What does it mean when the budget isn’t balanced?

The Parliamentary Budget Office predicts Canada's budget won't be balanced until 2035 😬

In tomorrow morning’s episode, I discuss the Parliamentary Budget Officer’s recent report, which ultimately predicts that the earliest the federal budget could possibly be balanced is 2035. The caveat is that this is only if the nation continues to be as profitable and if its spending stays stagnant for the next decade.

If the pandemic taught us anything, it’s to expect the unexpected. So the estimate of 2035 is probably optimistic. But for many, the idea of a balanced federal budget might not mean much.

Keep on reading for a concise explanation of what “balancing the budget” is and how it may impact you.