Kitchener family says their 10-year-old needs life-saving drug that cost $600,000
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.
The parliamentary budget officer is projecting inflation will return to the Bank of Canada's two per cent target by the end of the year and the federal deficit will grow amid weakening economic conditions.
The budget watchdog's latest economic and fiscal outlook comes as the federal government gears up for its spring budget and Canadians eagerly wait for the central bank to begin lowering interest rates.
The report predicts the first rate cut to come in April, slightly earlier than financial markets expect.
The Bank of Canada is scheduled to make an interest rate announcement on Wednesday and is widely expected to hold its policy rate at five per cent.
High interest rates have weighed on the Canadian economy as consumers pull back on spending and businesses see their sales slow.
Statistics Canada reported last week that the economy eked out one per cent annualized growth in the fourth quarter. That growth was largely due to a boost in exports, supported by strong U.S. spending trends.
The PBO says the economy will likely grow by a modest 0.8 per cent this year, slightly lower than the Bank of Canada's projection of one per cent.
Meagre economic growth would weigh on government coffers, too.
The PBO anticipates the federal deficit to grow to $46.8 billion for the current fiscal year, provided no new measures are introduced and existing temporary measures expire as scheduled.
That would exceed the federal government's fall projection of $40 billion.
The report warns that if the Bank of Canada keeps interest rates higher for longer than expected, the deficit could be even larger and the economy weaker.
Finance Minister Chrystia Freeland announced on Monday that she will present the budget, which includes an update on the state of federal finances, on April 16.
The budget will likely be a challenging exercise for the Liberals.
The government is facing significant fiscal pressures that it will have to balance against the appetite for more action on housing.
The budget is also an opportunity for the Liberals to try and win back Canadians who have thrown their support behind the Conservatives.
The finance minister recently reiterated her commitment to new fiscal guardrails introduced in the fall that would limit deficits.
"For our government, it is very, very important to invest in Canada and Canadians ... and to do so in a fiscally responsible way," Freeland told reporters ahead of the introduction of pharmacare legislation last week.
"We laid out in the fall economic statement some fiscal guideposts, and we will meet them."
The federal government pledged in the fall that the current fiscal year's deficit would not get any bigger than its $40-billion projection.
According to the Finance Department, the federal deficit for the current fiscal year stood at $23.6 billion by the end of December.
The government is also looking to lower the debt-to-GDP ratio in 2024-25 relative to the projection in the fall economic statement, and keep deficits below one per cent of GDP beginning in 2026-27.
This report by The Canadian Press was first published March 5, 2024.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.
The Canadian Food Inspection Agency has issued a recall for a specific chocolate brand sold in Ontario and Quebec.
A senior Qatari official has urged Israel and Hamas to show "more commitment and more seriousness" in ceasefire negotiations in interviews with Israeli media, as pressure builds to reach a deal that would free some Israeli hostages and bring a ceasefire in the nearly seven-month-long war in Gaza.
Quebec will invest $603 million over five years to counter the decline of French in the province, French Language Minister Jean-Francois Roberge announced Sunday.
Health Minister Mark Holland says while he is 'deeply appreciative' of the work doctors in Canada do, the federal government has no plans to scrap the proposed capital gains tax changes outlined in the latest budget, despite opposition from the Canadian Medical Association.
Ontario is now home to an invasive and toxic worm species that can grow up to three feet long and can be dangerous to small animals and pets.
A recent report sheds light on Canadians living abroad--estimated at around four million people in 2016—and the public policies that impact them.
One person has been charged with second-degree murder in connection with the death of a man who fell from a balcony following an altercation inside a Toronto apartment building.
Dozens of people raised their arms in the fascist salute and shouted a fascist chant during ceremonies Sunday to honor Italian dictator Benito Mussolini on the 79th anniversary of his execution.
As if a 4-0 Edmonton Oilers lead in Game 1 of their playoff series with the Los Angeles Kings wasn't good enough, what was announced at Rogers Place during the next TV timeout nearly blew the roof off the downtown arena.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”