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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 .
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 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.
The Canadian federal budget for the fiscal years of 2022–23 was presented to the House of Commons by Finance Minister Chrystia Freeland on 7 April 2022. [ 2 ] [ 3 ] Background
The Canadian federal budget of 2003 was unveiled on February 18, 2003. It was the first budget issued by Finance Minister John Manley who was given the job in May 2002 replacing Paul Martin . It was also the last budget of Prime Minister Jean Chrétien .
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.
The Canadian federal budget for fiscal year 2015–16 was presented to the House of Commons of Canada by Joe Oliver on 21 April 2015. This was the last budget before the 2015 federal election . The budget was supposed to be presented in February or March before the fiscal year began on April 1, but was delayed because of the steep drop in oil ...
That is, a deficit is allowed when tax revenue falls in a recession, in contrast to a strict balanced budget rule that would require budget balance each year. [6] In the absence of deficit financing, when revenues decline during a downturn, a government would need to raise taxes and/or cut spending, exacerbating the drop in economic activity.