 million Canadians living in poverty by September 2023. [35] A comprehensive Food Banks Canada report stated that multiple factors, including the COVID-19 pandemic, the economic consequences of the Russian invasion of ...
Canada recorded a slightly lower C$14.50 billion ($10.09 billion) budget deficit for the first seven months of the 2024/25 fiscal year compared to the previous year as revenues grew faster than ...
Canada's budget deficit for the first six months of the 2024-25 fiscal year jumped by more than a half to C$13.01 billion ($9.28 billion) as program expenses and debt payment costs rose faster ...
The COVID-19 pandemic had forced the Justin Trudeau government to introduce a large number of federal aid programs to deal with the economic impact of the crisis.As a result, Canada's debt-to-GDP ratio increased in 2020 and 2021.
In a fiscal update, the finance ministry forecast the deficit would be C$144.5 billion in fiscal 2021/22, down 6.6% from the C$154.7 billion forecast in April, as tax revenues increased and less ...