Here's what to expect in the 2024 federal budget
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Deputy Prime Minister and Finance Minister Chrystia Freeland will be presenting the 2024 federal budget on Tuesday, revealing how the federal Liberal government intends to balance the nearly $40 billion in pre-announced new spending with her vow to remain fiscally prudent.
Deputy Prime Minister and Finance Minister Chrystia Freeland will be presenting the 2024 federal budget on Tuesday, revealing how the federal Liberal government intends to balance the nearly $40 billion in pre-announced new spending with her vow to remain fiscally prudent.
Amid calls for a concerted focus on boosting Canada's productivity, Freeland has said the full picture of the state of the country's finances will focus on "building more homes, faster, making life more affordable, and creating more good jobs."
Declaring that the country is at a "pivotal moment" that requires urgent investment, the federal government is planning to introduce a bevy of measures in Tuesday's budget to help put a dent in Canada's housing crisis and win back straying millennial and Generation Z voters.
However, the new spending is coming amid concerns over a sizable federal deficit and remaining uncertainty around the degree of provincial and territorial buy-in for some of the bigger-ticket loan offerings the Liberals have previewed as coming in the budget.
How Freeland intends to uphold her commitment to maintain a declining deficit-to-GDP ratio and keep deficits below one per cent in the years ahead is going to be one of the key areas of focus for those scrutinizing the federal balance sheet when it is presented on Tuesday.
While Prime Minister Justin Trudeau has ruled out raising taxes on Canada's middle class, Freeland won't say whether the budget could include new or higher taxes for wealthier Canadians or corporate Canada, nor has she shed any light on where additional revenue may be found.
Traditionally, governments have held budget news — save for some pre-tabling leaks — for the day the document is tabled in the House of Commons. However, the federal Liberals deployed a new pre-budget communications strategy this year.
