The 2018-2019 fiscal year has ended for the finance department, and surprise, Canada’s deficit has not been wiped, instead, the nation has been left with a $14 billion deficit.
While the Liberal party promised to balance the budget by 2019, their most recent statements put that far past the government’s potential second term with Canada maintaining a $9.8 billion deficit in 2023-2034.
The Parliamentary Budget Office, a non-partisan organization, believes the earliest budget will be balanced is 2027 or 2028.
While these dates are far past the original promises made by the Trudeau government the likely balance date will be even further should they win another term as more spending promises have been made since the release of the reports.