Canadian government to table fall economic statement next Monday

The Government of Canada is scheduled to deliver its Fall Economic Statement on December 16, 2024, Finance Minister Chrystia Freeland announced on Monday.

In a press release, Freeland said the administration is "focused on delivering justice for every generation" and will do so "in a fiscally responsible manner."

The press release did not provide any details on the exact location or time of the fall economic statement, only the date.

The financial review will come a day before the House of Commons is adjourned for 2024, after months of procedural wrangling over Tory-led debates on parliamentary privileges.

The financial statement comes amid questions about the economic impact of U.S. President-elect Donald Trump's threats to impose 25 percent tariffs on all imports from Canada and Mexico until the two countries crack down on illegal drug and immigrant flows. Take from the borders.

In an effort to address Trump's concerns before any US trade action is taken, the federal government has promised to devote more resources and personnel and have a "very clear" presence at the border.

The federal government has yet to release details of the costs, but The Hill Times reported on Monday that the costs could exceed $1 billion.

The federal government has also promised $4.7 billion in cost-cutting relief, part of which will come through the $1.6 billion GST/HST tax holiday that will soon be passed in Parliament, while the other part will be The package, a "Canadian Work Allowance" worth $250 for 18.7 million Canadians, is still in its early stages.

Months before promises of increased border efforts or tax holidays, the parliamentary budget chief predicted the government would exceed the $40 billion budget deficit projected in the April 2024 budget. The budget official had projected that the budget deficit would reach $46.8 billion in the 2023-2024 fiscal year.

Although it's later than usual to deliver the fall financial update in mid-December, it's not unprecedented.

Last week, Tory leader Pierre Poulieuver proposed giving Freeland two hours of his party's opposition day time on Monday to give an economic update, a proposal the finance minister called "absolute nonsense".

A senior government official then told *CTV News* that providing an updated financial picture less than 48 hours before the Bank of Canada's interest rate decision would be "a reckless and imprudent idea." The interest rate announcement — the central bank's last decision this year — is scheduled for Wednesday.

"We'll see if he sticks to his promise of a $40 billion budget deficit or if that promise is also forgotten," Poulliver said earlier in the House, urging the Liberals to "for God's sake, no more" of Avoid inflationary expenses and tax increases.

Robert Asselin, senior vice-president of the Business Council of Canada, said in a statement Monday that "fiscal prudence is absolutely necessary," especially given the "major economic and fiscal challenges" facing Canada.

"Unfortunately, this government has consistently failed to meet its fiscal targets and lacks a coherent strategy to attract private investment," Asselin wrote. "The government should use the December 16 Autumn Economic Statement to effectively prioritize and adopt more fiscal discipline."

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