Reports by The Globe and Mail highlighted how federal spending in this area has spiked under the Liberals, from $8.4-billion in 2015-16 to an estimated $21.4-billion this current fiscal year. Opinion: If Ottawa got real about coming fiscal challenges, a GST hike would be part of the conversation Savings on outsourcingĪccording to a senior government official, the budget will announce plans to save about $7-billion over five years through reducing outsourcing and related areas, with a particular focus on using fewer management consultant firms such as McKinsey & Co. The doubling of the GST credit took effect in November and is set to expire in May. The budget is also expected to to include an extension of the six-month increase to the GST rebate, which is a quarterly direct payment for lower-income Canadians. In response to higher costs of living, the budget is expected to include billions in increased spending in areas such as dental care and direct support for low-income Canadians. In February, Ottawa announced $46.2-billion in new health care funding, with just under half of the money going toward baseline funding and the remainder earmarked for bilateral deals with individual provinces and territories. Freeland has said the budget will account for the federal government’s recently announced 10-year plan to increase health transfers to the provinces and territories. subsidies sparked widespread concern among industry associations and business groups that the spending package would leave Canadian companies at a deep disadvantage as they try to compete for capital. programs and tax breaks aimed at reducing carbon emissions. Freeland said the federal government will “invest aggressively” in clean technology to ensure Canadian industry can compete with U.S. Companies will be able to use the 30-per-cent tax credit to offset the cost of equipment for mining and processing critical minerals, which are in high demand as the global economy seeks to expand the use of renewable energy and electric vehicles. What will the federal budget cover? Clean energy technologyĪccording to a senior government official, the budget will announce a clean manufacturing tax credit worth more than $3-billion over five years. When will the 2023 federal budget be announced?įinance Minister Chrystia Freeland will deliver the 2023 federal budget in the House of Commons on March 28 at 4 p.m. Here’s everything we know ahead of Tuesday’s announcement.
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