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 › |
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 |