Budget 2020 Insights

The 2020 Fall Economic Statement provides a summary of government measures introduced in response to COVID-19 to help Canadian businesses and individuals.

Finance Minister Rod Phillips has tabled Ontario’s 2020-21 budget which introduces $15 billion of new spending over three years in response to COVID-19.

Siobhan Coady, Minister of Finance and Deputy Premier has tabled Newfoundland and Labrador’s 2020-21 budget, which projects a deficit of $1.84 billion.

On June 17, 2020, Finance Minister Darlene Compton tabled PEI’s 2020-21 budget. The estimates provided in Budget 2020 show a deficit of $3.7 million for the 2019-2020 fiscal year.

On June 15, 2020, Finance Minister Donna Harpauer tabled Saskatchewan’s 2020-21 budget. For 2020-21, the government has projected revenues of $13.6 billion (a decrease of 8.3% from last year) and expenses of $16.1 billion (an increase of 7.2% from the prior year’s budget) resulting in a deficit of approximately $2.4 billion. Due to the uncertainty caused by the COVID-19 pandemic, the government has not provided projections for future years.

On March 19, 2020, Finance Minister Scott Fielding tabled Manitoba’s 2020-21 budget (Budget 2020). The provincial government forecasts strong revenue growth in 2020-21 with a projected increase of $712 million, or 4.2% from last year.

Finance Minister Donna Harpauer was scheduled to table Saskatchewan’s 2020-21 budget on March 18, 2020, however, due to the ongoing COVID-19 pandemic, the government has postponed the release of the province’s full budget.

On February 27, 2020, Finance Minister Travis Toews tabled Alberta’s 2020-21 budget (Budget 2020). The United Conservative Party’s (UCP) second budget continues the trend started with the previous year’s budget to reduce annual spending, but also provides two new excise tax measures.

On February 25, 2020, Finance Minister Karen Casey tabled Nova Scotia’s budget for the 2020-21 fiscal year. Budget 2020 is the fifth consecutive balanced budget presented by Nova Scotia’s Liberal government, with an estimated surplus of $55 million.

Le 10 mars 2020, le ministre des Finances, M. Ernie L. Steeves, a déposé le budget 2020-2021 du Nouveau Brunswick. Le gouvernement progressiste-conservateur minoritaire espère obtenir assez de soutien pour son budget lors d’un vote de confiance qui pourrait, plus tard ce mois-ci, entraîner une élection si le budget était rejeté.

On March 10, 2020, Finance Minister Ernie L. Steeves tabled New Brunswick’s 2020-21 budget. The Progressive Conservative minority government hopes to receive enough support for its budget in a confidence vote later this month, which could potentially result in an election if the budget is voted down.