Budget 2024 sets up a ‘hard year’ for the Liberals. Here’s what to expect
Global News
The Liberals are set to table the 2024 federal budget on Tuesday. Here's what to expect as the economy struggles and Canadians seek financial relief.
The Liberal government faces a slowing economy and an uphill battle in the polls as it prepares to table its 2024 federal budget on Tuesday.
Global News spoke to Canada’s former parliamentary budget officer ahead of April 16, who said he’s expecting a tight spending plan with little room for surprises or hotly demanded relief on cost-of-living issues for Canadians.
Heading into the third budget under the government’s current mandate, Justin Trudeau’s Liberals have been on a cross-country tour plugging a series of measures that will be included in the coming year’s spending plans.
Since late March, the Liberals have announced just over $37 billion in new spending and loans planned for the federal budget, according to a Global News analysis. Some of the Liberal announcements have spending spread out over multiple years, while other items come with little to no price tag attached.
A significant amount of spending is tied to the Canadian housing market, in the form of either incentives to build more supply or policy changes to support renters and help prospective buyers get their first rung on the property ladder. Those include promises to help renters build their credit scores, changes to savings plans and amortization rules aimed at promoting affordability and billions in incentives to get more shovels in the ground on new builds.
Outside the housing market, Ottawa is planning to introduce a national lunch program and promised billions for expanded child-care access, boosts to the country’s defence spending and artificial intelligence industry, and a new youth mental health fund.
All the while, Finance Minister Chrystia Freeland has pledged that the Liberals will not increase the federal deficit past its current $40.1-billion levels.
Kevin Page, Canada’s first PBO and the president of the Institute of Fiscal Studies and Democracy at the University of Ottawa, tells Global News the Liberals are facing significant headwinds in trying to keep the deficit stable while also meeting the needs of Canadians.
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