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HomeCANADACanada Releases Budget 2023 Projecting Deficit Of $40.1 Billion In 2023-24

Canada Releases Budget 2023 Projecting Deficit Of $40.1 Billion In 2023-24

Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released Budget 2023—A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future.

Through the new Grocery Rebate, Budget 2023 delivers targeted inflation relief for 11 million Canadians and families who need it most, with up to an extra $467 for eligible couples with children; an extra $234 for single Canadians without children; and an extra $225 for seniors, on average. The government also takes action to crack down on hidden junk fees and predatory lending, lower credit card transaction fees for small businesses, and help Canadians keep more money in their pockets.

To strengthen Canada’s universal public health care system, Budget 2023 delivers $198.3 billion to reduce backlogs, expand access to family health services, and ensure provinces and territories can provide the high quality and timely health care Canadians expect and deserve. In Budget 2023, the government also introduces a new Canadian Dental Care Plan, to benefit up to nine million Canadians and ensure that no Canadian has to choose between taking care of their health and paying the bills at the end of the month.

Budget 2023 makes transformative investments to build Canada’s clean economy, fight climate change, and create new opportunities for Canadian businesses and Canadian workers. This includes significant measures that will deliver cleaner and more affordable energy, support investment in our communities and the creation of good-paying jobs, and ensure that Canadian workers are able to produce and provide the goods and resources that Canadians and our allies need.

With a responsible fiscal plan that will see Canada maintain the lowest deficit and the lowest net debt-to-GDP ratio in the G7, Budget 2023 will help to build a Canada that is more secure, more sustainable, and more affordable for people from coast to coast to coast.

Canada’s Budget 2023 Key Highlights:

In Budget 2023, the government is introducing new, targeted inflation relief supports for Canadians. This new support has been carefully designed to avoid exacerbating inflation.

  1. Through the new Grocery Rebate, Budget 2023 delivers targeted inflation relief for 11 million low- and modest-income Canadians and families who need it most, with up to an extra $467 for eligible couples with two children; an extra $234 for single Canadians without children; and an extra $225 for seniors, on average.
  2. Cracking down on hidden junk fees, such as higher telecom roaming charges, event and concert fees, excessive baggage fees, and unjustified shipping and freight fees.
  3. Cracking down on predatory lending by proposing to lower the criminal rate of interest.
  4. Lowering credit card transaction fees for small businesses, while also protecting reward points for Canadians offered by Canada’s large banks.
  5. Automatic tax filing for more low-income Canadians, to ensure they can easily file their tax returns in order to receive the benefits they are entitled to.
  6. Helping post-secondary students to afford their education and pursue their dreams by increasing the Canada Student Grants and raising the interest-free Canada Student Loan limit.
  7. Helping young Canadians save for their first home by launching the new Tax-Free First Home Savings Account on April 1, 2023.

To ensure Canadians receive the care they deserve and need, Budget 2023 delivers an urgent, needed investment to strengthen our public health care system.

  • To strengthen Canada’s universal public health care system, Budget 2023 delivers $198.3 billion to reduce backlogs, expand access to family health services and ensure provinces and territories can provide the high quality and timely health care Canadians expect and deserve.
  • This includes $46.2 billion in new funding to provinces and territories through new Canada Health Transfer measures, as well as tailored bilateral agreements to meet the needs of each province and territory, personal support worker wage support, and a Territorial Health Investment Fund.
  • This funding is to be used to improve and enhance the health care Canadians receive, and is not to be used by provinces and territories in place of their planned health care spending.
  • In addition, the federal government will also work with Indigenous partners to provide additional support for Indigenous health priorities by providing $2 billion over ten years, which will be distributed on a distinctions basis through the Indigenous Health Equity Fund.
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