MP Dominic LeBlanc (Beauséjour) was named Canada's new finance minister on Monday afternoon. The news follows the resignation of MP Chrystia Freeland who found herself at odds with Prime Minister Justin Trudeau "about the best path forward for Canada." The two had disagreements about the now-in-effect GST/HST tax holiday and the $250 workers' benefit cheques.It was revealed on Monday that Canada would run a $61.9 billion deficit for 2023-24 — exceeding its $40 billion deficit guardrail."We need to also be extremely focused on the challenges that the incoming American administration will pose with respect to the potential imposition of tariffs," said LeBlanc in a press conference following his swearing-in ceremony. "I think the number one priority for the government has to remain the cost of living challenge in Canada."Analysts say Canada's finances are in rough shape. The national debt has more than doubled under Trudeau. Interest payments are expected to reach $46.5 billion, or 10.2% of total federal revenue in 2023/24.Canadian average wages are on par, or lower, than the poorest U.S. states of Mississippi and Louisiana. It is said Ontario's per-capita GDP is on par with Alabama. Earlier in 2024, Freeland promised the Liberals would stick to three fiscal anchors — a deficit below $40.1 billion — the deficit would drop as a share of GDP this year and reach 1% by 2026-2027. She promised the debt would decline as a share of Canada's GDP."Trudeau has lost control of the finances and our kids and grandkids will be paying the price for years to come,” said Franco Terrazzano of the Canadian Taxpayer Federation on Monday. “Canadians can’t afford to keep paying for a reckless government in Ottawa. Canadians need our federal government to cut spending and balance the budget.”
