Enserva – Fall Economic Statement 2024 Key Highlights

Press Release

Highlights Major Developments

• Yesterday, Chrystia Freeland resigned as Finance Minister; Karina Gould tabled the 2024 Fall Economic Statement; Dominic LeBlanc named as new Finance Minister.
• Projected federal deficit for 2023-24 is $61.9 billion, exceeding the previously announced $40.1 billion deficit for the last fiscal year.
• The current fiscal year’s (2024-25) projected federal deficit stands at $48.3 billion.

Fiscal & Economic Overview

• Over $20 billion in new spending, including $1.3 billion for a border security package to counter US tariff threats.
• Deficit driven by $16.4 billion in Indigenous claims settlements and $4.7 billion in COVID-19 costs.
• Inflation at 2%; Canada is first in G7 to see central bank rate cuts.

Notable Priorities

• Affordability & Social Services: Continued investments in childcare, dental care, housing, and a $1.6 billion GST holiday.
• The document does not include the government’s promise to send $250 cheques to working Canadians.
• Innovation & Competitiveness: $5 billion for AI and research, tax credits for clean tech, and $17.4 billion in accelerated investment incentives.

1. Global Trade & Security: Strengthening trade ties, boosting supply chain resilience, and $1.3 billion for border security upgrades.
2. Industrial Transition: $94 billion in clean energy tax credits and investments in critical minerals.

Looking Ahead

• Debt-to-GDP ratio projected to decline from 42.1% in 2023-24 to 41.9% in 2024-25.
• Debt is projected to rise to $1.44 trillion by 2030.
• Economic forecasts may be optimistic due to US trade risks. Further updates expected as conditions evolve.

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