Federal debt is projected to rise from 42.4 per cent of GDP in 2022 to 43.5 per cent of GDP in 2023.
canadian federal budget
The budget speech never mentioned the word “entrepreneurship."
The Trudeau government has recorded the five highest levels of federal spending per person in Canadian history.
Higher government spending will lead to higher taxes and lower rates of economic growth.
Ottawa will likely have more revenue—perhaps considerably more—than forecast when the government tables the budget.
Nearly 60 per cent of the Liberal infrastructure spending was on “green” and “social” projects.
At 79 per cent, Canada had the fastest growth in its debt-to-GDP ratio in the G-7.
Whereas the Chrétien government used balanced budgets as a guiding fiscal anchor, the Trudeau government has not had an effective fiscal rule imposing discipline on its spending, taxing, and borrowing decisions, resulting in the federal government being less prepared to respond to the current recession.
Between 2013 and 2017, foreign investment in Canada declined by 55.1 per cent.