Rules that impose mandatory fiscal discipline help produce better and more responsible fiscal outcomes.
federal government debt
Ottawa will likely have more revenue—perhaps considerably more—than forecast when the government tables the budget.
Federal net debt will reach a projected $1.3 trillion in 2021/22.
Only seven industrialized countries had higher levels of government indebtedness than Canada.
Alberta, Saskatchewan and Newfoundland require the most policy action to correct their unsustainable fiscal trajectories.
Prudent fiscal management means working quickly to return to pre-recession debt levels.
According to the update, the government will continue to spend well in excess of projected revenues.
Despite the dismal state of federal finances, the speech did not include the terms “deficit” or “debt."
During the Trudeau period, business investment actually declined by 0.2 per cent.