By The Canadian Press

Finance minister says government’s fiscal update coming Dec. 16

Dec 9, 2024 | 11:05 AM

OTTAWA — Finance Minister Chrystia Freeland will publish the government’s fall economic statement on Dec. 16, just before members of Parliament are expected to head home for the holidays.

“I look forward to presenting the next steps in our economic plan to deliver a good middle-class life for everyone,” Freeland said in a statement.

The fall economic statement will offer an update on federal finances, including the size of the deficit, as well as any new policies the government plans to implement.

The parliamentary budget officer says the government likely broke its promise to keep the deficit capped at $40 billion, and the PBO is projecting a deficit of $46.8 billion for the last fiscal year.

Freeland has not said whether she will meet her own pledge on the deficit.

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The fiscal update comes as the Liberals face a smaller window to turn the tide with voters on affordability issues ahead of the next federal election, which must take place by October 2025.

Prime Minister Justin Trudeau recently announced plans to implement a two-month break on GST for a list of items commonly purchased over the holidays, such as Christmas trees and children’s toys. He also said his government wants to send $250 rebates to Canadians who worked last year and earned less than $150,000.

A bill to enact the GST break has passed through the House of Commons with the support of the NDP. The New Democrats do not support the rebate measure, because they say it would exclude fully retired seniors and people with disabilities.

The government estimates the GST break will cost Ottawa $1.6 billion, while the rebate would cost $4.7 billion.

Robert Asselin, a senior vice-president at the Business Council of Canada, said Canada is facing economic and fiscal challenges that require the government to be prudent with federal finances.

“Unfortunately, this government has consistently failed to meet its fiscal targets and lacks a coherent strategy to foster private investment,” said Asselin, who served as former finance minister Bill Morneau’s budget director.

“The government must use the Dec. 16 fall economic statement to prioritize effectively and adopt greater fiscal discipline.”

It’s not clear how a filibuster in Parliament will affect the government’s ability to present the fall economic statement in the House of Commons.

Conservative Leader Pierre Poilievre said on Sunday that his plea to the government ahead of the fall economic statement is to freeze the carbon price, rein in spending and to adopt his policy proposal to cut the GST on new homes sold for under $1 million.

“Stop adding inflationary spending that balloons the cost of living. Stop your carbon tax hikes. Stop taxing home purchases,” Poilievre said on Sunday. “Stop adding dangerous and irresponsible debt that threatens our social programs.”

This report by The Canadian Press was first published Dec. 9, 2024.

Nojoud Al Mallees, The Canadian Press