Taxpayers Federation releases plan to balance the budget and cut taxes

Author: Franco Terrazzano 2022/10/27

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







CTF program spending (pre-pandemic adjusted)






Interest charges






Net actuarial losses






Total spending






Total revenue






Budgetary balance






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

A Note for our Readers:

As you may know, we're working hard to stop Prime Minister Trudeau's attempt to add a 2nd carbon tax upon Canadian taxpayers. If you are against this tax, would you take a moment today to read and consider signing the petition below?

When you do, your name will be added to the growing list of tens of thousands across our country who want to tell the government that we are opposed to these new taxes. Please take a moment to read the petition below and consider signing it today.

To Prime Minister Justin Trudeau:

The federal government is introducing new fuel standard regulations to require industry to reduce the carbon content of fossil fuels. If industry can’t meet the standard, they’ll have to pay Trudeau's second carbon tax. This tax will ultimately hit already struggling families and businesses.

It’s bad enough that taxpayers are already paying for one carbon tax. Canadians certainly can’t afford a second carbon tax.

We, the undersigned, call on Prime Minister Justin Trudeau to scrap plans for a second carbon tax.

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