2022 Canadian federal budget

2022 (2022) budget of the Canadian federal government
Presented7 April 2022
Parliament44th
PartyLiberal
Finance ministerChrystia Freeland
Total revenueTBA
Total expendituresTBA
Deficit$36.4 billion (projected)[1]
GDPTBA
Websitehttps://www.budget.canada.ca/2022/home-accueil-en.html
‹ 2021
2023›

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]

Background

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

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

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]

Aftermath

Legislative history

House of Commons vote on the
Budget Implementation Act, 2022, No. 1[8]
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

Execution

Budgetary items in billions of dollars
Element 2021-2022 2022-2023
Actual[9] Budget[10] Actual[9]
Tax revenues 350.67 342.10 379.23
Other revenues 62.61 66.30 68.59
Program expenditures (468.92) (425.40) (438.56)
Public debt charge (24.49) (26.90) (34.96)
Actuarial losses (10.19) (8.90) (9.63)
Deficit (90.32) (52.80) (35.32)

References

  1. ^ 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.
  2. ^ Aiello, Rachel (7 April 2022). "Budget 2022 unveils billions in 'targeted' new spending, deficit projected at $52.8B". CTV News. Retrieved 8 April 2022.
  3. ^ "Budget 2022: Feds eye growth with $31B in net new spending". Global News. The Canadian Press. 7 April 2022. Retrieved 8 April 2022.
  4. ^ 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.
  5. ^ "Liberals, NDP agree to confidence deal seeing Trudeau government maintain power until 2025". CTV News.
  6. ^ a b Moscrop, David (14 April 2022). "Justin Trudeau's Liberals Are Returning to the Miserable Status Quo". jacobinmag.com. Retrieved 14 April 2022.
  7. ^ Budget 2022[permanent dead link‍] at Department of Finance
  8. ^ Summary of votes, 9 June 2022.
  9. ^ a b Receiver General of Canada (2023). Public accounts of Canada (PDF). Vol. I : Summary Report and Consolidated Financial Statements. Ottawa: Minister of Public Services and Procurement. ISSN 1483-8575. Retrieved 16 November 2024.
  10. ^ Budget 2022, pp. 222-223 (Annex 1).

Budget documents