Federal Budget 2023: Trudeau government outlines fiscal priorities for Canada | FULL
CA, 29 Mar 2023
Deputy Prime Minister and Finance Minister Chrystia Freeland delivered the Canadian federal budget on Tuesday, outlining the country's spending priorities for the year.
The budget comes as inflation has shown signs of cooling this year due to the Bank of Canada's aggressive hikes of its policy interest rate.
The centrepiece of the budget is focused around what Ottawa is calling a "grocery rebate" — though Canadians can spend it on anything they want. Some 11 million residents are expected to get the rebate but it's not clear when that money will be received.
Among the other big takeaways from the budget was a promise to lower credit card transaction fees for businesses and prohibit what it calls "hidden junk fees" that consumers pay, such as roaming fees or surcharges for concert tickets. The Canadian Dental Care Plan is also being expanded so that any uninsured person in a household earning less than $90,000 can get federal dental coverage.
Another top item in the federal government's is boosting Canada's clean energy sector, with Ottawa set to spend almost $20 billion on clean jobs and technology. The Liberals are trying to sell it as the most significant transformation since the Industrial Revolution, with $18.5 billion over the next five years being spent on things like clean tech manufacturing, clean hydrogen and carbon capture and storage. Much of this money will come in the form of tax credits.
As the government releases the budget though, several political and financial factors had to come into play. Among the factors, the government has to set the country on its "green path to the future" with the clean energy announcements made. But on top of that, Ottawa has to shore up the country's fiscal foundation for a potential slowdown of the economy. And, due to their deal to keep the government afloat and avoid a snap election due to a confidence vote, Freeland also had to work to keep NDP Leader Jagmeet Singh and his party happy by addressing aspects of the two parties' agreement.
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The budget comes as inflation has shown signs of cooling this year due to the Bank of Canada's aggressive hikes of its policy interest rate.
The centrepiece of the budget is focused around what Ottawa is calling a "grocery rebate" — though Canadians can spend it on anything they want. Some 11 million residents are expected to get the rebate but it's not clear when that money will be received.
Among the other big takeaways from the budget was a promise to lower credit card transaction fees for businesses and prohibit what it calls "hidden junk fees" that consumers pay, such as roaming fees or surcharges for concert tickets. The Canadian Dental Care Plan is also being expanded so that any uninsured person in a household earning less than $90,000 can get federal dental coverage.
Another top item in the federal government's is boosting Canada's clean energy sector, with Ottawa set to spend almost $20 billion on clean jobs and technology. The Liberals are trying to sell it as the most significant transformation since the Industrial Revolution, with $18.5 billion over the next five years being spent on things like clean tech manufacturing, clean hydrogen and carbon capture and storage. Much of this money will come in the form of tax credits.
As the government releases the budget though, several political and financial factors had to come into play. Among the factors, the government has to set the country on its "green path to the future" with the clean energy announcements made. But on top of that, Ottawa has to shore up the country's fiscal foundation for a potential slowdown of the economy. And, due to their deal to keep the government afloat and avoid a snap election due to a confidence vote, Freeland also had to work to keep NDP Leader Jagmeet Singh and his party happy by addressing aspects of the two parties' agreement.
For more info, please go to https://globalnews.ca/news/9577015/budget-2023-canada-inflation-economy/
Subscribe to Global News Channel HERE: http://bit.ly/20fcXDc
Like Global News on Facebook HERE: http://bit.ly/255GMJQ
Follow Global News on Twitter HERE: http://bit.ly/1Toz8mt
Follow Global News on Instagram HERE: https://bit.ly/2QZaZIB
#GlobalNews #CanadaBudget #budget2023 #cdnpoli #trudeau #freeland
