Mr. Speaker, the Department of Finance regularly undertakes economic modelling and analysis of policy and program proposals in order to support its advice to the Minister of Finance and cabinet. The department conducts this analysis using a wide variety of analytical modelling techniques reflecting international best practices and current academic standards. However, all economic models are subject to uncertainty, and generating precise estimates of the effects of specific policies poses considerable challenges.
In processing parliamentary returns, the Department of Finance applies the Privacy Act and the principles set out in the Access to Information Act. As a result, the Department of Finance does not regularly publish internally modelled economic impact assessments for specific program proposals. However, in budget 2021, the department released estimates of short-term impacts on gross domestic product and employment from the combined investments made in the 2020 fall economic statement, the enhanced climate plan and budget 2021. For examples of broader economic research and modelling performed by the Department of Finance, please consult the annual “Report on Federal Tax Expenditures—Concepts, Estimates and Evaluations”, which can be found at the following website: https://publications.gc.ca/collections/collection_2022/fin/F1-47-2022-eng.pdf.