Canada’s Federal Liberals have unveiled a $452.3 billion 2022 Budget.
This afternoon Deputy PM and Finance Minister Chrystia Freeland started off with some good news.
She said the economy has recovered 112 percent of the jobs that were lost in the first few months of the pandemic.
Budget highlights include an ambitious plan to create more housing over the next 10 years, seeking to double the number of new homes we build and make the housing market fairer for young Canadians.
Another is new efforts toward boosting the national workforce.
“We will make it more affordable for people working in the skilled trades to travel to where the jobs are,” said Freeland. “Programs like the enhanced Canada Workers Benefit will make it more worthwhile for people to work and will make life more affordable for our lowest paid and very often most essential workers.”
The 2022 Budget sets aside $5.3 billion over 5 years to create a national Dental plan by 2025 for Canadians with annual family incomes below $90,000, with no co-pays for those under $70,000.
The budget also supports the creation of a Canada Growth Fund to boost private-sector investment towards “national economic policy goals” such as emissions reduction, green growth, critical supply chains.
A small business tax rate will be phased out at $50 million of taxable capital instead of $15 million.
An investment tax credit is also planned to accelerate development of cost-effective projects for emissions removal, with initial rates between 37.5% and 60%
$1.3 billion is also earmarked over five years to boost the asylum system with $386 million slated for the on-entry process for visitors, workers, and students.
And the 2022 Budget also includes $210 million over 5 years of additional funding for work on burial sites linked to former residential schools.
Freeland says Canada has come roaring back, but she says the country’s debt to GDP ratio and deficits must continue to decline.
Now’s the time, she said, to focus on smart investments and clarity of purpose.
It’s the government’s first budget since the September 20th federal election and the first since the NDP agreed to support the Liberals on confidence votes in exchange for action on dental care and pharmacare, among other priorities.
Today, Canada has come roaring back.
— Chrystia Freeland (@cafreeland) April 7, 2022