Provincial Budgets and Economic Statements

The government plans to boost expenditures by $11.5 billion this year, or nearly double the $6.2-billion forecasted rise in revenues.

Manitoba projects to reduce its deficit by half to $548 million in FY 2022-23, re-iterates commitment to balance within seven years .

The Newfoundland and Labrador’s debt—already the heaviest among the provinces—is projected to continue to grow as share of GDP.

In FY 2022-23, total expenses are expected to reach $13.3 billion, an increase of $363 million (up 2.8%) from the prior fiscal year.

After two years of pandemic budgets, the tone of Budget 2022 was much more upbeat.

Interestingly, the attention-grabber in Quebec’s 2022 budget won’t impact the province’s books much in the coming fiscal year (2022-23)—for which spring budgets are usually about.

New Brunswick projects another balanced budget with a surplus of $35 million Expenses to grow 5.5% to $11.3 billion in FY 2022-23 Revenues to grow a more subdued 1.2% to $11.3 billion after tax cuts are introduced and federal pandemic aid falls off the books Net debt-to-GDP to hover above 30% in FY 2022-23 reaching […]

The provincial government expects revenues to edge lower next year after surging $209 million (8.8%) in 2021-22.

Alberta presents the first balanced budget in seven years with a surplus of $500 million

Budget 2022 includes a $5.4 billion deficit, in line with the record-breaking pandemic deficit reported in FY 2020-21, though less jaw dropping than prior pandemic estimates.

Finance minister announces $10.7 billion in new spending measures over five years. Read latest RBC report for insights on Quebec Fall Economic Update.

Ontario’s much anticipated Fall Fiscal Review did not surprise. Like other provinces that have released fiscal updates this fall, Ontario significantly altered its projections, boosting revenues and expenditures, and slashing the deficit by a record amount. The updated $21.5 billion deficit for this fiscal year is a whopping $11.6-billion (35%) reduction from the projection made […]