{"id":32693,"date":"2023-03-28T14:51:27","date_gmt":"2023-03-28T14:51:27","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2023\/03\/28\/canada-federal-budget-2023-spending-will-determine-deficit\/"},"modified":"2023-03-28T14:51:27","modified_gmt":"2023-03-28T14:51:27","slug":"canada-federal-budget-2023-spending-will-determine-deficit","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2023\/03\/28\/canada-federal-budget-2023-spending-will-determine-deficit\/","title":{"rendered":"Canada federal budget 2023: spending will determine deficit"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<div class=\"sponsored-meta sponsored-meta--story\" data-aqa=\"sponsorship\">\n<div class=\"sponsored-meta-content\">\n<div class=\"sponsored-meta-content-text\"> This section is <\/p>\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-popover-component=\"\" data-position=\"\"> <button class=\"popover__trigger\"> <span class=\"popover__text\"> Presented <\/span> <\/button> <\/p>\n<div aria-describedby=\"popover-desc-sponsored-popup\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<p> This section was produced by the editorial department. The client was not given the opportunity to put restrictions on the content or review it prior to publication. <\/p>\n<p> <button class=\"popover__content__close\" tabindex=\"-1\" title=\"Close\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" class=\"icon--close\" height=\"12\" version=\"1.1\" viewbox=\"0 0 12 12\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button> <\/div><\/div><\/div>\n<p> by  HSBC  <\/p><\/div>\n<div class=\"sponsored-meta-content-logo-container\">   <\/div><\/div><\/div>\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> News <\/li>\n<li class=\"breadcrumbs__item\"> Economy <\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\"> Budget 2023: Big tax increases not likely to be on the table <\/p>\n<div class=\"article-meta\">\n<p> <span class=\"published-date__since\">Published Mar 28, 2023<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 2\u00a0hours ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">3 minute read<\/span> <\/p>\n<\/p><\/div><\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><img loading=\"lazy\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-0328-ph.jpg?quality=90&strip=all&w=288&h=216&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-0328-ph.jpg?quality=90&strip=all&w=288&h=216&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-0328-ph.jpg?quality=90&strip=all&w=288&h=216&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-0328-ph.jpg?quality=90&strip=all&w=288&h=216&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-0328-ph.jpg?quality=90&strip=all&w=288&h=216&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-0328-ph.jpg?quality=90&strip=all&w=288&h=216&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-0328-ph.jpg?quality=90&strip=all&w=288&h=216&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-0328-ph.jpg?quality=90&strip=all&w=288&h=216&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-0328-ph.jpg?quality=90&strip=all&w=288&h=216&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-0328-ph.jpg?quality=90&strip=all&w=288&h=216&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-0328-ph.jpg?quality=90&strip=all&w=288&h=216&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Minister of Finance Chrystia Freeland delivers the fall economic statement in November. Ottawa is likely to report a surge in tax revenue in its 2023 budget.\" class=\"featured-image__image type:primaryImage\" height=\"750\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-0328-ph.jpg?quality=90&strip=all&w=288&h=216&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-0328-ph.jpg?quality=90&strip=all&w=288&h=216,\n                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-0328-ph.jpg?quality=90&strip=all&w=576&h=432 2x\" width=\"1000\"\/><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Minister of Finance Chrystia Freeland delivers the fall economic statement in November. Ottawa is likely to report a surge in tax revenue in its 2023 budget. <\/span> <span class=\"credit\">Photo by REUTERS\/Blair Gable\/File Photo<\/span> <\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">If the provinces are any indication, Ottawa may report a surge in tax revenue when it unveils its 2023 budget March 28, but whether it\u2019s enough to put a dent in the deficit will depend on the government\u2019s spending plans.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment477022475141432015317549858160640\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment477022475141432015317549858160640\">Advertisement 2<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" 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The federal government is expected to see a similar revenue bump from pandemic support repayments, higher taxable income and other tax revenues such as the one-time excess profit tax on financial institutions.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot6 article-content__widget-group--newsletter-slot\">\n<section aria-labelledby=\"FinancialPostTopStories4176952913578028775446428663152640\" class=\"newsletter-widget fp-headlinenews background--primary-light-gradient\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Financial Post Top Stories Banner\" class=\"newsletter-widget__banner\" height=\"60\" loading=\"lazy\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1\" width=\"97\"\/><\/p>\n<div class=\"newsletter-widget__body\">\n<h2 class=\"newsletter-widget__title\" id=\"FinancialPostTopStories4176952913578028775446428663152640\">Financial Post Top Stories<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\">  <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 <\/small> <\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<h3 class=\"newsletter__feedback--heading\">Thanks for signing up!<\/h3>\n<p class=\"newsletter-widget__text\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text newsletter__feedback--last\">The next issue of Financial Post Top Stories will soon be in your inbox.<\/p>\n<\/p><\/div>\n<p class=\"newsletter-widget__text js-submit-error\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\"> We encountered an issue signing you up. Please try again <\/p>\n<\/p><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>\u201cThere is going to be a revenue windfall, there\u2019s no question there,\u201d said Randall Bartlett, senior director of Canadian Economics for Desjardins.<\/p>\n<p>\u201cAdditionally, they have already announced spending, that is going to be something which is going to take place in the current fiscal year and be booked in the current fiscal year. So, there are going to be some off-setting spending measures in there as well.\u201d<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment2832027662260801703817855633457152\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment2832027662260801703817855633457152\">Advertisement 3<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Just how far the government goes in terms of spending will determine what kind of deficit is projected for 2023-2024. As for the current year, Ottawa\u2019s Fall Economic Statement, released in early November, pegged the 2022-2023 deficit at $36.4 billion but the Desjardins economics team is now expecting a $41-billion deficit that will grow larger over the next two fiscal years before easing in the years after.<\/p>\n<p data-async=\"\">The Parliamentary Budget Officer expects the deficit to slip to $36.5 billion in fiscal 2022-2023, but will temporarily rise the following year to $43.1 billion. Assuming there\u2019s no new spending, the deficit should decline after that.<\/p>\n<p>Banking on a tax windfall wouldn\u2019t be a sustainable approach as taxable corporate profits weaken and an anticipated economic slowdown is expected to weigh on consumption and the labour market, curbing growth in taxable income.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment8831877455492870092449650332139520\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment8831877455492870092449650332139520\">Advertisement 4<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>\u201cWe think that really the best time for federal revenues is probably going to be behind us and, going forward, I think they\u2019re going to be a lot more challenged in terms of the outlook for revenues,\u201d Bartlett said, adding that high inflation is starting to be incorporated into the budget\u2019s spending profile through measures such as public servant wage increases and benefits for seniors.<\/p>\n<p>Bartlett added that while there was a boost on the revenue side from inflation early on, that tailwind will fade and the expenditure headwind will be felt more strongly this year heading into next year.<\/p>\n<p>Leading up to Budget 2023, there has been speculation of tax increases to help offset the costs of new spending, but the Desjardins team said few details had been shared.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment8331267768792099004712248288477184\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment8331267768792099004712248288477184\">Advertisement 5<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<section aria-labelledby=\"moreTopicLabel5204895380912819702432689849106432\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\"> <button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/> <\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/03\/aging-vw0326.jpg?h=96&strip=all&quality=80&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/03\/aging-vw0326.jpg?h=96&strip=all&quality=80&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/03\/aging-vw0326.jpg?h=96&strip=all&quality=80&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/03\/aging-vw0326.jpg?h=96&strip=all&quality=80&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/03\/aging-vw0326.jpg?h=96&strip=all&quality=80&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/03\/aging-vw0326.jpg?h=96&strip=all&quality=80&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/03\/aging-vw0326.jpg?h=96&strip=all&quality=80&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/03\/aging-vw0326.jpg?h=96&strip=all&quality=80&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/03\/aging-vw0326.jpg?h=96&strip=all&quality=80&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/03\/aging-vw0326.jpg?h=96&strip=all&quality=80&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/03\/aging-vw0326.jpg?h=96&strip=all&quality=80&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Canada's aging population is hitting retirement age, and baby boomers have started exiting the workforce en masse, taking their valuable skills and knowledge with them while leaving vacancies that few younger people are available to fill. \" class=\"lazyload\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/03\/aging-vw0326.jpg?h=96&strip=all&quality=80&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/03\/aging-vw0326.jpg?h=96&strip=all&quality=80,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/03\/aging-vw0326.jpg?h=192&strip=all&quality=80 2x,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/03\/aging-vw0326.jpg?h=288&strip=all&quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Tax credit for older workers could blunt retirement wave <\/span> <\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-vw0327.jpg?h=96&strip=all&quality=80&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-vw0327.jpg?h=96&strip=all&quality=80&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-vw0327.jpg?h=96&strip=all&quality=80&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-vw0327.jpg?h=96&strip=all&quality=80&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-vw0327.jpg?h=96&strip=all&quality=80&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-vw0327.jpg?h=96&strip=all&quality=80&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-vw0327.jpg?h=96&strip=all&quality=80&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-vw0327.jpg?h=96&strip=all&quality=80&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-vw0327.jpg?h=96&strip=all&quality=80&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-vw0327.jpg?h=96&strip=all&quality=80&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-vw0327.jpg?h=96&strip=all&quality=80&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Deputy Prime Minister and Minister of Finance Chrystia Freeland attends a news conference about the fall economic statement in Ottawa, on Nov. 3, 2022.\" class=\"lazyload\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-vw0327.jpg?h=96&strip=all&quality=80&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-vw0327.jpg?h=96&strip=all&quality=80,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-vw0327.jpg?h=192&strip=all&quality=80 2x,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/03\/chrystia-freeland-vw0327.jpg?h=288&strip=all&quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Chrystia Freeland desperately needs a &#8216;soft landing&#8217; from inflation <\/span> <\/h3>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/> <\/section>\n<p>Avery Shenfeld, managing director and chief economist of CIBC Capital Markets, downplayed the potential for a politically unpopular tax increase, especially to the GST.<\/p>\n<p>\u201cSpeculation about an increase in the GST, following recommendations to do so from some policy experts, seems likely to be way off the mark,\u201d said Shenfeld in a March 24 note. \u201cA GST hike a year ahead of a potential election just isn\u2019t in the cards given its political peril, and the same would be true for any broad-based increase in taxes. Deficits won\u2019t be large enough to make the case for a big revenue grab at this point.\u201d<\/p>\n<p>Shenfeld added that these concerns are raised every year and if there are any changes in tax policy, the Liberal government\u2019s playbook would more likely target upper-income earners than raising the GST.<\/p>\n<p data-async=\"\"><em>\u2022 Email: shughes@postmedia.com | Twitter: <a class=\"twitter-follow-button\" data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" control_fields=\"\" link=\"\" href=\"https:\/\/twitter.com\/StephHughes95\" rel=\"nofollow noopener\" target=\"_blank\">StephHughes95<\/a><\/em><\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"page_scroll\" data-evt-val=\"{\" control_fields=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div aria-label=\"Article Comments\" class=\"article-content__widget-group article-comment\">\n<section class=\"comments__section\" data-aqa=\"viafoura-comments\" id=\"comments\">\n<h3 class=\"widget-title comments-anchor\" id=\"comments-area\">Comments<\/h3>\n<p class=\"comments__section-disclaimer\"> Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications\u2014you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings. <\/p>\n<details class=\"expansion-panel comments__section__list\">\n<summary class=\"expansion-panel__summary\">\n<h4 class=\"expansion-panel__summary-label\"> <span aria-hidden=\"true\" class=\"article-card__comment-icon\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" fill=\"none\" height=\"16\" viewbox=\"0 0 20 20\" width=\"16\"><path d=\"M19.99 2C19.99 0.9 19.1 0 18 0H2C0.9 0 0 0.9 0 2V14C0 15.1 0.9 16 2 16H16L20 20L19.99 2Z\" fill=\"#555555\"\/><\/svg><\/span> <span>Join the Conversation<\/span> <\/h4>\n<\/summary>\n<\/details>\n<\/section>\n<\/div><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>\n<br \/>Canada federal budget 2023: spending will determine deficit<\/a><br \/>\n<br \/>2023-03-28 14:51:27<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This section is Presented This section was produced by the editorial department. The client was not given the opportunity to put restrictions on the content or review it prior to&#8230;<\/p>\n","protected":false},"author":2,"featured_media":32694,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/01\/LOGO-HSBC-5.jpg","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-32693","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/32693","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=32693"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/32693\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/32694"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=32693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=32693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=32693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}