2023 federal budget coming March 28

The 2023 federal budget will be presented on Tuesday, March 28, Deputy Prime Minister and Finance Minister Chrystia Freeland announced Friday.

Rising in the House of Commons to confirm the date – as per tradition – Freeland said the comprehensive presentation on the state of the Canadian economy and other Liberal spending plans will focus on clean energy, making the more affordable living and job growth.

In anticipation of a slowing Canadian economy over the next few months, which could lead to a recession, the budget will likely continue to show what the Liberals see as fiscal restraint as the Bank of Canada tries to rein in the inflation.

Although Canadians and businesses are feeling the pinch of high interest rates, the federal government may be looking for ways to help ease the pressures felt by the rising cost of living and housing prices.

Budget 2023 is expected to include the recently finalized $196 billion health care funding agreements with provinces, as well as measures to ensure Canadian businesses can be resilient in the face of a challenging economic landscape and global markets competitive.

The look at the state of Canada’s books will follow US President Joe Biden’s visit the previous week, and just before a two-week break in the House of Commons allowing MPs to spend time in their constituencies promoting the package that Freeland unveil itself.

The Fall Economic Statement released in November 2022 projected the federal deficit at $36.4 billion in 2022-23, down from the $52.8 billion projected in the April 2022 federal budget. Freeland also predicted that federal coffers could be balanced again by 2027-28.