![]() ![]() Capital Dispatch: Stay up to date on the latest news from Parliament HillĪfter a historic economic contraction due to COVID-19-prompted shutdowns that forced record spending and exposed gaps in Canadian society that have left women, low-wage workers, young people, and racialized Canadians the most deeply impacted, Freeland’s first federal budget proposes a series of new measures meant to address inequity and create new employment opportunities.Organized by the federal finance department, the budget lockup allowed news bureaus and those working from home to access the budget documents and experts remotely, rather than holding the traditional in-person gathering in Ottawa, which was not possible given the current COVID-19 public health restrictions. “This budget is a smart, responsible, ambitious plan for jobs and growth, that is designed precisely to heal the specific wounds of the COVID-19 recession and to permanently strengthen Canada’s economic muscle,” Freeland said during a press conference under embargo as part of the virtual lockup. The government attributes a “stronger-than-expected” economic recovery already taking shape globally as the cause for the declining deficit figures, though the deficit will continue to be sizable for years to come as the government follows through on big spending plans.įreeland is pushing ahead with stimulus, planning to spend 4.2 per cent of Canada’s GDP over the next three years to foster the rebound out of the recession. The budget- titled “A Recovery Plan for Jobs, Growth, and Resilience”- shows that the federal deficit is projected to sit at $354.2 billion for the year that just ended, with it slated to drop to $154.7 billion in the current 2021-22 fiscal year. The federal government is unveiling $101.4 billion in new spending, aimed at both supporting the country through the third COVID-19 wave, and stimulating the economic recovery post-pandemic, in a historic budget presented by Deputy Prime Minister and Finance Minister Chrystia Freeland.įrom extending pandemic business and health supports, to putting $30 billion towards a national child-care plan, increasing the federal minimum wage, and promising $17.6 billion for green investments, Monday’s federal budget outlines how the federal Liberals propose to rebuild the Canadian economy in a way that “brings all Canadians along.” ![]()
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