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Finance Minister Chrystia Freeland

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Federal Budget To Be Tabled April 7

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The Liberal government will table it’s first budget since the last federal election on Thursday, April 7th.

Deputy Prime Minister and Finance Minister Chrystia Freeland made the announcement Tuesday.

The last economic update in December last year pegged the forecasted deficit in 2021-22 at $144.5 billion with a drop to $58.4 billion in the 2022-2023 fiscal year.

The budget is expected to pass in the House of Commons with the NDP supporting the minority government, after the two parties signed a confidence and supply agreement on March 22nd.

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$144.5 Billion Deficit In 2021-22: Freeland

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A projected decline in the federal deficit in 2021-2022.

Finance Minister Chrystia Freeland delivered the financial and economic update virtually Tuesday afternoon after a pair of her staffers tested positive for COVID-19.

The deficit is projected to hit $144.5 billion, which is down from $154.7 billion estimated in the spring budget.

In the 2022-23 fiscal year, the deficit is projected to sit at $58.4 billion.

Ottawa is committing to spend an additional $8.1 billion to help finish the fight against COVID-19.

Highlights

  • Allocating $2 billion over two years to the Public Health Agency of Canada (PHAC) to procure COVID-19 therapeutics
  • $1.7 billion to Health Canada and PHAC to help provinces and territories secure rapid tests and the supplies needed to administer them
  • $742.4 million in one-time payments to low-income seniors across Canada who saw their Guaranteed Income Supplement clawed back by accepting the Canada Emergency Response Benefit or the Canada Recovery Benefit.\
  • Income tax revenues are projected to be higher by roughly $12 billion per year
  • Total tax revenues will reach $312.1 billion by the end of the 2021-22 fiscal year, climbing to $391 billion by 2026-27

Ahead of the update, $40 billion was set aside for First Nations child welfare when it comes to residential school compensation.

The money was tabulated after two class action lawsuits were settled, a Canadian Human Rights Tribunal order and long term reform of the Indigenous Child welfare system over five years.

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New Trudeau Cabinet Unveiled

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The new 38-member Trudeau cabinet has been unveiled.

Former Procurement Minister Anita Anand is the new Minister of Defence.

Thunder Bay’s Patty Hajdu leaves her role in health and has been named as minister of Indigenous services as well as minister in charge of FedNor.

The new Minister of Health is Jean-Yves Duclos.

Carolyn Bennett becomes the associate minister of health and takes on a new role as Minister of Mental Health and Addictions.

Melanie Joly is the new Minister for Foreign Affairs.

Lawrence MacAulay remains with Veterans Affairs while the new Minister of Public Safety is Marco Mendicino.

Marc Miller becomes the Minister of Crown-Indigenous Relations.

David Lametti remains the Minister of Justice and Attorney General of Canada.

Harjit Sajjan moves from defence to become the Minister of International Development and Minister responsible for the Pacific Economic Development Agency.

Joyce Murray takes over as the Minister for Fisheries, Oceans and the Canadian Coast Guard.

After just a year as an MP, former broadcaster Marci Ien joins cabinet as the minister responsible for women, gender equality and youth.

Steven Guilbeault is the new Minister of Environment and Climate Change.

Nova Scotian MP Sean Fraser was named the Minister for Immigration, Refugees and Citizenship.

The prime minister previously said Chrystia Freeland would stay on as deputy prime minister and finance minister.