Mentor Works
Bloomberg
WEB Budget 2024: Investing in Innovation, Growth and Productivity in Canada
Key Takeaways
- Government invests in innovation, growth, and productivity.
- Deficit projected at $398 billion for 2024-25 budget year.
- Increased funding for CBC Radio-Canada for news and entertainment.
- Big-ticket budget items include a $6 billion Canada Disability Benefit and a $1 billion.
- Budgetary spending authorities outlined at $449.2 billion for 2024-25.
Government Priorities for 2024-25 Budget
The 2024 WEB Budget outlines key priorities for the government, which include:- Taking Care of Every Generation
- The Best Start for Every Child
- A Fair Chance for Millennials
Budgetary Highlights
The budget includes several significant budgetary items, such as:
- $42 million increase in funding for CBC Radio-Canada for news and entertainment in 2024-25.
- $6 billion Canada Disability Benefit.
- $1 billion for various initiatives, including housing and infrastructure.
- Budgetary spending authorities outlined at $449.2 billion for 2024-25.
Deficit and Fiscal Outlook
The government projects a deficit of $398 billion for the 2024-25 budget year. This deficit is expected to decline in subsequent years.
The budget also outlines the government's fiscal outlook over the medium term. The government expects to return to a balanced budget by 2027-28.
Budget Expectations
Finance Minister Chrystia Freeland is expected to present the federal budget on the afternoon of March 28, 2023. The budget is likely to be closely scrutinized by economists, businesses, and individuals.
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