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 alli
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.
In all the 2023-24 spending plan will cost $490.5 billion, including public debt charges, with $8.3 billion in new program spending. The projected deficit is $40.1 billion, which is greater than the $30.6 billion deficit for this coming fiscal year forecast in November's fiscal update. "I'm really proud that we were able to force this government to expand dental care," NDP Leader Jagmeet Singh said after the budget was tabled.
"Today's budget by the costly coalition of the NDP and Liberals is a full-frontal attack on the paycheques of hard working Canadians," he said. Hidden somewhere in the budget figures is the money Canada has promised that helped lure major auto companies to build battery plants in Ontario, including Volkswagen and Stellantis. The details of those are expected to be made public in the next few weeks.
While inflation is coming down, the budget predicts it will remain above the Bank of Canada's two per cent target until at least the second quarter of 2024. Food prices are a key part of what is keeping it elevated.
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