Is PM Carney walking back an earlier decision on budget timing?
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Calgary Herald
an hour ago
- Calgary Herald
With deficit projected to soar to $92 billion, 'it is unfair to pass these burdens on,' C.D. Howe Institute says
Prime Minister Mark Carney addresses the crowd during the Canada Day festivities in Ottawa in the nation's capital on July 01, 2025. Photo by Jean Levac / Postmedia OTTAWA — The Carney government is poised to post a massive deficit of more than $92 billion during this fiscal year, a new report from a well-respected financial think tank projects, almost double what was forecast just a few months ago by a non-partisan arm of the government. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Calgary Herald ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Calgary Herald ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors The report, from the C.D. Howe Institute, also forecasts deficits of more than $77 billion a year over the next four years, also huge increases over what had been expected. The think tank attributes much of the government's declining fiscal health to increased spending on defence and other items, the economic effects of the Trump tariffs, cuts to personal income tax and the GST for first-time homebuyers, and the elimination of the digital services tax. Your weekday lunchtime roundup of curated links, news highlights, analysis and features. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again Based on the most current and largely optimistic variables, the report says, federal deficits will remain above $71 billion during each of the following three years and in the fiscal year 2028-29 will be greater than three times what the government itself forecast in its most recent federal budget. But more likely, the report says, it will likely be a bit worse than that because the report's authors say that they're skeptical that all of the government's plans to increase revenue through promised higher fines, penalties and savings will actually occur. 'It is widely accepted that Canada's economy is at a critical crossroads,' the C.D. Howe economists write. 'So are Canada's finances – beyond the economic drag of high deficits and rising debt, it is unfair to pass these burdens on to the current young and future generations.' But the most recent federal budget was now well over a year ago. The government took the highly unusual step this year of waiting until the fall to release its annual budget, more than half-way through the fiscal year. The report's authors – William Robson, Don Drummond and Alexandre Laurin – call on Ottawa to improve its accountability by sharing its revenue and spending figures with taxpayers. The gloomy fiscal forecast bolsters the argument that Canadian government spending at th e federal, provincial and municipal levels is going from bad to worse. Just four months ago, the Parliamentary Budget Officer projected that the federal deficit would fall to $50.1 billion during this fiscal year, a slight improvement over the $61.9 billion shortfall recorded in 2023-24. The PBO also said at that time that federal deficits would continue to fall in the ensuring years, unless there were new measures to cut revenue or increase spending.
National Post
an hour ago
- National Post
With deficit projected to soar to $92 billion, 'it is unfair to pass these burdens on,' C.D. Howe Institute says
OTTAWA — The Carney government is poised to post a massive deficit of more than $92 billion during this fiscal year, a new report from a well-respected financial think tank projects, almost double what was forecast just a few months ago by a non-partisan arm of the government. Article content The report, from the C.D. Howe Institute, also forecasts deficits of more than $77 billion a year over the next four years, also huge increases over what had been expected. Article content Article content The think tank attributes much of the government's declining fiscal health to increased spending on defence and other items, the economic effects of the Trump tariffs, cuts to personal income tax and the GST for first-time homebuyers, and the elimination of the digital services tax. Article content Article content Based on the most current and largely optimistic variables, the report says, federal deficits will remain above $71 billion during each of the following three years and in the fiscal year 2028-29 will be greater than three times what the government itself forecast in its most recent federal budget. Article content 'It is widely accepted that Canada's economy is at a critical crossroads,' the C.D. Howe economists write. 'So are Canada's finances – beyond the economic drag of high deficits and rising debt, it is unfair to pass these burdens on to the current young and future generations.' Article content Article content But the most recent federal budget was now well over a year ago. The government took the highly unusual step this year of waiting until the fall to release its annual budget, more than half-way through the fiscal year. Article content The report's authors – William Robson, Don Drummond and Alexandre Laurin – call on Ottawa to improve its accountability by sharing its revenue and spending figures with taxpayers. Article content The gloomy fiscal forecast bolsters the argument that Canadian government spending at the federal, provincial and municipal levels is going from bad to worse. Article content Just four months ago, the Parliamentary Budget Officer projected that the federal deficit would fall to $50.1 billion during this fiscal year, a slight improvement over the $61.9 billion shortfall recorded in 2023-24. The PBO also said at that time that federal deficits would continue to fall in the ensuring years, unless there were new measures to cut revenue or increase spending. Article content The C.D. Howe report criticizes the government's decision to wait until the fiscal year is more than half over before releasing its budget 'Delaying a budget until the fiscal year is more than half over is never good, but Canada's current high-spending trajectory makes this delay especially bad.'
CTV News
an hour ago
- CTV News
Norwegian company has plans for LNG export project in Quebec
Quebec Premier Francois Legault speaks at a news conference at his office in Quebec City, Friday, June 6, 2025. THE CANADIAN PRESS/Jacques Boissinot MONTREAL — A subsidiary of a Norwegian energy company wants to build a liquefied natural gas export project in Quebec. Marinvest Energy Canada says there's a strong business case for an LNG project in Quebec to export Canadian natural gas to Europe. The company is offering few details about the project, but an elected official in Quebec's Côte-Nord region says it would be located in Baie-Comeau, along the north shore of the St. Lawrence River. Quebec Premier François Legault says members of his team have met with representatives of the company. Legault rejected a proposal for an LNG facility in Quebec's Saguenay region in 2021, amid widespread opposition to the project. He has said Quebecers are now more open to fossil-fuel projects due to the trade war with the United States. --- This report by The Canadian Press was first published July 4, 2025.
