Canada's federal deficit has ballooned by over 50% to $61.9 billion for the current fiscal year, significantly exceeding the $40 billion target pledged by outgoing Finance Minister Chrystia Freeland. The increase, attributed to lower-than-forecasted revenues and higher expenses, comes as Freeland resigned on the day of the fall economic statement, which revealed the missed target. The document also projects rising deficits for future fiscal years.
A pledged $40-billion deficit has ballooned by more than 50 per cent to reach $61.9-billion for the current fiscal year—as the finance minister who pledged to keep that deficit in check departed hours before the numbers were released. Chrystia Freeland , who served as Prime Minister Justin Trudeau’s finance minister since August 2020, pledged in April to stick to the $40-billion deficit target that Budget 2024 provided for the 2023-24 fiscal year.
The fiscal update does not address the possibility that Ottawa could be on the hook to pay billions more to compensate provinces with a harmonized sales tax that would be forced to drop their provincial sales tax as part of the tax holiday, meaning the fiscal hit could be larger. The numbers for the coming fiscal year also do not include the $250 rebate cheques the Liberals proposed at the same time.
Canada Deficit Finance Minister Chrystia Freeland Resignation Economic Statement Budget 2024
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