2022 Canadian federal budget

2022 (2022) budget of the Canadian federal government

Presented	7 April 2022
Parliament	44th
Party	Liberal
Finance minister	Chrystia Freeland
Total revenue	$408.4 billion (projected)
Total expenditures	$452.3 billion (projected)
Deficit	$36.4 billion (projected)[1]
GDP	TBA
Website	https://www.budget.canada.ca/2022/home-accueil-en.html
‹ 2021 2023›

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.

Our ability to spend is not infinite. The time for extraordinary COVID support is over.

— Chrystia Freeland, Budget 2022: Address by the Deputy Prime Minister and Minister of Finance

However, the budget increases Canada's military expenditures. It also includes a limited dental care program, as promised in the Liberal-NDP deal.[6][7]

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.[6]

Aftermath

Legislative history

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

Party		Yea	Nay	Abstention	Absent
	Liberals	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[10]	Actual[9]
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

1. Aiello, Rachel (3 November 2022). "Risk of recession rising, deficit projected at $36.4B in 2022-23: fall economic statement". CTV News. Retrieved 4 November 2022.
2. Aiello, Rachel (7 April 2022). "Budget 2022 unveils billions in 'targeted' new spending, deficit projected at $52.8B". CTV News. Retrieved 8 April 2022.
3. "Budget 2022: Feds eye growth with $31B in net new spending". Global News. The Canadian Press. 7 April 2022. Retrieved 8 April 2022.
4. 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". Global News. Canadian Press. Retrieved 14 April 2022.
5. "Liberals, NDP agree to confidence deal seeing Trudeau government maintain power until 2025". CTV News.
6. Moscrop, David (14 April 2022). "Justin Trudeau's Liberals Are Returning to the Miserable Status Quo". jacobinmag.com. Retrieved 14 April 2022.
7. Budget 2022^[permanent dead link‍] at Department of Finance
8. Summary of votes, 9 June 2022.
9. Receiver General of Canada (2023). Public accounts of Canada (PDF). Vol. I : Summary Report and Consolidated Financial Statements. Ottawa: Minister of Public Services and Procurement. ISSN 1483-8575. Retrieved 16 November 2024.
10. Budget 2022, pp. 222-223 (Annex 1).

Budget documents

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

External links

• Budget 2022 at Department of Finance