Table of Contents
How much is the 2021 federal budget?
BUDGET PROJECTIONS FOR FY 2021
| OUTLAYS | $6.8 Trillion |
|---|---|
| REVENUES | $3.8 Trillion |
| DEFICIT | $3.0 Trillion |
| DEBT HELD BY THE PUBLIC (End of Fiscal Year) | $23.0 Trillion |
What is the federal budget for 2022?
Budget deficits would total $14.5 trillion (5.1 percent of GDP) over the next decade. Annual deficits would fall from $1.8 trillion (7.8 percent of GDP) in FY 2022 to $1.3 trillion (4.6 percent of GDP) in 2027 before rising to $1.6 trillion (4.7 percent of GDP) by 2031.
How much money does the government have 2021?
In 2021, the federal government collected $4.05 trillion in revenue.
How much has the government spent this year?
The federal government spent $6.6 trillion in fiscal year 2020 — or $19,962 per person. Medicare, Social Security, defense and veterans, debt interest, support to businesses, plus assistance like stimulus checks and unemployment insurance accounted for 73\% of spending. This includes funding distributed to states.
What is the aggregate principal amount borrowed in 2020-21?
The aggregate principal amount to be borrowed in 2020-21 is $713 billion, which is $437 billion higher than the issuance for 2019-20. The extraordinary borrowing authority under the Financial Administration Act enabled necessary financing to implement the COVID-19 Economic Response Plan in a timely manner.
What is the highest level of borrowing in peacetime?
As a result of the pandemic, borrowing reaches 16.9\% of GDP in 2020-21, the highest level of peacetime borrowing on record, and underlying debt will peak at 97.1\% in 2023-24.
Why has the Government of Canada increased its borrowing?
The Government of Canada has increased its borrowing in order to make the necessary temporary investments to stabilize the Canadian economy amidst the extraordinary circumstances of the COVID-19 pandemic.
How much has the government given to businesses since March 2020?
Since March 2020 the government has provided £20 billion of grants to businesses alongside over £10 billion of business rates holidays and £73 billion loans and guarantees, supporting every sector of the economy.