Finance Minister Chrystia Freeland's first federal budget projects deep deficits for years to come as it promises to support people through the pandemic crisis and make Canada's economy greener and more welcoming to women.
"This budget is about finishing the fight against COVID. It's about healing the economic wounds left by the COVID recession. And it's about creating more jobs and prosperity for Canadians in the days and decades to come," Freeland said in prepared remarks from her budget speech to be read in the House of Commons today.
The first federal budget document in two years is enormous — at 739 pages — and staggering in scope. It reveals that, over the past year, Canada ran up a deficit of $354.2 billion and plans to follow that up next year with a reduced deficit of $154.7 billion that is supposed to gradually decline to $30.7 billion in 2025-26.