Finance Minister Chrystia Freeland will deliver the federal government’s autumn economic statement on December 16, the government announced on Monday.
Freeland said in a press release that “the government is focused on delivering equity for all generations” and will do so “in a fiscally responsible manner.”
The press release does not include the location, timing or details of the fall economic announcement, only the date.
The fiscal check-in comes just one day before the House of Commons is scheduled to adjourn for the rest of the year, following months of procedural wrangling over Conservative-led privileges debate.
The book’s revision comes in response to U.S. President-elect Donald Trump’s imminent threat to impose 25% tariffs on all imports from Canada and Mexico until Canada and Mexico stem the flow of illegal drugs and immigrants across the border. The move comes amid questions over its potential impact on the economy. .
To address President Trump’s concerns before U.S. trade measures are implemented, the federal government has increased resources and personnel and pledged to be a “visible” presence at the border.
The federal government has not yet released cost details, but The Hill Times reported Monday that the cost could exceed $1 billion.
The federal government is also promising $4.7 billion in affordability relief, in part through the $1.6 billion GST/HST holiday that Congress is about to pass, but the remainder of the package, which is $18.7 million. The $250 Working Canadian Rebate for Canadians is on hold. I’ll put it off later.
Months before promises of increased border efforts and holiday tax cuts, Congressional budget officials have already estimated that the government has a deficit of more than $40 billion expected in the April 2024 budget. was. The People’s Bank of China has estimated that the deficit for the 2023-24 fiscal year will be nearly $46.8 billion.
The release of the fall update on federal finances in mid-December is later than usual, but not unprecedented.
Last week, Conservative Party leader Pierre Poièvre offered two hours of Opposition daytime on Monday for Freeland to provide an update, a proposal the finance minister called “absolutely ridiculous”. I called.
A senior government official later told CTV News that it would be a “reckless and foolhardy idea” for the Bank of Canada to release an updated fiscal picture within 48 hours of announcing its latest interest rate decision. The central bank’s last meeting of the year is scheduled for Wednesday.
“We’ll be watching to see if she keeps her solemn promise to reduce the $40 billion deficit, or if that promise is also ignored,” Poièvre told the House of Commons on Monday, before calling on the Liberals. “In the name of God, stop what he called inflationary spending and tax increases.
Robert Asselin, senior vice president of the Business Council of Canada, said in a statement Monday that “fiscal prudence is essential,” especially given the “significant economic and fiscal challenges” facing Canada. Ta.
“Unfortunately, this government has consistently missed its fiscal targets and lacks a coherent strategy to foster private investment,” Asselin wrote. “The government must use the Autumn Economic Statement on 16 December to prioritize effectively and strengthen fiscal discipline.”
With files from CTV News’ Rachel Aiello and Stephanie Ha
