The Editorial Board surveys the fiscal landscape ahead of Budget 2023
for low-income Canadians. Ahead of Tuesday’s announcement, the editorial board has analyzed six major fiscal issues.
Deputy Prime Minister and Finance Minister Chrystia Freeland, along with Prime Minister Justin Trudeau, will deliver the 2023 federal budget on March 28.The growing generation gap between what Ottawa spends on older and younger Canadians About half of all new federal spending between this fiscal year and fiscal 2028 will go to pay for the rising cost of elderly benefits. But this does not make sense, from a fiscal view or one of generational fairness. Unlike the Canada Pension Plan,by previous and continuing contributions, money for elderly benefits comes each year from current taxpayers. That means today’s retirees, when they were working, supported a much lower level of elderly benefits compared with today’s workers.
The Canada Health Transfer – which is the amount Ottawa sends to provinces and territories for its share of health care spending – is one of the single largest line items in the federal budget. But Ottawa needs to get out of the way and give premiers more fiscal room to raise revenue to pay for health care. The way to do that is to reduce federal taxes so provincial taxes have room to grow, if they need to. The mechanism for that is what is known as a tax point.
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