Finance Minister Chrystia Freeland released a budget in Ottawa on Tuesday that deepens Canada’s fiscal deficit as the Trudeau government books $43 billion in new costs over six years. New spending focuses on bolstering the health-care…
Finance Minister Chrystia Freeland released a budget in Ottawa on Tuesday that deepens Canada’s fiscal deficit as the Trudeau government books $43 billion in new costs over six years. New spending focuses on bolstering the health-care system, keeping up with the U.S. on clean-technology incentives, and helping low-income Canadians cope with inflation. Debt as a proportion of total output will climb as a result, before resuming its downward trajectory. No return to budgetary balance is forecast.
Revenue projections are down $5.7 billion on average per year from November’s budget update, reflecting a weaker economic outlook. Given still-elevated inflation and the impact of lower commodity prices, risks to the projection are tilted to the downside Prime Minister Justin Trudeau’s government is aiming to support Canada’s energy transition through a mix of investment tax credits and cash handouts. The budget includes a clean electricity tax credit worth $6.3 billion over six years and one for hydrogen projects worth $5.6 billion. Another investment credit for clean manufacturing, intended to be used for producing electric vehicle batteries or processing critical minerals, is worth $4.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Read the full text of the 2023 federal budget from Finance Minister Chrystia FreelandOver the next five years, the government will increase spending by nearly $60 billion FederalBudget2023
Read more »
$491B federal budget invests heavily on transformation to green economyFinance Minister Chrystia Freeland’s 2023 federal budget promises “transformative investments” in Canada’s green economy.
Read more »
$491B federal budget invests heavily on transformation to green economyFinance Minister Chrystia Freeland’s 2023 federal budget promises “transformative investments” in Canada’s green economy.
Read more »
Housing Minister Hussen scoops up new comms head from seniors minister’s teamSeniors Minister Kamal Khera also recently promoted a director of operations in her office and welcomed a new senior adviser, experienced staffer Adam Carroll.
Read more »
A 'very tricky balancing act' for Finance Minister Chrystia Freeland as she prepares to table her budget\u0027If they don\u0027t do anything on affordability, it will look like they\u0027re not responding ... If they do too much of it, they\u0027ll add to inflation\u0027
Read more »
A 'very tricky balancing act' for Finance Minister Chrystia Freeland as she prepares to table her budget\u0027If they don\u0027t do anything on affordability, it will look like they\u0027re not responding ... If they do too much of it, they\u0027ll add to inflation\u0027
Read more »