 Official logo of Budget 2022 | |
| Submitted to | House of Commons |
|---|---|
| Presented | 7 April 2022 |
| Passed | 9 June 2022 |
| Country | Canada |
| Parliament | 44th |
| Party | Liberal |
| Finance minister | Chrystia Freeland |
| Total revenue | CA$408.4 billion (projected) |
| Total expenditures | CA$452.3 billion (projected) |
| Deficit | CA$36.4 billion (projected)[1] |
| GDP | TBA |
| Website | Budget 2022 |
|
‹ 2021 2023› | |
The 2022 Canadian federal budget for the fiscal years of 2022–23, known as Budget 2022, was presented to the House of Commons by Finance Minister Chrystia Freeland on 7 April 2022.[2][3]
Background
[edit]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
[edit]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
[edit]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
[edit]Legislative history
[edit]| 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 | |
Execution
[edit]| 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) |
References
[edit]- ↑ 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.
- ↑ Aiello, Rachel (7 April 2022). "Budget 2022 unveils billions in 'targeted' new spending, deficit projected at $52.8B". CTV News. Retrieved 8 April 2022.
- ↑ "Budget 2022: Feds eye growth with $31B in net new spending". Global News. The Canadian Press. 7 April 2022. Retrieved 8 April 2022.
- ↑ 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.
- ↑ "Liberals, NDP agree to confidence deal seeing Trudeau government maintain power until 2025". CTV News. Archived from the original on 22 March 2022.
- 1 2 Moscrop, David (14 April 2022). "Justin Trudeau's Liberals Are Returning to the Miserable Status Quo". jacobinmag.com. Retrieved 14 April 2022.
- ↑ Budget 2022[permanent dead link] at Department of Finance
- ↑ Summary of votes, 9 June 2022.
- 1 2
- ↑ Budget 2022, pp. 222-223 (Annex 1).
Budget documents
[edit]- Department of Finance (7 April 2022). Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable (PDF). Ottawa: Government of Canada. Retrieved 16 November 2022.
- Department of Finance (7 April 2022). Tax Measures: Supplementary information (PDF). Ottawa: Government of Canada. Retrieved 16 November 2022.
External links
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