 | |
| Presented | 7 April 2022 |
|---|---|
| Parliament | 44th |
| Party | Liberal |
| Finance minister | Chrystia Freeland |
| Total revenue | $408.4 billion (projected) |
| Total expenditures | $452.3 billion (projected) |
| Deficit | $36.4 billion (projected) [1] |
| GDP | TBA |
| Website | https://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]
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]
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]
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]
| 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 | |
| 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) |
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