The Trudeau government forecasts a $154.7 billion budget deficit in 2021/22.
federal government budget
The plan calls for $27.2 billion over the next five years to reduce daycare costs.
From 2016 to 2019, Canada saw relatively low rates of growth in incomes and private-sector job creation.
The federal debt-to-GDP ratio will reach 51.2 per cent, the highest level since 1999.
At 79 per cent, Canada had the fastest growth in its debt-to-GDP ratio in the G-7.
Ottawa ran budget deficits worth a total of $94.1 billion from 2015/16 to 2019/20.
The federal debt going into this recession would have been $617.9 billion rather than the expected $713.2 billion.
The Trudeau government has run five consecutive deficits since taking office in 2015 and is expected to have accumulated approximately $84.3 billion in federal debt—$713.2 billion total—by the end of 2019-20.