Canada’s federal government in Ottawa has announced that it will deliver a fiscal update on Dec. 16 before Parliament breaks for the year-end holidays.
Finance Minister Chrystia Freeland will deliver the update on the government’s finances and spending priorities, also known as the fall economic statement.
The update will provide details on the federal government’s finances, including the size of the budget deficit, as well as any new policies the government plans to implement.
The Parliamentary Budget Officer (PBO) says the government likely broke its promise to keep the budget deficit at no more than $40 billion.
The PBO is currently projecting a deficit of $46.8 billion for the government’s fiscal year that runs from April 1 to March 31.
The fiscal update comes as the ruling Liberal government tries to win over voters ahead of the next federal election that must take place by October 2025.
Prime Minister Justin Trudeau recently announced plans to implement a two-month break on the Goods and Services Tax (GST) to help consumers with their Christmas shopping.
He also said his government plans to send $250 rebate cheques to Canadians who earn less than $150,000 a year.
The government estimates the GST break over the holidays will cost $1.6 billion, while the rebate will cost $4.7 billion.
The fall economic update is an annual occurrence in Ottawa.
