OTTAWA — Federal Finance Minister Chrystia Freeland will give Canadians an updated look at the country’s books next week as the government deals with economic headwinds and some big-spending new initiatives.
“I look forward to presenting the next steps in our economic plan to deliver a good middle-class life for everyone,” Freeland said in a press release that announced the government’s fall economic statement would be revealed on Dec. 16.
The finance minister’s long-awaited announcement comes after goading from Opposition leader Pierre Poilievre, who last week offered Freeland two hours of House time slated for Conservative motions to deliver the fiscal update.
Freeland’s address will be closely watched as experts, including Parliamentary Budget Officer Yves Giroux, have speculated that the government will not be able to meet its previous commitment to keep the deficit below $40 billion in 2023-24.
Giroux estimated in October that the Liberals would post a $46.8-billion deficit for the 2023-24 fiscal year.
This was before the Liberal government announced a massive two-month GST/HST holiday on a variety of popular consumer goods.
The tax holiday will blow an additional $1.5-billion hole in the federal budget, according to a PBO briefing note released on Monday.
This amount excludes an additional $1.3 billion if the five provinces that use HST refuse to waive their right to federal compensation for lost tax revenues.
Freeland will deliver the update on the House of Commons’ second-to-last sitting day of the year.
National Post
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