Finance Minister and Deputy Prime Minister Chrystia Freeland tabled Canada’s 2023 Federal Budget, titled A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future.
The 2023 Budget details $497B in spending for 2023 with a deficit of $40.1B, an increase from a forecast of $30.6B in last fall’s fiscal update. The government is no longer forecasting a return to balance by 2028, instead detailing $70B in gross new spending the next five years, bringing Canada’s total debt to $1.31T.
