Freeland vows to cut federal deficit, but won’t say how

Freeland did admit that she is unclear how effective her measures would be. "This is not a master plan for the Canadian economy going forward," said Freeland. "That will be in the budget."

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On Tuesday, Freeland virtually gave out a fiscal update, showing that Canada's deficit was at a record-breaking $327.7 billion. "The government remains committed to unwinding COVID-19 related deficits," read the update.

The Trudeau government expects the budget to sink to $144.5 billion in 2022.

The fiscal update states that Canada's economy would see a growth of 4.2 percent in 2022, and 2.8 percent in 2023. This, however, is not set in stone, due to threats posed by Omicron.

The budget itself includes $4.5 billion for Canada's Omicron response.

Nearly $2 billion will be provided to provinces and territories for rapid testing, along with $2 billion over two years for "therapeutic procurement, logistics, and operating costs."

"OECD projections suggest that by 2023, Canada's recovery will be the second-fastest in the G7," said Freeland. "The size of the Canadian economy this year will be 2.48 trillion dollars."