The Canadian Taxpayers Federation says they have a plan that could balance the federal budget by 2023-24. Their answer is to return to pre-pandemic spending, which was already at all-time highs. CTF Federal Director, Franco Terrazzano, says federal government was spending more in 2018 prior to the pandemic and more during any year throughout the second World War, even after considering population growth and inflation costs.

“So it would only take modest restraint for the government to get back to a balanced budget, but unfortunately Prime Minister Justin Trudeau is using the cloud of the pandemic to go on a debt fuelled spending binge and that’s so unfortunate because Canadians deserve a balanced budget. I think we should expect our government to be able to get their finances in order,” says Terrazzano.

The federal director says a balanced budget means less debt for Canadian kids and grandkids to pay back and less money wasted on interest charges and fewer tax hikes. The CTF’s plan to balance the budget by next year has been presented to the Standing Committee on Finance. The federal government is projecting a deficit of $144.5 billion dollars this year, one year after a shortfall of $327.7 billion was presented.