The Conservatives will vote against Trudeau’s Fall Economic Statement in a confidence vote, after blowing through fiscal guardrails by tens of billions of dollars.

Liberal House Leader Karina Gould tabled the statement following MP Chrystia Freeland's shocking exit from the portfolio on Monday morning.

"Outside of this government, there is no government in the history of Canada that has ever run a $62 billion deficit," Opposition leader Pierre Poilievre told the Commons. 

Despite the political chaos, the 279-page update portrayed federal finances in a positive light, reported the Epoch Times. It said Canada’s economy "achieved a soft landing" despite persisting global challenges.

"For all of 2024, inflation has been within the Bank of Canada’s target range, and price stability has been restored across most sectors," the document said. "With stable inflation, the government can continue to pursue strategic investments aimed at supporting productivity and raising living standards."

Budget 2024 pegged deficit spending at $39.8 billion for the 2024/25 fiscal year. That rose to $46.8 billion with the October 17 Budget Office report Economic And Fiscal Outlook October 2024. "This increase is largely due to new spending," wrote analysts.

"How do you account for that change?" asked a reporter on October 22. "That is just a Budget Office report," replied Freeland. "It’s not the final numbers."

"Why won’t the finance minister tell us the true number? What’s she hiding? Is she hiding that Trudeau lost control of the deficit this year, just like every year?" Opposition leader Pierre Poilievre told reporters last week. 

In November 2023, Freeland pledged to keep deficit spending at $40.1 billion for the 2023/24 fiscal year. However, the Fall Economic Statement puts deficit spending at $61.9 billion. 

"Prime Minister Justin Trudeau went $20 billion over budget with his deficit," said Franco Terrazzano, Federal Director for the Canadian Taxpayers Federation. 

"Trudeau said he had a guardrail in place to keep Canada’s finances safe and he just drove the deficit right through it," he added. This year’s deficit is projected to be $48.3 billion, nearly $10 billion more than initially tabled.

According to Blacklock’s, the largest pre-pandemic deficit incurred prior to Monday was following the 2008 financial crash. Then-Finance Minister Jim Flaherty reported a $55.6 billion shortfall in 2009, a Canadian record. 

"We need to get back to basics," Poilievre said.

The Taxpayers Federation previously called out the federal government in Budget 2023 over its spending problem. That remains the case with Monday’s fiscal update.

The 2022 fiscal update showed the federal government over budget by $20.2 billion. Budget 2022 projected $452.3 billion in spending, later updated to $472.5 billion.

Meanwhile, the 2023 fiscal update increased spending from $473.5 billion to $488.7 billion last fiscal year.

Budget 2024 forecasted spending this year to be $534.6 billion, but the Fall Economic Statement now forecasts spending to increase to $539.5 billion.

The Economic Statement attributed the increased spending to "significant unexpected expenses related to Indigenous contingent liabilities" and pandemic support, costing taxpayers some $16.4 billion and $4.7 billion respectively.

Notably, the feds pegged $1.3 billion over six years to bolster Canada-U.S. border security amid threats of a tariff war by the incoming Trump administration. The document does not detail how the money will be spent.

It also calls for $17.4 billion to extend the Accelerated Investment Incentive — allowing companies to write off the value of investments immediately. 

Much-needed tax relief comes with a $1.6 billion bill, saving consumers on sales taxes for some goods. It will last for a two-month period, starting December 14. Proposed rebate cheques, at a cost of $4.8 billion, were excluded from the update.

"Trudeau has lost control of the finances and our kids and grandkids will be paying the price for years to come," Terrazzano said. "Canadians can’t afford to keep paying for a reckless government in Ottawa," he added.

"Canadians need our federal government to cut spending and balance the budget." 

The Trudeau government has never balanced the budget since first elected in 2015. Meanwhile, the federal debt nearly topped $1.3 trillion this year — more than doubling the $616 billion they inherited.

Debt servicing costs also rose from $46.5 billion to $53.7 billion, surpassing the $52.1 billion allocated through health transfers. It also exceeds annual spending on Medicare and national defence. 

"Public debt charges are expected to increase from $53.7 billion in 2024 to $69.4 billion in 2029 due to higher borrowing requirements and higher long term interest rates," said the Economic Statement. "Debt charges also reflect incremental borrowing."

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