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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.
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 ...
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.
A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money.
OTTAWA (Reuters) -Canada's Finance Minister Chrystia Freeland declined to say on Tuesday whether the country would achieve its deficit target for the last fiscal year, fueling economists ...
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 ...
This was later refined to $39.4 billion when the Annual Financial Report of the Government of Canada for Fiscal Year 2019–2020 was released. [2] The projected deficit of $19.8 billion would result in a deficit of ca. 0.9% of GDP. At the same time the GDP grew by 1.6% in 2019. [5]