Finance Minister Chrystia Freeland will deliver the 2023 federal budget on March 28 at 4 p.m. ET. Green technology, health care and affordability are expected to be key themes.
What can we expect? Ms. Freeland has said the budget will focus on green technology, health care and new spending aimed at easing cost-of-living concerns. She’s also said that the budget will show fiscal restraint, pointing to concerns about inflation and high interest rates.
Health care Ms. Freeland has said the budget will account for the federal government’s recently announced 10-year plan to increase health transfers to the provinces and territories. In February, Ottawa announced $46.2-billion in new health care funding, with just under half of the money going toward baseline funding and the remainder earmarked for bilateral deals with individual provinces and territories.
Other potential items to look for in the budget: Consumer fees: The budget is expected to include plans to work with regulatory agencies to combat hidden or unexpected consumer fees. Often referred to as “junk fees,” they can include those tacked on to the initial price of a product or service that hide, and inflate, the total cost.
What is the projected federal budget deficit for 2023? The Parliamentary Budget Officer’s economic and fiscal outlook report projects that the deficit for the current fiscal year will be $36.5-billion – down from $90.2-billion the previous year. The PBO projects the deficit will then rise to $43.1-billion in the fiscal year that begins April 1, before declining steadily in future years.
Economists expect the economy to stall or even slip into a minor recession in 2023 because of the lagging impact of the Bank of Canada’s efforts to cool inflation with a series of interest-rate hikes over the past year.
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