Coming up, key highlights from todays’ federal budget as the government plans more than $101B in net new spending over the next three fiscal years (2021-2024), representing 4.2% of Canada’s GDP. #cdnpoli #cdnecon #budget2021
Budget 2021 and fiscal guardrails for new spending: “A comprehensive range of indicators show that the Canadian economy is still far from seeing a strong labour market with broadly shared benefits.” #cdnpoli #cdnecon #budget2021
Budget 2021: last year’s deficit now projected at $354.2B. For 2021-22: a projected $154.7B shortfall, but a warning that third-wave slowdowns could add $15B to deficit. #cdnpoli #cdnecon #budget2021
Budget 2021: fiscal anchor to be “unwinding COVID-related deficits and reducing the federal debt as a share of the economy over the medium term.” Debt-to-GDP ratio estimated at 51.2% this year, reaching 49.2% by 2026. #cdnpoli #cdnecon #budget2021
CHILD CARE AND EARLY LEARNING: up to $30B over 5 yrs, aimed at reducing regulated fees by an avg 50% by 2022 and a $10 daily avg cost by 2026. Plan for 50/50 cost sharing with provinces and territories to support “primarily not-for profit sector” spaces. #cdnpoli #budget2021
COVID-19: Extension of the Canada Emergency Wage Subsidy, Canada Emergency Rent Subsidy and Lockdown Support through Sept. 25, with a gradual reduction in rates beginning July 4. Expected cost: $12 billion. #cdnpoli #cdnecon #budget2021
COVID-19: Publicly listed corporations that receive the wage subsidy and paid executives more in 2021 than in 2019 will have to repay the equivalent, starting in early-June. #cdnpoli #cdnecon #budget2021 #covid19
COVID-19: Canada Recovery Benefit to be extended 12 weeks to a maximum of 50 weeks. Canada Recovery Caregiving Benefit to be extended four weeks to a maximum of 42 weeks. #cdnpoli #cdnecon #budget2021 #covid19
INDIGENOUS SERVICES AND RECONCILIATION: $18B in proposed new spending, including COVID-19 response, health care, water, social services, education, income assistance, infrastructure, job creation, languages and culture, policing, governance, UNDRIP implementation. #budget2021
DIGITAL SERVICES TAX: proposed 3% rate on revenue that global web giants generate from Canadian content and data. #cdnpoli #cdnecon #budget2021
NON-RESIDENT HOUSING TAX: 1% annual rate would apply to value of non-resident, non-Canadian owned residential real estate considered to be vacant or underused, starting in 2022. #cdnpoli #cdnecon #budget2021
TAXES: New luxury tax would apply to luxury cars and personal aircraft over $100,000 and personal boats above $250,000. #cdnpoli #cdnecon #budget2021
SENIORS: Increase to Old Age Security for those 75 and older – up to $766 in first year and a one-time $500 payment this August. And $3B over five years to support long-term care standards across the provinces and territories. #cdnpoli #budget2021
EMPLOYMENT INSURANCE: Nearly $7B over five years for EI reform, including the extension of sickness benefits from 15 to 26 weeks. #cdnpoli #cdnecon #budget2021
STUDENTS: waiver of interest on federal student and apprentice loans through 2022-23. Extension of doubled Canada Student Grants through July 2023, at a cost of $3.1B. #cdnpoli #cdnecon #budget2021
JOBS: Expansion of Canada Workers Benefit to about one million people in low-wage jobs – costing $8.9B through 2026. #cdnpoli #cdnecon #Budget2021
JOBS: $721M /2 yrs for student placement, youth skills, Canada Summer Jobs. $960M / 3 yrs to help sectors with labour shortages. $470M / 3 yrs to establish Apprenticeship Service for those entering Red Seal trades. #cdnpoli #cdnecon #Budget 2021
JOBS: Canada Recovery Hiring Program to operate through Nov. 20 to help employers with extra re-opening costs, at an expected cost of $595M. #cdnpoli #cdnecon #Budget 2021
ECONOMY: Budget calls for Canada Digital Adoption Program to provide as many as 160K businesses with digitization, e-commerce, finance, and “advisory expertise.” #cdnpoli #cdnecon #budget2021
ECONOMY: Budget proposes $2B to support aerospace sector / $1B over 3 years for tourism sector / $420M over three years for music sector, community events, and create a recovery fund for heritage, arts, culture, heritage and sport sectors. #cdnpoli #cdnecon #budget2021
HOUSING: $3.8B in new and re-assigned funding over 7 years for affordable housing, Canada Housing Benefit, and other initiatives to build, convert, or repair 35,000 units. #cdnpoli #cdnecon #budget2021
Budget calls for $8.8B in “green recovery” spending, including the “Net Zero Accelerator” that supports emissions-reducing projects, support to help clean-tech companies scale up and compete globally, EV charging stations, federal building retrofits. #cdnpoli #cdnecon #budget2021
CLEAN TECH: budget proposes investment tax credit for carbon capture, utilization, and storage technology, a 50% tax reduction for businesses that manufacture zero-emission tech, and expanded list of green technology eligible for writeoff. #cdnpoli #cdnecon #budget2021
GREEN ECONOMY: government proposes to issue the first federal green bond to finance green projects, with a target of $5 billion. #cdnpoli #cdnecon #budget2021
GREEN ECONOMY: budget calls for CMHC to provide interest-fee loans up to $40,000 for home retrofits. #cdnpoli #budget2021
FEDERAL CARBON REBATE: credits to move from annual payment to quarterly payments going through the benefit system. $100M in carbon levy proceeds to be returned to farmers in backstop provinces (AB, MB, ON, and SK). #cdnpoli #budget2021 #cdnag
HOUSING: $612M over 2 years for homelessness strategy (including veterans). #cdnpoli #cdnecon #budget2021
BUDGET 2021: $300M to fund Black-led initiatives to fight racism and support Black-led non-profit organizations. #cdnpoli #budget2021
MILITARY MISCONDUCT: expanded funding for victim support, sexual assault service providers, military justice system, and “new external oversight mechanisms to bring greater independence to the processes of reporting and adjudicating sexual misconduct.” #cdnpoli #budget2021
RCMP: $75M over 5 years to “combat systemic racism” through recruitment and training reform, and other changes #cdnpoli #canlaw #cdnlaw #budget2021
JUSTICE: $312M over 5 years on gun control measures and $601M over 5 years for national action plan to end gender-based violence. #cdnpoli #canlaw #cdnlaw #budget2021
JUSTICE: Gov’t will consider lowering the criminal rate of interest in the Criminal Code to fight predatory lending. #cdnpoli #canlaw #cdnlaw #cdnecon #budget2021
JUSTICE: Law Commission of Canada to be re-established after being closed in 2006. #cdnpoli #cdnlaw #canlaw #budget2021
COVID-19 AND PRISONS: $155M proposed in budget to limit the spread of COVID-19 in federal correctional facilities. #cdnpoli #budget2021 #covid19
CANADA AND NATO: $847M/5 years to increase budget contribution and maintain an additional frigate and six aircraft with NATO Readiness Initiative. #cdnpoli #cdnfp #budget2021
COVID-19: $400M to create a temporary Community Services Recovery Fund to help charities and non-profits during recovery. #cdnpoli #cdnecon #budget2021
COVID-19: $150M pledged for mental-health initiatives relating to the pandemic. #cdnpoli #cdnhealth #budget2021
FEDERAL MINUMUM WAGE: government proposes a $15 minimum wage for federally-regulated private sector. #cdnpoi #cdnecon #budget2021
ECONOMY: Budget proposes allowing businesses to fully expense up to $1.5M in eligible capital investments between now and 2024. #cdnpoli #cdnecon #budget2021
ECONOMY: New regional development agency planned for British Columbia: $553M over 5 years. #cdnpoli #cdnecon #bcpoli #budget2021
GOVERNMENT TRAVEL: Plan to reduce travel budget of federal departments by $1.1B over five years. #cdnpoli #budget2021
SIN TAXES: Gov’t intends to introduce new excise duties on vaping products and increase tobacco duty by $4 per carton of 200 cigarettes. #cdnpoli #budget2021
BUDGET 2021: Survey of private-sector economists projects 5.8% growth in 2021, with 8% unemployment and 3.3% inflation. #cdnpoli #cdnecon #budget2021
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