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In Canada, governments at the federal, provincial, territorial and municipal levels have the power to spend public funds. This is a list of governments by annual expenditures , in Canadian dollars .
The budget is announced in the House of Commons by the Minister of Finance, who traditionally wears new shoes while doing so. [1] The Budget is then voted on by the House of Commons. Budgets are a confidence measure, and if the House votes against it the government can fall, as happened to Prime Minister Joe Clark 's government in 1980.
By June 2018, Ontario had "Canada's second-highest public debt per person and a growing budget deficit", according to The Economist. [ 21 ] The Ontario Finance Department reported in October 2018, that Ontario's public debt per person at $23,014, had surpassed that of Quebec at $21,606 in the fiscal year 2017–2018. [ 18 ]
Fiscal imbalance (French, déséquilibre fiscal) is the term used in Canada to describe a monetary imbalance between the Canadian federal government and the provincial governments. According to the fiscal imbalance theory, the federal government achieved an important surplus by cutting its contributions towards provinces, leaving provinces with ...
Without that support, the budget would have been defeated, and new elections would likely have been called. In the 2005–06 fiscal year, the government had a large surplus of expected revenues over expenses, making the government able to fund a wide array of new initiatives. The budget bill (C-43) received Royal Assent on June 28, 2005.
A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money.
The budget established the Canada First Research Excellence Fund, which was to receive $50 million in the 2015–2016 fiscal year for research funding at post-secondary institutions. [7] Four grant councils, including the Canadian Institutes of Health Research and the Natural Sciences and Engineering Research Council , would receive a combined ...
The Canadian federal budget for the fiscal years of 2024–25 was presented to the House of Commons by Finance Minister Chrystia Freeland on 16 April 2024. [1] The budget's slogan is "Fairness for every generation", suggesting the government planned to help younger people.