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Canadian Finance Minister Bill Morneau presented 2016-2017 (starting on April 1) budget on Tuesday. The government plans to spend more than C$47 billion ($36 billion) over the next five years, beginning with the 2016-2017 fiscal year. This spending should add to the Canadian economic growth 0.5% in 2016 and 1% in 2017, according to the government. The budget deficit is expected to be C$29.4 billion ($23 billion), or 1.5% of GDP, in fiscal year 2016-2017, up from the previous estimate of a C$18.4 billion ($14 billion), and up from the forecasted C$5.4 billion deficit in the fiscal year 2015-2017.
The government expects the debt-to-GDP ratio to be 32.5% in 2017.
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