Canadian household debt is at record levels, while the savings rate has fallen to nearly its lowest level in 14 years. A recent Abacus Data poll found 56 per cent of Canadians put cost-of-living as one of their top five issues heading into the vote.“Affordability for middle-class families is a KEY ISSUE,” said Jean-Yves Duclos, Trudeau’s social development minister, said in a recent interview.
The TD Bank report also estimates Ottawa’s current fiscal path means it will take more than a decade to bring the budget back into balance — unless the government raises taxes or cuts spending.
OTTAWA—Finance Minister Bill Morneau released updated fiscal projections Feb 22 that predict an $18.4-billion deficit in 2016-17. That number is expected to grow even larger before the budget is tabled March 22.