From 2019 to 2021, Canada had the second-highest increase in gross debt as a share of the economy out of 33 countries.
The government permanently increased the tax rate for banks and life insurance companies to 16.5 per cent on profits over $100 million.
Government tax revenues can increase even though the inflation-adjusted incomes of most Canadians do not.
The projected federal deficit in 2022-23 is 34 per cent higher than the deficit in 2019-20.
Higher government spending will lead to higher taxes and lower rates of economic growth.
The projected federal deficit for 2022/23 could have been reduced by more than 42 per cent had the government stuck to last spring's spending plan.
A lack of fiscal prudence left Canada vulnerable when the pandemic hit.
Cutting regulatory red tape and removing internal trade barriers could help boost improve economic performance.
Canada's productivity growth and levels of business investment have been lacklustre for decades.
Ottawa will likely have more revenue—perhaps considerably more—than forecast when the government tables the budget.