Federal budget 2021 canada date1/17/2024 ![]() These changes are then enacted by Parliament through the review and approval of legislation, such as budget implementation bills that the government introduces following the budget. To change taxation, the government introduces ways and means motions that outline the proposed changes. However, a budget does not authorize the government to change taxation or spend funds, and there is no specific timeline or requirement for the presentation of a budget. Usually in February or March, the Minister of Finance presents the government’s budget, which outlines the government’s taxation and spending priorities for the coming fiscal year. In the fall prior to the fiscal year, the House of Commons Standing Committee on Finance holds pre-budget consultations with Canadians and makes recommendations to the Minister of Finance for the government’s upcoming budget. Before the end of each period, the House of Commons votes on whether it agrees with, or concurs in, the estimates and the associated appropriation bills that are before it, which are then sent to the Senate for review and approval. The financial cycle can also be categorized in terms of the House of Commons’ supply periods, which end on 26 March, 23 June and 10 December. In this way, it can be seen how each element contributes to parliamentary review and approval of government spending for a given fiscal year and takes place over several calendar years. ![]() Thus, it may be helpful to consider the financial cycle in relation to activities that take place before, during and after the fiscal year. For example, in one calendar year, the budget sets out priorities for the coming fiscal year, while the Public Accounts of Canada outline spending that took place in the previous fiscal year. Because the federal government’s fiscal year begins on 1 April and ends on 31 March, activities that take place during a single calendar year may relate to different fiscal years. To fulfill this role, parliamentarians follow the parliamentary financial cycle, which consists of a continuous loop of activities that take place throughout the calendar year. One of Parliament’s fundamental roles is to review and approve the government’s taxation and spending plans. Appendix B – The Parliamentary Financial Cycle.Appendix A – Glossary Of Parliamentary Terms.7.2 The Auditor General of Canada's Opinion.6.7 Departmental Plans and Departmental Results Reports. ![]()
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