Fiscal update reveals extent of federal government mismanagement

Following the sudden departure of Chrystia Freeland as finance minister, the Trudeau government released its 2024 fall fiscal update on Monday. Unsurprisingly, spending is up, the deficit has ballooned even higher, and the Trudeau government continues to utterly mismanage Canada’s finances.

Let’s get into the numbers.

For the current fiscal year (2024-25), the update estimates the federal government will spend $543.4 billion while taking in $495.2 billion in revenues. This means the government plans to run a $48.3 billion deficit—$8.5 billion higher than the $39.8 billion deficit that had originally been planned just eight months ago.

The Trudeau government’s incessant need to introduce new spending at every turn has driven this increase in borrowing. Indeed, discretionary spending on programs is now expected to be $6.1 billion higher than initially projected in this year’s budget tabled in April. Revenues have also taken a hit compared to projections from the spring, primarily from the federal government’s new GST holiday.

Not only will the government run a larger deficit this year, but future deficits are also expected to rise. Cumulative deficits from 2025-26 to 2028-29 are now expected to be $14.9 billion higher than projected in the spring budget.

There are costs associated with running deficits and accumulating debt, and Canadians ultimately bear these costs. Just like anyone who takes out a loan at a bank, government must pay interest on the money it borrows. In the case of the federal government, these interest costs will reach an estimated $53.7 billion in 2024-25 alone—more than all revenue collected via the federal GST. In other words, every dollar that Canadians are expected to pay in GST this year will go towards federal debt interest, as opposed to any services or programs. And as the federal government continues to borrow more, all else equal, these interest costs will continue to rise.

While the updated deficits for 2024-25 and beyond are still estimates, the 2024 FES presents what’s likely the final deficit number for the 2023-24 fiscal year. In a remarkable display of fiscal mismanagement, the Trudeau government ran a $61.9 billion deficit last year—$21.9 billion higher than the $40.0 billion deficit projected in the budget.

This means the federal government has broken one of its fiscal rules (a.k.a. guardrails) that help guide policy on spending, taxes and borrowing. One year ago, the Trudeau government established three fiscal rules—including to keep the 2023-24 deficit at or below $40.1 billion. These rules were reaffirmed in the spring budget, and have been a key feature of the Trudeau government’s so-called “responsible economic plan.”

However, there’s nothing responsible about establishing a rule only to break it a year later. Unfortunately, the Trudeau government has made a habit breaking its self-imposed rules. In 2015, the government established its first fiscal rule—balancing the budget by fiscal year 2019-20. But it quickly abandoned this rule in subsequent months and proposed an alternative rule—to reduce federal debt relative to the size of the economy (GDP). But again, this rule became an afterthought, as federal debt increased relative to GDP in 2019-20 and continued to sharply increase during the pandemic and has yet to return to anywhere near pre-COVID levels.

As has happened consistently in the past decade, this year’s fall update reveals that spending and deficits are up compared to the budget plan the government presented just months ago. The Trudeau government is utterly mismanaging the Canada’s finances, which has caused turmoil inside the government while Canadians bear the consequences.

Jake Fuss

Director, Fiscal Studies, Fraser Institute

Grady Munro

Policy Analyst, Fraser Institute

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The CBC is a government-funded giant no one watches

Business

The CBC is a government-funded giant no one watches

Published on June 17, 2025

Todayville

This article supplied by Troy Media.

By Kris Sims

The CBC is draining taxpayer money while Canadians tune out. It’s time to stop funding a media giant that’s become a political pawn

The CBC is a taxpayer-funded failure, and it’s time to pull the plug. Yet during the election campaign, Prime Minister Mark Carney pledged to pump another $150 million into the broadcaster, even as the CBC was covering his campaign. That’s a blatant conflict of interest, and it underlines why government-funded journalism must end.

The CBC even reported on that announcement, running a headline calling itself “underfunded.” Think about that. Imagine being a CBC employee asking Carney questions at a campaign news conference, while knowing that if he wins, your employer gets a bigger cheque. Meanwhile, Conservative Leader Pierre Poilievre has pledged to defund the CBC. The broadcaster is literally covering a story that determines its future funding—and pretending there’s no conflict.

This kind of entanglement isn’t journalism. It’s political theatre. When reporters’ paycheques depend on who wins the election, public trust is shattered.

And the rot goes even deeper. In the Throne Speech, the Carney government vowed to “protect the institutions that bring these cultures and this identity to the world, like CBC/RadioCanada.” Before the election, a federal report recommended nearly doubling the CBC’s annual funding. Former heritage minister Pascale St-Onge said Canada should match the G7 average of $62 per person per year—a move that would balloon the CBC’s budget to $2.5 billion annually. That would nearly double the CBC’s current public funding, which already exceeds $1.2 billion per year.

To put that in perspective, $2.5 billion could cover the annual grocery bill for more than 150,000 Canadian families. But Ottawa wants to shovel more cash at an organization most Canadians don’t even watch.

St-Onge also proposed expanding the CBC’s mandate to “fight disinformation,” suggesting it should play a formal role in “helping the Canadian population understand fact-based information.” The federal government says this is about countering false or misleading information online—so-called “disinformation.” But the Carney platform took it further, pledging to “fully equip” the CBC to combat disinformation so Canadians “have a news source
they know they can trust.”

That raises troubling questions. Will the CBC become an official state fact-checker? Who decides what qualifies as “disinformation”? This isn’t about journalism anymore—it’s about control.

Meanwhile, accountability is nonexistent. Despite years of public backlash over lavish executive compensation, the CBC hasn’t cleaned up its act. Former CEO Catherine Tait earned nearly half a million dollars annually. Her successor, Marie Philippe Bouchard, will rake in up to $562,700. Bonuses were scrapped after criticism—but base salaries were quietly hiked instead. Canadians struggling with inflation and rising costs are footing the bill for bloated executive pay at a broadcaster few of them even watch.

The CBC’s flagship English-language prime-time news show draws just 1.8 per cent of available viewers. That means more than 98 per cent of TV-viewing Canadians are tuning out. The public isn’t buying what the CBC is selling—but they’re being forced to pay for it anyway.

Government-funded journalism is a conflict of interest by design. The CBC is expensive, unpopular, and unaccountable. It doesn’t need more money. It needs to stand on its own—or not at all.

Kris Sims is the Alberta Director for the Canadian Taxpayers Federation

Troy Media empowers Canadian community news outlets by providing independent, insightful analysis and commentary. Our mission is to support local media in helping Canadians stay informed and engaged by delivering reliable content that strengthens community connections and deepens understanding across the country.

Business

Trump family announces Trump Mobile: Made in America, for America

Published on June 17, 2025

Todayville

MxM News

Quick Hit:

On the 10-year anniversary of Donald Trump’s iconic campaign launch, the Trump family announced the debut of Trump Mobile, a new wireless company offering American-built smartphones, 5G coverage, and a values-driven alternative to Big Tech carriers.

Key Details:

Donald Trump Jr. and Eric Trump introduced Trump Mobile’s flagship service Monday, calling it a “transformational” alternative aimed at “our nation’s hardest-working people.”
The “47 Plan,” priced at $47.45/month, offers unlimited talk, text, and data, free international calls to U.S. military families, telehealth, roadside assistance, and no credit checks.
Trump Mobile’s customer support is fully U.S.-based and live 24/7—“not automated,” the company says—while a new American-made “T1 Phone” is slated for release in August.

Diving Deeper:

Marking ten years since President Donald Trump descended the golden escalator to launch his first campaign, the Trump Organization on Monday announced its boldest private sector move yet: Trump Mobile.

Flanked by company executives, Donald Trump Jr. and Eric Trump unveiled the new cellular service, touting it as a patriotic, people-first alternative to legacy providers. “We’re building on the movement to put America first,” Trump Jr. said in a statement. “We will deliver the highest levels of quality and service.”

The cornerstone of Trump Mobile is the 47 Plan. Offered for $47.45/month, the plan includes unlimited data, full 5G coverage across all three major carriers, and a suite of benefits tailored to middle-class families, truckers, veterans, and anyone tired of paying premiums to companies that don’t share their values.

Among the key perks: 24/7 American-based customer service (with “real people,” not bots), comprehensive device protection, roadside assistance through Drive America, and telehealth services including mental health support and prescription delivery. Most notably, the plan includes free international calling to over 100 countries—an effort the Trump family says honors U.S. military families stationed abroad.

“We’re especially proud to offer free long-distance calling to our military members and their families,” said Eric Trump. “Those serving overseas should always be able to stay connected to the people they love back home.”

Unlike traditional providers, Trump Mobile advertises no contracts and no credit checks, appealing to a demographic long underserved by mainstream telecom giants. “Hard-working Americans deserve a wireless service that’s affordable, reflects their values, and delivers reliable quality they can count on,” Eric Trump added.

The company is also preparing to launch the T1 Phone in August—a sleek, gold smartphone “engineered for performance” and “proudly designed and built in the United States.” With that, the Trump Organization is not just entering the mobile market—it’s staking a claim as a direct competitor to Apple and Samsung.