2021 Canadian federal budget

Canada's next federal budget is expected to be presented by finance minister Chrystia Freeland in the House of Commons in 2021.[1] The Canadian government had not produced one in 2020 due to the COVID-19 pandemic. Instead, the government produced a series of economic updates and stimulus plans throughout the year.

2021 (2021) Budget of the Canadian Federal Government
PresentedTBD
Parliament43rd
Finance ministerChrystia Freeland
‹ 2019
2022 ›

Background

A Canadian federal budget for fiscal year 2020–2021 was initially supposed to be presented to the House of Commons by Finance Minister Bill Morneau on March 30, 2020.[2] However, this was delayed due to the 2020 coronavirus outbreak in Canada.[3]

On 17 June 2020, Justin Trudeau announced that the finance minister would table a fiscal and economic snapshot on 8 July 2020. This document was shorter than a budget or even a regular Fall Economic Statement as it did not incorporate medium or long-term projections. Conservative and Bloc oppositions criticized the government for lack of transparency and asked for a more comprehensive document to be tabled.[4]

On 30 November 2020, newly appointed finance minister Chrystia Freeland presented a federal fiscal update to the House of Commons. The document called for increased spending to child benefits and to the wage subsidy. The update extended multiple federal COVID response aid programs to March or June 2021. The update also included industry-specific aid packages for economic sectors hard-hit by the pandemic, notably for the airline industry.[5]

Canada's federal deficit for the fiscal year 2020-21 is expected to be at 351.6 billion Canadian dollars, and which would increase Canada's debt-to-GDP ratio to 50.7%.[6]

References
  1. "National child care coming in 2021 budget, Liberals pledge". Global News. The Canadian Press. November 30, 2020. Retrieved 2021-01-09.
  2. Politics (2020-03-11). "2020 federal budget to be tabled March 30 | CTV News". Ctvnews.ca. Retrieved 2020-05-02.
  3. "Federal budget delayed as House of Commons shuts down for five weeks". Advisor's Edge. March 13, 2020.
  4. Cochrane, David (17 June 2020). "Trudeau says finance minister will present a fiscal and economic 'snapshot' on July 8". cbc.ca. CBC. Retrieved 18 June 2020.
  5. Erica, Alini (November 30, 2020). "Fiscal update would boost child benefit and wage subsidy, calls for airline refunds". Global News. Retrieved 2021-01-09.
  6. Amanda, Connolly (November 30, 2020). "Canada hints at 'major' coronavirus recovery plan but still no brakes on spending". Global News. Retrieved 2021-01-09.
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