$491B federal budget invests heavily in green economic transformation
OTTAWA — Finance Minister Chrystia Freeland's 2023 federal budget promises"transformative investments" in Canada's green economy as the country tries to maintain its place in the global clean tech revolution and realign its supply chains toward allies who won't use energy as a political weapon.
Over the next five years the government expects to spend $60 billion more than before, almost half of it to increase health transfers to the provinces and territories and further expand the national dental-care program the Liberals are creating as part of their deal with the New Democrats. More than one-third of new spending is for investments in clean-tech industries, mostly investment tax credits to drive the private sector in clean electricity, hydrogen production, critical minerals, and the electric-vehicle supply chain.
Inflation is falling after hitting near record levels last summer, but will remain above the Bank of Canada' two per cent target until at least the second quarter of 2024, the budget predicts. The GST top-up will be the same as what was offered last fall, up to $467 more for a family of four. Between the two top-ups, GST payments over 12 months will be double what people expected them to be last July.
Freeland is promising to find $15 billion in savings over five years by scaling back government travel, its use of outside consultants and asking most federal departments to cut their spending three per cent.
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