The Canadian federal budget for the 2007–08 fiscal year was presented to the House of Commons of Canada by Finance Minister Jim Flaherty.

On March 29, 2007, Bill C-52, the enabling legislation to implement the budget, received First Reading in the House of Commons with the support of the Bloc Québécois.

Nova Scotian politicians have criticized the new equalization plan, as it cuts back payments on the assumption that various offshore programs will result in increased revenues.

[9] Premier MacDonald later urged all his province's MPs to vote against the budget after a letter Flaherty that was published in a Nova Scotia newspaper.

Bill Casey, Conservative Member of Parliament for Cumberland—Colchester—Musquodoboit Valley, voted against the budget, because of the unfair equalization formula for Nova Scotia and Newfoundland and Labrador, and the effective cancellation of the Atlantic Accord.

The opposition parties criticized the mini-budget as the NDP leader Jack Layton mentioned that the budget did little for impoverished Canadians, and that big corporations such as oil companies and major banks will receive hefty tax breaks.

[19] The mini-budget, a confidence motion did pass 127–76 but without support of any opposition party as the Liberals abstained from voting as they did with the Fall 2007 Throne Speech.

On January 10, 2008, the government announced a $1 billion relief fund for single-industry communities that were hit hard by recent closures particularly in the forest and manufacturing industries but also the fishing sector.