The 2024 federal budget in Canada is generating significant interest among the public, with a focus on addressing the rising cost of living according to a recent Ipsos poll. The top priority for Canadians surveyed was help with the cost of living, with a particular emphasis on pocketbook issues such as taxes and affordability. Women, gen X respondents, and a majority of Canadians overall expressed a desire for financial assistance in the upcoming budget. There is also significant interest in investments in health care, with 38 percent of respondents indicating it as a priority.
Interestingly, when asked about a hypothetical increase in the GST to fund services like pharmacare, only five percent of respondents saw it as a priority. Instead, many Canadians are hoping for a reduced tax burden from Ottawa, with one in three wanting a cut to their personal tax rates and one in five looking for a freeze on the federal carbon price. Some respondents also expressed a desire for the Liberals to reduce overall spending and address the federal deficit in the upcoming budget. This comes at a time when the federal government is facing fiscal challenges due to a slowing economy and rising debt costs.
Prime Minister Justin Trudeau and Liberal MPs have been highlighting measures related to Canada’s housing market, affordability, and homebuilding efforts in the lead-up to the budget. Some respondents expressed a desire for measures to cool the housing market and fund new home construction. However, priorities such as increasing defense spending and accelerating the transition to clean energy ranked lower on Canadians’ lists. Other items of interest included support for businesses impacted by the pandemic and freezing hiring in the federal public service.
Overall, the Ipsos poll indicates a clear focus among Canadians on financial assistance in the 2024 federal budget. There is widespread interest in help with the rising cost of living, as well as investments in health care. While some respondents are looking for tax relief and spending cuts, others are focused on housing market measures and support for businesses. As the federal government faces fiscal challenges, including rising debt costs and limited fiscal flexibility, Finance Minister Chrystia Freeland will need to navigate these competing priorities to address the needs and concerns of Canadians in the upcoming budget.
