Federal budget 2023 coming March 28

The 2023 federal budget will be tabled on Tuesday, March 28, Deputy Prime Minister and Finance Minister Chrystia Freeland announced Friday, and stakeholders are calling for the massive fiscal document to include a plan to boost economic growth.

Rising to the House of Commons to set the date as per tradition, Freeland said a full presentation on the state of Canada’s economy and future Liberal spending plans will focus on clean energy, making life more affordable and growing jobs.

With the economy expected to slow in coming months, potentially leading to a recession, the budget is likely to continue to show what the Liberals see as fiscal restraint as the Bank of Canada tries to control inflation.

While Canadians and businesses are feeling the pinch from higher interest rates, it’s possible the federal government could be looking for ways to help ease the pressures felt by higher living and housing costs.

Within minutes of the news being published, Conservative leader Pierre Polievre called Freeland to curb spending, cut taxes and the federal government’s “inflationary deficits that raise interest rates.”

Freeland last presented a federal budget in April 2022. Bank of Canada interest rate was 0.50; it is currently at 4.50.

The recently finalized is expected to be included in the 2023 budget Health care financing deals: $196 billion with the provinces, as well as measures aimed at ensuring the sustainability of Canadian companies in the face of a challenging economic landscape and competitive global markets.

The review of the state of Canada’s books comes after US President Joe Biden’s visit a week ago and just before a two-week recess in the House of Commons that will allow MPs to spend time in their ridings promoting the Freeland package. be a revelation.

Finance Canada officials, who have spent some time sifting through stacks of pre-budget documents from various industries and sectors, must also consider the Liberals’ commitment to the New Democrats over key plans for a bilateral confidence deal. implement this year.

In a statement, NDP leader Jagmeet Singh said he was holding economic roundtables ahead of the spring budget to get input from workers and economists.

“The cost of everything has exceeded wages, and eight consecutive interest rates have made life even more difficult. Families feel that the system is rigged. it’s getting harder and harder to keep up,” Singh said.

“Prime Minister Justin Trudeau thinks things are fine because they are to his friends. And I reject Pierre Poulevre’s plan for more cuts to EI and people’s pensions.”

Robert Asselin, senior vice-president of policy at the Business Council of Canada, said in a statement that Budget 2023 comes “at a time when Canada faces intense competition for jobs and investment, including the impact of the US Deflation Act and long-term economic and fiscal controversies.”

He calls for a focused federal response that will boost Canadian productivity and ensure long-term economic growth, elements Asselin notes will “take more than one budget.”

The Coalition for a Better Future, co-chaired by Lisa Reith and Ann McLellan, said it looked forward to seeing how the 2023 federal budget focuses on economic growth, seeing a “mixed bag” of Canada’s economic performance after 2022.

a the coalition’s latest report noted the number of “headwinds” Canada faces, such as an aging population, while noting that manufacturing and job losses due to the pandemic have recovered.

“It is time to be ambitious and rethink what we can achieve as a country. It’s time to raise our sights and embrace a bold vision for inclusive, sustainable economic growth and opportunity for all,” Reith and McLellan said.

The November 2022 Autumn Economic Statement projected the federal deficit to be $36.4 billion in 2022-23, down from the $52.8 billion forecast in the April 2022 federal budget. Freeland also predicted that the federal Treasury may return to balance by 2027-28.