Over the next five years, the government will increase spending by nearly $60 billion
Finance Minister Chrystia Freeland’s 2023 federal budget projects program spending will reach nearly $491 billion in the coming fiscal year, with the deficit now set to reach $40 billion. Over the next five years, the government will increase spending by nearly $60 billion and no longer expects to be able to balance the books by fiscal 2027-28, as projected in the fiscal update last fall.
Subscribe now to read the latest news in your city and across Canada.
Subscribe now to read the latest news in your city and across Canada.
Create an account or sign in to continue with your reading experience.
Don’t have an account? Create Account
To help pay for it all, Freeland is promising to find $15 billion in savings over five years by scaling back government travel, its use of outside consultants and a review of departmental spending. This is Freeland’s third budget as Canada’s top fiscal manager, but her first where the COVID-19 pandemic is not taking centre stage. Instead, the budget promises massive new investment tax credits for clean technology including electricity and critical minerals as a way for Canada to keep pace with global growth in low-carbon
industries. Read the full text of the budget, below:
Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.
Dear Diary: ‘I think next year I’m going to have to earmark a couple billion dollars towards an Office of Managing Expectations’
Canadian soldiers are training Ukrainian military, but a backlog with the Canadian Forces reimbursing the soldiers for food costs is causing financial hardship for families back home
Minister insists spending necessary to prevent de-industrialization
Wednesday, March 29: We should have encouraged people to come downtown, rather than discouraging them, says one reader. You can write to us at letters@ottawacitizen.com
Quebec’s finance minister said on Wednesday that the province should be compensated since it already has its own dental care program
365 Bloor Street East, Toronto, Ontario, M4W 3L4
© 2023 Ottawa Citizen, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.
This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Service and Privacy Policy.
