Highlights Major Developments Yesterday, Chrystia Freeland resigned as Finance Minister; Karina Gould tabled the 2024 Fall Economic Statement; Dominic LeBlanc named as new Finance Minister. Projected federal deficit for 2023-24 is $61.9 billion, exceeding the previously announced $40.1 billion deficit for the last fiscal year. The current fiscal year’s (2024-25) projected federal deficit stands at $48.3 billion. Fiscal & Economic Overview Over $20 billion in new spending, including $1.3 billion for a border security package to counter US tariff threats. Deficit driven by $16.4 billion in Indigenous claims settlements and $4.7 billion in COVID-19 costs. Inflation at 2%; Canada is first in G7 to see central bank rate cuts. Notable Priorities Affordability & Social Services: Continued investments in childcare, dental care, housing, and a $1.6 billion GST holiday. The document does not include the government’s promise to send $250 cheques to working Canadians. Innovation & Competitiveness: $5 billion for AI and research, tax credits for clean tech, and $17.4 billion in accelerated investment incentives. Global Trade & Security: Strengthening trade ties, boosting supply chain resilience, and $1.3 billion for border security upgrades. 2. Industrial Transition: $94 billion in clean energy tax credits and investments in critical minerals. Looking Ahead Debt-to-GDP ratio projected to decline from 42.1% in 2023-24 to 41.9% in 2024-25. Debt is projected to rise to $1.44 trillion by 2030. Economic forecasts may be optimistic due to US trade risks. Further updates expected as conditions evolve. NT5

Press Release

Highlights Major Developments

Yesterday, Chrystia Freeland resigned as Finance Minister; Karina Gould tabled the 2024 Fall Economic Statement; Dominic LeBlanc named as new Finance Minister.
Projected federal deficit for 2023-24 is $61.9 billion, exceeding the previously announced $40.1 billion deficit for the last fiscal year.
The current fiscal year’s (2024-25) projected federal deficit stands at $48.3 billion.

Fiscal & Economic Overview

Over $20 billion in new spending, including $1.3 billion for a border security package to counter US tariff threats.
Deficit driven by $16.4 billion in Indigenous claims settlements and $4.7 billion in COVID-19 costs.
Inflation at 2%; Canada is first in G7 to see central bank rate cuts.

Notable Priorities

Affordability & Social Services: Continued investments in childcare, dental care, housing, and a $1.6 billion GST holiday.
The document does not include the government’s promise to send $250 cheques to working Canadians.
Innovation & Competitiveness: $5 billion for AI and research, tax credits for clean tech, and $17.4 billion in accelerated investment incentives.
Global Trade & Security: Strengthening trade ties, boosting supply chain resilience, and $1.3 billion for border security upgrades.
2. Industrial Transition: $94 billion in clean energy tax credits and investments in critical minerals.

Looking Ahead

Debt-to-GDP ratio projected to decline from 42.1% in 2023-24 to 41.9% in 2024-25.
Debt is projected to rise to $1.44 trillion by 2030.
Economic forecasts may be optimistic due to US trade risks. Further updates expected as conditions evolve.

IBF5