On April 16, Canada's Finance Minister and Deputy Prime Minister, Chrystia Freeland, tabled Canada’s 2024 Federal Budget, titled Budget 2024: Fairness for Every Generation.
The Budget details $535B in spending for 2024-25 with a deficit of about $40B. This is an increase of $52.9B above previously planned spending over the next five years. Canada’s total debt has increased to $1.4T; the cost to finance this debt will cost $47.2B this year and is forecast to increase to $64.3B by 2028-29.
Housing, affordability and ensuring fairness for all were the focuses of the Minister’s speech to Parliament. She maintained messaging from previous years that Canada has the lowest deficit and net debt-to-GDP ratios in the G7. Notable investments in housing include a $400M top-up of the
Housing Accelerator Fund and a $15B expansion to the Apartment Construction Loan Program. A new National School Program of $1B over five years and the Canada Disability Benefit of $6.1B over six years lead on new affordability spending.
The Budget also includes new spending on artificial intelligence, youth mental health, transparency for airline fees, emergency and disaster relief, and Indigenous participation in research.
Read the full report here.
