With billions in new spending and revenue, as well as a significantly boosted bottom line from inflation and higher commodity prices, here are 5 things to know about the new fiscal blueprint.
Canada’s federal government introduced its first budget since the 2021 election on Thursday. With billions in new spending and revenue, as well as a significantly boosted bottom line from inflation and higher commodity prices, here are five key things to know about Canada’s new fiscal blueprint.The deficit for the new fiscal year is down from 113.8 billion in 2021-22, and a whopping deficit of more than $300 billion after the spending-surge of the pandemic in 2020-21.
5 per cent.The budget proposes a range of new spending until 2026-27, from $10.2 billion on housing to $12.4 billion on climate action, $5.3 billion on a new dental care program and more than $8 billion on national defence.The government expects it can reap billions from higher taxes on financial institutions, even as the new surtax on big banks and insurance companies is half the level the Liberals promised in the last federal election.
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