According to the budget, the government will spend $95 billion more in 2024-25 than it planned only three years ago.
federal government budget
Compared to last year’s fiscal plan, the government will now overspend by $120.8 billion over five years.
Only two provinces plan to run budget surpluses this year.
Only 16 per cent of Canadians said they receive good or great value for their tax dollars.
In 2024/25, federal program spending will reach a projected $483.6 billion—up $16.1 billion from the previous budget’s estimates.
According to projections, this federal government will possess the eight highest levels of per-person spending in Canadian history.
From 2013 to 2022, per-person economic growth—a broad measure of living standards—was at its lowest rate since the Great Depression.
Support for government-funded pharmacare, dental care and daycare plummeted to well below 50 per cent if the programs are paid for by tax hikes.
In 2023/24, interest costs on federal government debt will reach a projected $46.5 billion.