Federal Fiscal Autumn Statement Revealed: Fiscal Deficit Pressure draws Attention
The federal government announced on Monday that Finance Minister Chrystia Freeland will submit the federal government's autumn economic statement on December 16th.
According to CTV, Freeland stated in a press release that the government is committed to providing fairness for every generation and achieving this goal in a financially responsible manner. The federal government announced on Monday that Finance Minister Fang Huilan will submit the federal government's autumn economic statement on December 16th.
Freeland stated in a press release that the government is committed to providing fairness for every generation and achieving this goal in a financially responsible manner.
The press release did not provide detailed information on the location or time of the autumn economic statement, only listed the date. The fiscal review will be conducted one day before the expected recess of the House of Commons.
Previously, US President elect Donald Trump threatened to impose a 25% tariff on all goods imported from Canada and Mexico unless the two countries prevent illegal drugs and immigrants from crossing the border. This threat may have an impact on the economy and has led to revisions in financial reports.
In order to address Trump's concerns before any trade action is taken in the United States, the federal government has promised to invest more resources and personnel, and be "very visible" at the border.
Image source: X
The federal government has not yet announced specific costs, but The Hill Times reported on Monday that the cost could exceed 1 billion Canadian dollars.
The federal government has also promised to provide $4.7 billion in affordability relief, partly through the upcoming $1.6 billion GST/HST holiday tax exemption policy in parliament, while another part of the plan, the $250 "Canadian Workers' Refund" for 18.7 million Canadians, has been put on hold.
Months before strengthening border controls or committing to holiday tax cuts, the parliamentary budget officer had already estimated that the government's deficit would exceed the projected $40 billion in the April 2024 budget. PBO calculates that the deficit for the 2023-24 fiscal year will be close to CAD 46.8 billion.
Although the release of the federal fiscal autumn update in mid December is later than usual, this situation is not unheard of.
Last week, Conservative Party leader Boris Johnson proposed on Monday to allocate two hours on opposition day for Fang Huilan to submit her financial report. The Treasury Secretary called this proposal "completely absurd".
A senior government official later stated that releasing the latest fiscal situation less than 48 hours before the Bank of Canada announced its latest interest rate decision was "a reckless and ill considered idea". The Bank of Canada will announce its latest interest rate decision on Wednesday, which is the last time the central bank has announced an interest rate decision this year.
We will wait and see if she will keep her solemn promise of a $40 billion deficit, or if this promise will also be set aside, "Bo Lizhi said in the House of Representatives on Monday, before calling on the Liberal Party to" stop inflation spending and tax increases in the name of God.
Robert Asselin, Senior Vice President of the Canadian Business Council, stated in a statement on Monday that "fiscal prudence is crucial", especially considering the "significant economic and fiscal challenges" facing Canada.
Unfortunately, this administration has been unable to achieve fiscal goals and lacks a coherent strategy to promote private investment, "Asselin wrote. The government must use the autumn economic statement on December 16th to effectively identify priorities and adopt stricter fiscal discipline
Source link:
https://www.ctvnews.ca/politics/canadian-government-to-table-fall-economic-statement-next-monday-1.7138816