OTTAWA — A federal budgetary surplus is on the distant horizon for the first time since the Liberals came to power, but the rest of the fall fiscal update…
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It also pledged some more affordability measures, such as permanently eliminating federal interest charges on student loans and revamping the Canada Workers Benefit so that people who qualified for it in the previous year can receive an advance instead of waiting to file their tax returns. NDP Leader Jagmeet Singh said that while he believes the fiscal update falls short of the help needed by Canadians suffering under higher prices on essential goods, his caucus plans to support the Liberal minority government’s implementation bill.“Conservatives will stand for the common people,” Poilievre said inside the House. “Their paycheques, their homes, their savings, and we will vote against this inflationary scheme.
As a growing number of economists forecast an impending recession, the budget update outlined multiple scenarios that may play out and based its outlook for the economy on the average of private economic forecasts. For the current fiscal year, the mid-year budget update is forecasting a $36.4-billion deficit, which is about $16 billion lower than anticipated in the spring budget thanks to high inflation and a strong economic recovery boosting government revenue.Article content
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