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:

Is Canada Off Track?

Canada has problems. You see them at gas station. You see them at the grocery store. You see them on your taxes.

Is anyone listening to you to find out where you think Canada’s off track and what you think we could do to make things better?

You can tell us what you think by filling out the survey

Join now to get the Taxpayer newsletter

You deserve to know the real story about what happens to your tax dollars. We expose funny and infuriating stories about governments wasting money on stupid things. And we hold politicians accountable because taxpayers deserve transparency.

Looks good!
Please enter a valid email address

We take data security and privacy seriously. Your information will be kept safe.

Join now to get the Taxpayer newsletter

Franco Terrezano
Federal Director at
Canadian Taxpayers

Join now to get the Taxpayer newsletter

Hey, it’s Franco.

Did you know that you can get the inside scoop right from my notebook each week? I’ll share hilarious and infuriating stories the media usually misses with you every week so you can hold politicians accountable.

You can sign up for the Taxpayer Update Newsletter now

Looks good!
Please enter a valid email address

We take data security and privacy seriously. Your information will be kept safe.