2022 Canadian federal budget

Last updated

2022 budget of the Canadian federal government
2022 Canadian Federal Budget Logo.svg
Presented7 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]

Contents

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]
PartyYeaNayAbstentionAbsent
Liberals 149063
Conservatives 011261
Bloc Québécois 29003
New Democratic 24001
Green 0200
Independents0100
Total202115128

Execution

Budgetary items in billions of dollars
Element2021-20222022-2023
Actual [9] Budget [10] Actual [9]
Tax revenues350.67342.10379.23
Other revenues62.6166.3068.59
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. Archived from the original on 3 November 2022. 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 . Archived from the original on 22 March 2022.
  6. 1 2 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. 1 2 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

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