The Ministry of Finance in the federal government announced today that the upcoming federal budget will be presented on Tuesday, April 16.

Recently, Finance Minister and Deputy Prime Minister Chrystia Freeland has been keen to emphasize the commitment of Justin Trudeau’s Liberal government to finding the right balance between the investments Canadians need and the commitment to implement a financially responsible plan.

Minister Freeland confirmed respect for the financial guidelines set by the Fall 2023 Economic Statement.

It is worth noting that this document includes a commitment that the upcoming budget will represent a deficit for the 2023-2024 period equal to or less than $40.1 billion.

This deficit ceiling is equivalent to what was expected when the 2023 budget was presented in March of last year.

The Fall Economic Statement last year reiterated the federal government’s long-term goal of gradually reducing the debt-to-GDP ratio, but it added a new element this time. Thus, Ottawa decided that the 2024 budget should be designed based on achieving a ratio below 1% by the 2026-2027 period, which should then be maintained under this limit.

According to the Finance Minister, the health insurance plan recently developed by the federal Liberal Party during negotiations with the New Democratic Party will not cause the federal government to abandon its financial pillars.