Taxpayers Federation releases plan to balance the budget and cut taxes

OTTAWA, ON: The Canadian Taxpayers Federation testified at the House of Commons finance committee to outline a plan to balance the federal budget in 2023-24.

“The feds could balance the budget next year by returning to pre-pandemic spending, which was already all-time highs,” said Franco Terrazzano, Federal Director of the CTF. “The numbers show it’s possible to balance the budget and provide tax relief with modest spending restraint.”

The CTF’s pre-budget submission recommends balancing the budget in 2023-24 by bringing program spending to pre-pandemic levels in 2018-19, adjusted upward for inflation and population growth. The federal government was spending all-time highs before the pandemic in 2018-19. 

A recent Ipsos poll shows that 72 per cent of Canadians say they pay too much tax. The CTF identified 51 national governments that provided tax relief during the pandemic or to ease the burdens of inflation. 

“Canadians are paying too much tax because the government wastes too much money,” said Terrazzano. “A balanced budget means less debt for Canadian kids and grandkids to pay back, less money wasted on interest charges and room to cut taxes.”

CTF’s proposed balanced budget plan

The CTF’s 2023-24 pre-budget submission is available here. The CTF’s presentation to the federal finance committee is available here.