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2022 Canadian federal budget

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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

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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

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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

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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

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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

References

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  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.
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