OTTAWA — Canada’s new Liberal government is set to unveil its first budget within the week of March 21, two sources with knowledge of the process said on Tuesday.
The budget, that the Liberals have pledged will include major new spending targeted at boosting a flagging economy, is probably to become given to Parliament on Monday, March 21 or Tuesday, March 22, said one of the sources, who inspired to remain anonymous because of the sensitivity from the matter.
When the Liberals were in power from 1994 to 2005, they delivered 11 budgets, nine which fell on Monday or Tuesday. The party will most likely keep to the same pattern, especially because the Friday of this week is the Good Friday federal holiday, the source said.
Another person briefed by finance department officials confirmed the budget would be released in the week of March 21.
In response, a spokesman for Finance Minister Bill Morneau said the federal government had not yet announced a financial budget date.
A Liberal official said last month that the budget could be pushed to April to give Morneau more time to evaluate just how much damage low commodity prices are doing to the economy and government revenues.
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Since then your Canadian dollar and also the cost of oil have recovered just a little.
Two senior Liberals, who also spoke on condition of anonymity, said the idea of an April budget was now off the table.
“A few of the things we need to do can’t wait till then,” said one.
Prime Minister Justin Trudeau said a week ago he was dedicated to fast-tracking infrastructure investments in the oil- and gas-rich province of Alberta, which is struggling with the global slump in energy prices.
The Liberals won power in October on the back of a promise to operate three consecutive budget deficits of a maximum of $10 billion annually to assist fund purchase of infrastructure.
Since then your economy has deteriorated a lot more than expected, and senior Liberal sources the first deficit will be larger than planned.
? Thomson Reuters 2016
