2022 Canadian federal budget explained

The Canadian federal budget for the fiscal years of 2022–23 was presented to the House of Commons by Finance Minister Chrystia Freeland on 7 April 2022.^{[2] [3]}

Background

The COVID-19 pandemic had forced the Justin Trudeau government to introduce a large number of federal aid programs to deal with the economic impact of the crisis. As a result, Canada's debt-to-GDP ratio increased in 2020 and 2021.^[4]

In March 2022, the New Democratic Party agreed to a confidence and supply deal with Justin Trudeau's Liberal Party.^[5]

Measures

The budget's main goal is to reduce Canada's debt-to-GDP ratio, mostly through a review of all government spending.

However, the budget increases Canada's military expenditures. It also includes a limited dental care program, as promised in the Liberal-NDP deal.^[6]

Reactions

According to left-leaning political scientist David Moscrop, the budget is a fiscally conservative document that includes too few new social programs for Canadians.^[7]

Aftermath

Legislative history

House of Commons vote on the
Budget Implementation Act, 2022, No. 1^[8]

Party		width=60px	Yea	width=60px	Nay	width=60px	Abstention	width=60px	Absent
		149	0	6	3
	Conservatives	0	112	6	1
	Bloc Québécois	29	0	0	3
	New Democratic	24	0	0	1
	Green	0	2	0	0
	Independents	0	1	0	0
Total		202	115	12	8

Execution

Budgetary items in billions of dollars

Element	2021-2022	2022-2023
	Actual[9]	Budget	Actual
Tax revenues	350.67	342.10	379.23
Other revenues	62.61	66.30	68.59
Program expenditures	(468.92)	(425.40)	(438.56)
Public debt charge	(24.49)	(26.90)	(34.96)
Actuarial losses	(10.19)	(8.90)	(9.63)
Deficit	(90.32)	(52.80)	(35.32)

References

Budget documents

• Book: Department of Finance . Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable. 7 April 2022 . Government of Canada . Ottawa . 16 November 2022 . .
• Book: Department of Finance . Tax Measures: Supplementary information. 7 April 2022 . Government of Canada . Ottawa . 16 November 2022 . .

External links

• Budget 2022 at Department of Finance

Notes and References

1. Web site: Aiello . Rachel . Risk of recession rising, deficit projected at $36.4B in 2022-23: fall economic statement . CTV News . 4 November 2022 . 3 November 2022.
2. News: Budget 2022 unveils billions in 'targeted' new spending, deficit projected at $52.8B. Aiello. Rachel. CTV News. 7 April 2022. 8 April 2022.
3. News: Budget 2022: Feds eye growth with $31B in net new spending. The Canadian Press. Global News. 7 April 2022. 8 April 2022.
4. Web site: Rabson . Mia . 19 April 2021 . Canada's debt set to cross $1 trillion mark as Liberals extend COVID-19 aid in budget - National Globalnews.ca . 2022-04-14 . Global News . Canadian Press . en-US.
5. Web site: Liberals, NDP agree to confidence deal seeing Trudeau government maintain power until 2025 . CTV News.
6. https://budget.gc.ca/2022/report-rapport/toc-tdm-en.htm Budget 2022
7. Web site: Moscrop . David . David Moscrop . 14 April 2022 . Justin Trudeau's Liberals Are Returning to the Miserable Status Quo . 2022-04-14 . jacobinmag.com . en-US.
8. https://www.ourcommons.ca/Members/en/votes/44/1/145 Summary of votes
9. Book: Receiver General of Canada . Public accounts of Canada . 2023. I : Summary Report and Consolidated Financial Statements. Minister of Public Services and Procurement . Ottawa . 1483-8575 . 16 November 2024.