Deficit concerns loom as Canada faces fiscal shortfall [Wealth Professional (Canada)]
Toronto Dominion Bank (The) (TD)
Last toronto dominion bank (the) earnings: 2/27 06:30 am
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Source: Wealth Professional
Canada's ability to meet its deficit targets is in jeopardy, with Desjardins issuing a warning that without significant spending reductions or new revenue streams, the country is likely to face a $47bn budget shortfall by the end of the fiscal year on March 31, BNN Bloomberg reports. This projection casts doubt on Finance Minister Chrystia Freeland's commitment to maintaining the budget deficit at approximately $40bn annually through 2026. Desjardins' senior director of Canadian economics, Randall Bartlett, expressed skepticism about meeting these targets without fiscal adjustments. “I think it's going to be an exercise in creative accounting,” he remarked, emphasizing the need for either spending cuts or revenue increases. With economic growth slowing, analysts and economists are raising concerns about the likelihood of increasing deficits absent policy changes. Business groups fear Freeland might raise corporate taxes in the upcoming April 16 budget announcement, which Bart
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