MINI-BUDGET RELEASED AMID WARNINGS A RECESSION IS COMING

Nov 03, 2022

By Christine Ross

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The fall Federal economic statement suggests a budgetary surplus is on the distant horizon for the first time since the Liberals came to power seven years ago, clouded by a potential recession.

Finance Minister Chrystia Freeland’s fiscal update includes new measures to spur clean energy investment and improve affordability for Canadians struggling to keep up with the rising cost of living.

The federal economic statement also shows relatively modest new spending of nearly 31 billion over six years including money already set aside for previously announced measures  such as temporarily doubling the GST credit amid growing political pressure to show fiscal restraint.

The finance minister also announced some affordability measures  such as permanently eliminating federal interest charges on student loans and revamping the Canada Workers Benefit.

Freeland’s fiscal update also projects a deficit of more than 36 billion for the current fiscal year that will shrink over the next four years before turning into a budget surplus of 4.5 billion  during the 2027-28 fiscal year.

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