Chrystia Freeland to present federal budget next month

Deputy Prime Minister Chrystia Freeland tables her budget on April 16.

Deputy Prime Minister Chrystia Freeland tables her budget on April 16.

The government has been trying to rein in spending after years of big COVID-era budget deficits that more than doubled the national debt to roughly $1.2 trillion — a debtload that is costing Ottawa tens of billions of dollars a year to finance in an era of higher interest rates.

Freeland's fall economic statement projected a budget deficit of $38.4 billion for the upcoming 2024-25 fiscal year. That number could move higher — or lower — depending on how the government has planned for the penultimate budget of its mandate.

The budget will give Canadians some insight into the government's priorities in what could be one of the last spending documents before an expected 2025 election.