The federal government will table its next annual budget on Thursday, April 7 at 4 p.m. ET.
Deputy Prime Minister and Finance Minister Chrystia Freeland confirmed the budget release date on Tuesday during question period.
“Our government was re-elected on a commitment to grow our economy, make life more affordable and continue to build a Canada where no one is left behind,” Ms. Freeland said in the House of Commons.
“That is exactly what we are doing. And that is what we will continue to do in the budget that I will present to this House.”
Government sources told CBC News that the budget will be a “back to basics” document after two years of extraordinary government spending in response to the COVID-19 pandemic.
The new budget should respond to new economic and geopolitical uncertainties following Russia’s invasion of Ukraine.
Defense Minister Anita Anand indicated earlier this month that she would present spending options to the cabinet that would increase Canada’s defense budget.
NATO has called on all its members to devote at least 2% of their GDP to defence. Canada currently spends about 1.4% of its GDP on defence, which is among the lowest figures in NATO.
The budget will also be the first major government document unveiled since the announcement of a “supply and confidence” agreement between the Liberals and New Democrats that is expected to keep the minority government in place until at least 2025.
The agreement includes commitments to several new federal initiatives, including a national dental program for low-income Canadians and steps toward the creation of a national pharmacare program.
Ottawa has also struck $10-a-day child care funding deals with all provinces and territories — another large-scale project that should come with a hefty price tag.
Work underway to meet Canada’s emissions reduction targets is also expected to be a major feature of the upcoming budget. The government on Tuesday released an updated plan to cut emissions by 2030, including $9.1 billion in new spending.