FULL TEXT: Read the Liberal government’s 2022 fall economic statement – Toronto Sun

Overall, the mini-budget proposes relatively modest new spending amid growing political pressure to demonstrate fiscal restraint

A chart from the Liberal government's fall fiscal update.
A chart from the Liberal government’s fall fiscal update. Photo by Finance Canada

The Liberal government’s fall fiscal update suggests a federal budgetary surplus is on the distant horizon for the first time since the Liberals came to power seven years ago, but that picture is clouded by a potential recession and promises to spend a lot more to support Canada’s transition to a clean and green economy. The Liberals would also need to fight another election before getting there.

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The forecast came in the fall economic statement that Finance Minister Chrystia Freeland tabled in the House of Commons on Thursday, which includes new measures to spur clean energy investment and improve affordability for Canadians struggling to keep up with the rising cost of living. Overall, the mini-budget proposes relatively modest new spending amid growing political pressure to demonstrate fiscal restraint.

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The $30.6 billion promised over the years leading up to 2027-28 includes money set aside for previously announced measures such as temporarily doubling the GST credit, topping up the housing benefit and a dental-care benefit as part of the agreement the Liberals made with the New Democrats.

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The update also focused on matching clean energy investments and tax incentives made recently in the United States through its Inflation Reduction Act. 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.

Read the full 2022 fall fiscal statement:

  1. Canada's Deputy Prime Minister and Minister of Finance Chrystia Freeland attends a news conference about the fall economic statement in Ottawa, Ontario, Canada November 3, 2022. REUTERS/Blair Gable

    John Ivison: Winter is coming, and Freeland’s not prepared to deal with it

  2.  Deputy Prime Minister and Minister of Finance Chrystia Freeland arrives for a news conference before tabling the Fall Fiscal Update in Ottawa, on Thursday, Nov. 3, 2022.

    Here’s what’s included in the Liberal government’s fall economic statement