News Analysis OTTAWA—Flying under the radar of Budget 2023‘s spending and deficits are a couple of tax hikes on wealthy individuals and corporations that were telegraphed a year ago. But analysis shows that such tax hikes can impact people who are simply using well-established tax deductions, and a tax expert says they can also adversely…
Budget 2023: Canada Firmly Back in the Red
OTTAWA—After a brief hint of a budget surplus in last fall’s fiscal update, Canada will once again be facing budget deficits for the foreseeable future. The deficit will be $43 billion for the government’s fiscal year ending this month and is projected to improve to $14 billion in the red by March 2028. The fall…
Freeland Sees ‘Moment of Real Optimism’ With Fall Economic Statement
OTTAWA—The government’s Fall Economic Statement (FES) painted an improving picture for Ottawa’s fiscal position and a return to black ink even with added targeted support measures for Canadians hurting from elevated inflation. The FES is the government’s fall mini-budget and under the government’s base case official projection, which assumes the economy narrowly avoids a recession,…
Freeland Warns of Recession, Sees Potential Return to Black for Feds’ Books
OTTAWA—The government’s Fall Economic Statement (FES) on Nov. 3 announced $30 billion in more spending, yet despite warning of an impending recession, its main projection shows an improving fiscal picture and a potential return to black ink. The FES is the government’s fall mini-budget. Under the government’s base-case official projection, which assumes the economy narrowly…
Decision to Exempt Gas Turbines From Sanctions Right Thing to Do: Freeland
Canada’s decision last week to send repaired parts of a Russian natural gas pipeline back to Germany was difficult but necessary, Deputy Prime Minister Chrystia Freeland said Saturday. The Liberals are facing heavy criticism from Ukraine for exempting six Siemens Energy turbines, which were serviced in Montreal and help deliver gas to parts of Germany,…
Freeland Says Surging Energy Prices Should Drive Green Transition
Deputy Prime Minister Chrystia Freeland says the government is absolutely concerned with the struggles Canadians are facing as a result of inflation, but insists the current energy crisis is another reason to focus on the green transition. After Freeland made a similar comment Tuesday several critics accused her of not caring about the suffering of…
Freeland Says Russia Should Be Booted From G20, but No Movement Yet
Finance Minister Chrystia Freeland says Russia should be booted from an international forum to manage global economic concerns. Freeland says removing Russia from the G20 was a key topic of discussion during meetings this week of finance ministers and central bankers from the group of nations. She says Russia doesn’t have a place at the…
Feds Increase Military Spending While Providing Few Specifics, as Defence Policy Review Announced
The federal government increased defence spending in its April 7 budget, but details on how the money will be spent are lacking, as the feds also announced a review of its national defence policy.
Federal Liberals Set to Deliver Budget on April 7, Freeland Tells House of Commons
Finance Minister Chrystia Freeland plans to deliver this year’s federal budget next week. Freeland told the House of Commons she will unveil the government’s spending plans on April 7 in a document that has been expected to focus on measures to spur economic growth. It is also anticipated the budget will have new social programs…
Federal Government Warns Canadians Against Fighting for Russia in Ukraine
Deputy Prime Minister Chrystia Freeland is warning Canadians against fighting for Russia in Ukraine, saying anyone who does so could face severe consequences. Freeland issued the warning during a news conference in Ottawa today, where she announced further sanctions against Russia over its invasion of Ukraine. The deputy prime minister said Canada believes Russia’s attack…
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