
Finance Minister Chrystia Freeland delivered her fall economic update on Monday, November 21, 2023, outlining the government’s spending and revenue projections for the next five years.
Here are some of the key points from her speech and the accompanying document:
- Fall Economic Statement: Finance Minister Chrystia Freeland tabled her fall economic statement on Tuesday, Nov. 21, 2023, updating Canadians on the country’s financial health and introducing some new measures to target the housing crisis.
- New Spending and Deficit: The federal government announced $20.8 billion in new spending since the spring budget, bringing the total spending for the current fiscal year to $488.7 billion. The deficit for this year is projected to be $40 billion, and $38.4 billion for next year.
- Housing Measures: The government allocated $15 billion for loan funding to build more than 30,000 homes across Canada, and $1 billion for a new affordable housing fund to help build 7,000 new homes. It also introduced tax breaks for co-operative housing corporations and exempted GST and HST from psychotherapy and counselling services.
- Cleantech Investment: The government allocated up to $7 billion for special contracts to encourage companies to make major investments to lower their greenhouse-gas emission. It also announced $309 million for a new co-operative housing development program.
- Other Highlights: The government proposed to spend $50 million to support municipalities in cracking down on short-term rentals, $129 million to update the Canadian journalism tax credit, and $35 million for a public inquiry into foreign interference attempts. It also introduced a shareable, 15-week adoption benefit, additional benefits for seasonal workers, and a right to repair for consumers.
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