Between 2015 and 2019, Ottawa ran five consecutive deficits, causing federal debt to rise by $112 billion.
Parents who prefer informal daycare are excluded from the federal child care program.
According to the budget, federal spending will reach $434.3 billion this year, more than a two-thirds increase in less than a decade.
Under the old classification, program spending would have been more than $10 billion higher.
According to projections, the federal debt will reach nearly $2 trillion in 2026-27.
The federal debt has grown from $1.2 trillion in 2014 to $1.9 trillion in 2021—an increase of 51 per cent.
If the federal government reduced spending, it could help lower inflation and limit the increase in interest rates.
From 2019 to 2021, Canada had the second-highest increase in gross debt as a share of the economy out of 33 countries.
The government permanently increased the tax rate for banks and life insurance companies to 16.5 per cent on profits over $100 million.
Government tax revenues can increase even though the inflation-adjusted incomes of most Canadians do not.