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Budget Analysis
Provincial Budgets and Economic Statements
Quebec’s modest near-term improvement doesn’t alter fiscal trajectory
November 25, 2025
Canadian Federal and Provincial Fiscal Tables
Provincial Budgets and Economic Statements
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British Columbia Budget 2025 (Mar. 5, 2025)
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British Columbia Budget 2024 (Feb. 23, 2024)
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British Columbia Budget 2023 (Mar. 1, 2023)
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British Columbia Budget 2022 (Feb. 23, 2022)
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British Columbia Budget 2021 (Apr. 21, 2021)
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Economic and Fiscal Update 2020/21 (Jul. 16, 2020)
British Columbia Budget 2020 (Feb. 19, 2020)
British Columbia Budget 2019 (Feb. 20, 2019)
British Columbia Budget 2018 (Feb. 26, 2018)
British Columbia Budget update 2017 (Sept.12, 2017)
British Columbia Budget 2017 (Feb. 22, 2017)
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Alberta Budget 2025 (Feb. 28, 2025)
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Alberta Budget 2024 (Mar. 1, 2024)
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Alberta Budget 2023 (Mar. 1, 2023)
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Alberta Budget 2022 (Feb. 25, 2022)
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Alberta Budget 2021 (Feb. 26, 2021)
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Alberta 2020-21 First Quarter Update (Aug. 27, 2020)
Alberta’s recovery plan 2020 (Jun. 29, 2020)
Alberta Budget 2020 (Feb. 27, 2020)
Alberta Budget 2019 (Oct. 24, 2019)
Alberta Budget 2018 (Mar. 23, 2018)
Alberta Budget 2017 (Mar. 17, 2017)
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Saskatchewan Budget 2025 (Mar. 20, 2025)
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Saskatchewan Budget 2024 (Mar. 21, 2024)
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Saskatchewan Budget 2023 (Mar. 23, 2023)
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Saskatchewan Budget 2022 (Mar. 24, 2022)
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Saskatchewan Budget 2021 (Apr. 7, 2021)
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Saskatchewan Budget 2020 (Jun. 16, 2020)
Saskatchewan spending plan 2020 (Mar. 19, 2020)
Saskatchewan Budget 2019 (Mar. 21, 2019)
Saskatchewan Budget 2018 (Apr. 11, 2018)
Saskatchewan Budget 2017 (Mar. 23, 2017)
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Manitoba budget 2025 (Mar. 21, 2025)
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Manitoba budget 2024 (Apr. 3, 2024)
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Manitoba budget 2023 (Mar. 8, 2023)
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Manitoba budget 2022 (Apr. 13, 2022)
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Manitoba budget 2021 (Apr. 8, 2021)
Manitoba budget 2020 (Mar. 20, 2020)
Manitoba budget 2019 (Mar. 8, 2019)
Manitoba budget 2018 (Mar. 13, 2018)
Manitoba budget 2017 (Apr. 12, 2017)
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Ontario Budget 2025 (May 15, 2025)
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Ontario mid-year fiscal review (Oct. 31, 2024)
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Ontario Budget 2024 (Mar. 27, 2024)
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Ontario mid-year fiscal review (Nov. 2, 2023)
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Ontario Budget 2023 (Mar. 24, 2023)
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Ontario mid-year fiscal review (Nov. 14, 2022)
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Ontario Budget 2022 (Apr. 29, 2022)
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Ontario mid-year fiscal review (Nov. 5, 2021)
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Ontario Budget 2021 (Mar. 25, 2021)
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Ontario Budget 2020 (Nov. 6, 2020)
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Ontario 2020–21 First Quarter Finances (Aug. 12, 2020)
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Ontario March 2020 Fiscal and Economic Update (Mar. 26, 2020)
Ontario mid-year fiscal review (Nov. 7, 2019)
Ontario budget 2019 (Apr. 11, 2019)
Ontario mid-year fiscal review (Nov. 16, 2018)
Ontario budget 2018 (Mar. 29, 2018)
Ontario mid-year fiscal review (Nov. 15, 2017)
Ontario budget 2017 (Apr. 27, 2017)
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Quebec Budget 2025 (March 25, 2025)
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Quebec Fall Fiscal Update 2024 (November 22, 2024)
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Quebec Budget 2024 (March 13, 2024)
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Quebec Budget 2023 (March 22, 2023)
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Quebec Fall Fiscal Update 2022 (December 9, 2022)
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Quebec Budget 2022 (March 23, 2022)
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Quebec Fall Fiscal Update 2021 (November 26, 2021)
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Quebec Budget 2021 (March 26, 2021)
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Quebec Fiscal Update 2020 (November 13, 2020)
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Quebec’s economic and fiscal situation update (June 19, 2020)
Quebec Budget 2020 (Mar 11, 2020)
Quebec Economic Plan Update 2019 (Nov 8, 2019)
Quebec Budget 2019 (Mar. 22, 2019)
Quebec Economic Plan Update 2018 (Dec. 3, 2018)
Quebec Budget 2018 (Mar. 28, 2018)
Quebec Economic Plan Update 2017 (Nov. 23, 2017)
Quebec Budget 2017 (Mar. 29, 2017)
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New Brunswick Budget 2025 (Mar. 19, 2025)
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New Brunswick Budget 2024 (Mar. 20, 2024)
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New Brunswick Budget 2023 (Mar. 22, 2023)
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New Brunswick Budget 2022 (Mar. 22, 2022)
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New Brunswick Budget 2021 (Mar. 17, 2021)
New Brunswick Budget 2020 (Mar. 11, 2020)
New Brunswick Budget 2019 (Mar. 20, 2019)
New Brunswick Budget 2018 (Jan. 31, 2018)
New Brunswick Budget 2017 (Feb. 8, 2017)
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Nova Scotia Budget 2025 (Feb. 19, 2025)
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Nova Scotia Budget 2024 (Mar. 1, 2024)
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Nova Scotia budget 2023 (Mar. 24, 2023)
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Nova Scotia budget 2022 (Mar. 30, 2022)
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Nova Scotia budget 2021 (Mar. 26, 2021)
Nova Scotia budget 2020 (Feb. 26, 2020)
Nova Scotia budget 2019 (Mar. 26, 2019)
Nova Scotia budget 2018 (Mar. 21, 2018)
Nova Scotia budget 2017 (September 26, 2017)
Nova Scotia budget 2017 (Apr. 28, 2017)
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Prince Edward Island Budget 2025 (Apr. 10, 2025)
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Prince Edward Island Budget 2024 (Mar. 1, 2024)
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Prince Edward Island budget 2023 (May 26, 2023)
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Prince Edward Island budget 2022 (Mar. 1, 2022)
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Prince Edward Island budget 2021 (Mar. 15, 2021)
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Prince Edward Island budget 2020 (Jun. 18, 2020)
Prince Edward Island budget 2019 (Jun. 26, 2019)
Prince Edward Island budget 2018 (Apr. 13, 2018)
Prince Edward Island budget 2017 (Apr. 11, 2017)
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Newfoundland & Labrador Budget 2025 (Apr. 9, 2025)
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Newfoundland & Labrador Budget 2024 (Mar. 22, 2024)
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Newfoundland & Labrador Budget 2023 (Mar. 24, 2023)
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Newfoundland & Labrador Budget 2022 (Apr. 11, 2022)
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Newfoundland & Labrador Budget 2021 (May 31, 2021)
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Newfoundland & Labrador Budget 2020 (Oct. 1, 2020)
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Newfoundland & Labrador Fiscal Update (Jul. 24, 2020)
Newfoundland & Labrador budget 2019 (Apr. 17, 2019)
Newfoundland & Labrador budget 2018 (Mar. 28, 2018)
Newfoundland & Labrador budget 2017 (Apr. 7, 2017)
Older Reports
Budget Analysis
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High stakes, narrow margins: Canada’s federal budget bets on investment-led growth
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Canadian federal budget preview: A new playbook for balancing bigger government with fiscal health
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Hey big spender! Canada’s federal and provincial spending an upside to growth forecasts
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Canada’s path ahead: Six economic challenges facing the new federal government
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Preparing for the downside: Could Canadian federal finances withstand a trade war?
Provincial Budgets and Economic Statements
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Quebec’s modest near-term improvement doesn’t alter fiscal trajectory
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Ontario 2025 Fall Review: Mostly status quo
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Ontario Budget 2025: Bracing for more trade turbulence
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Prince Edward Island Budget 2025: Entering a period of deeper deficits
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Newfoundland and Labrador Budget 2025: Balance delayed until 2026-27 amid record spending
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Quebec Budget 2025: Record deficit and a long and conditional path to balance
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Manitoba Budget 2025: Path to balance narrows amid new spending plans
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Saskatchewan Budget 2025: Maintaining a surplus despite trade risk
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New Brunswick Budget 2025: Shifting away from surplus
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B.C. Budget 2025: Growing deficits, rising debt and looming U.S. tariffs
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Alberta Budget 2025: Deficits and contingency to buffer U.S. trade risks
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Provincial budget preview: Preparing for uncertainty
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Nova Scotia Budget 2025: Tax cuts, prudence measures deepen deficit
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Quebec maintains large deficit, uses half its contingency reserve for spending
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Ontario’s economic outlook brightens but immigration targets increase risks
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Manitoba Budget 2024: Deficit cut in half but debt burden continues to grow
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Ontario Budget 2024: Balancing priorities, not the books
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Newfoundland and Labrador Budget 2024: Higher spending leads to another year of deficits
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Saskatchewan Budget 2024: Record spending ends surpluses
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New Brunswick Budget 2024: Planning a surplus for the seventh year in a row
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Quebec Budget 2024: Red ink as far as the eye can see as deficit hits record
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Prince Edward Island Budget 2024: Affordability and healthcare remain priorities
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Alberta Budget 2024: Keeps fiscal surplus and lowest provincial debt burden
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Nova Scotia Budget 2024: More investment in healthcare at the expense of fiscal health
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B.C. Budget 2024: Projected deficit doubles from 2023 as spending is prioritized
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Quebec maintains path to balance despite weakening economic backdrop
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Ontario fall fiscal update strikes a more sombre tone
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Prince Edward Island Budget 2023: Planning for growth
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Nova Scotia Budget 2023: Overhauling health care system takes front seat
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Ontario Budget 2023: a “stay the course” fiscal plan
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Newfoundland and Labrador budget 2023 – Back to deficit (temporarily)
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Saskatchewan Budget 2023: Revenue windfall tapers, large surplus persists
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Quebec budget 2023: Going big again
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New Brunswick Budget 2023: Investing in capacity enhancing infrastructure
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Manitoba Budget 2023: Focus on providing relief
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B.C. Budget 2023 : Back to deficit amid ballooning healthcare costs
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Alberta Budget 2023: Fiscal surplus maintained thanks to resource royalties
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Helping to shield Quebecers from inflation
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Ontario slashes its deficit projection
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Ontario budget 2022: Keeping spending in motion as pandemic impact fades
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Manitoba Budget 2022: Delivering on Tax Cuts
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Newfoundland and Labrador Budget 2022 – Fog is starting to lift
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Nova Scotia Budget 2022: Onwards and Upwards
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Saskatchewan Budget 2022: Brighter Days Ahead
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Focusing on the present (cost of living) and the future (health care)
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New Brunswick Budget 2022: Rebuilding and Transitioning
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2022 PEI Budget – Focusing on priorities
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Alberta Budget 2022: Resource upswing to drive budget surplus
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B.C. Budget 2022 : A prudent budget in uncertain times
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Quebec to spend more, cuts its deficit as economy rebounds
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Ontario shrinks its deficit projection by over one-third in Fall Fiscal Review
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Starting the reset process
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BC Budget 2021 errs on the side of caution
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Manitoba budget adopts a gradual and balanced approach
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Saskatchewan budget sets the stage for recovery
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Capital investment steers Nova Scotia along the path to balance
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Quebec budget tackles pressing issues, sets long-term course
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Spending on health and recovery will keep Ontario’s deficit deep next year
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New Brunswick’s budget tees up the rebuilding stage
Canada’s Housing Market Ramped up as 2021 Rolled In
Canada’s housing market ended 2020 on a (very) high note
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Economic Statement Adds Red Ink, Leaves Details of Stimulus for Later
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Pandemic Drills Historic Hole into Quebec’s Budget
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Ontario’s Action Plan: Round 3
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COVID-19, Oil Slump Drill Deep Fiscal Hole
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Alberta’s Projected Budget Deficit Surges to $24.2 Billion
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Ontario Boosts This Year’s Projected Deficit to $38.5 Billion
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Deficit Surges amid Rising Covid Expenses, Plummeting Revenues
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B.C. Posts Record Deficit in the Wake of COVID-19
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Record budget deficit – a sobering reality for Quebec
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PEI’s Fiscal Balance Crushed by COVID-19 Crisis
March 2020
February 2020
January 2020
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