Canada’s deficit is nearing $62-billion, according to new figures released on Monday.
The fall economic update was presented on a chaotic day in Ottawa which saw Finance Minister Chrystia Freeland and Housing Minister Sean Fraser resign from cabinet.
The update does not include the price tag for Prime Minister Justin Trudeau’s promised $250 payment in the spring for anyone who worked in 2023 and made less than $150,000.
The projection does factor in $1.3 billion for increased border security measures between Canada and the United States.
It’s in an effort to appease incoming President Donald Trump as he threatens stiff taxes on goods crossing the border.
The fiscal update was presented by government house leader Karina Gould. Traditionally, it’s an update given by the finance minster but the day’s events led to untraditional maneuvers.
It’s not known if the update could trigger a vote to topple the Liberal government.
The NDP and Bloc are calling for Trudeau to resign while the Conservatives want a snap election.
New Brunswick MP new finance minister
Dominic LeBlanc has been sworn in as the new finance minister.
He will remain minister of public safety and intergovernmental affairs for now while taking on the new portfolio.
“The government continues to focus on the work that Canadians want us to focus on,” said LeBlanc.
Canadian icon will be added to $5 bill
It’s a move a long time in the making and has been discussed in circles across our country as a way to recognize our Canadian hero.
Terry Fox will soon be featured on the $5 bill and was included as part of the fiscal update.
Fox will replace Sir Wilfrid Laurier, who will soon move over to the new $50 bill.
In 1980, having had a leg amputated due to cancer, he started a cross-country run in St. John’s to raise money for research to help find a cure.
The Terry Fox Run is now the world’s largest one-day fundraiser for cancer research.
There is no timeline from the Bank of Canada on when the bill changes will be implemented.
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