2022 Canadian federal budget
The Canadian federal budget for the fiscal years of 2022–23 was presented to the House of Commons by Finance Minister Chrystia Freeland on 7 April 2022.[2][3]
| Presented | 7 April 2022 |
|---|---|
| Parliament | 44th |
| Party | Liberal |
| Finance minister | Chrystia Freeland |
| Total revenue | TBA |
| Total expenditures | TBA |
| Deficit | $36.4 billion (projected)[1] |
| GDP | TBA |
| Website | https://budget.gc.ca/2022/report-rapport/toc-tdm-en.html |
‹ 2021 2023 › | |
Background edit
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.[4]
In March 2022, the New Democratic Party agreed to a confidence and supply deal with Justin Trudeau's Liberal Party.[5]
Measures edit
The budget's main goal is to reduce Canada's debt-to-GDP ratio, mostly through a review of all government spending.
Our ability to spend is not infinite. The time for extraordinary COVID support is over.
— Chrystia Freeland, Budget 2022: Address by the Deputy Prime Minister and Minister of Finance
However, the budget increases Canada's military expenditures. It also includes a limited dental care program, as promised in the Liberal-NDP deal.[6][7]
Reactions edit
According to left-leaning political scientist David Moscrop, the budget is a fiscally conservative document that includes too few new social programs for Canadians.[6]
Legislative history edit
| Party | Yea | Nay | Abstention | Absent | |
|---|---|---|---|---|---|
| Liberals | 149 | 0 | 6 | 3 | |
| Conservatives | 0 | 112 | 6 | 1 | |
| Bloc Québécois | 29 | 0 | 0 | 3 | |
| New Democratic | 24 | 0 | 0 | 1 | |
| Green | 0 | 2 | 0 | 0 | |
| Independents | 0 | 1 | 0 | 0 | |
| Total | 202 | 115 | 12 | 8 | |
References edit
- ^ Aiello, Rachel (3 November 2022). "Risk of recession rising, deficit projected at $36.4B in 2022-23: fall economic statement". CTV News. Retrieved 4 November 2022.
- ^ Aiello, Rachel (7 April 2022). "Budget 2022 unveils billions in 'targeted' new spending, deficit projected at $52.8B". CTV News. Retrieved 8 April 2022.
- ^ "Budget 2022: Feds eye growth with $31B in net new spending". Global News. The Canadian Press. 7 April 2022. Retrieved 8 April 2022.
- ^ Rabson, Mia (19 April 2021). "Canada's debt set to cross $1 trillion mark as Liberals extend COVID-19 aid in budget - National | Globalnews.ca". Global News. Canadian Press. Retrieved 14 April 2022.
- ^ "Liberals, NDP agree to confidence deal seeing Trudeau government maintain power until 2025". CTV News.
- ^ a b Moscrop, David (14 April 2022). "Justin Trudeau's Liberals Are Returning to the Miserable Status Quo". jacobinmag.com. Retrieved 14 April 2022.
- ^ Budget 2022[permanent dead link] at Department of Finance
- ^ Summary of votes, 9 June 2022.
External links edit
- Budget 2022 at Department of Finance