The Liberal government’s first Spring Economic Update projects a $66.9 billion deficit for the 2025-26 fiscal year, which is lower than the $78.3 billion shortfall forecast in its November budget.
The update, tabled exactly a year after the Liberal Party’s April 28 electoral win, outlines $37.5 billion over the next six years in new social measures, such as addressing food security, easing access to disability tax credits, extending Employment Insurance for seasonal workers, and encouraging more people to work in skilled trades.
Speaking to reporters before the update’s release, Prime Minister Mark Carney said nearly half its measures were based on affordability. Carney said Canada had the strongest fiscal position in the G7, and that strength was being deployed “first and foremost for affordability for Canadian households.”…