Harbourwalk condos.Crack down on real estate speculation. In the 2022 Canadian federal budget, the government plans to add C $60 billion in spending over the next five years, aimed at building the economy while continuing to reduce the deficit.Please Visit: Harbourwalk condos to Get Your VVIP Registration Today!
Deputy Prime Minister and Minister of Finance Fang Huilan’s federal budget outlines how the Liberal government proposes to guide the Canadian economy to cope with persistent inflation while getting rid of the massive stimulus spending of the pandemic era, including addressing housing affordability and strengthening Canadian forces in the face of global instability caused by Russia’s war in Ukraine. And fulfilling progressive policy promises to help them stay in power.
The budget proposes to add C $9.5 billion in new spending in the 2022-23 fiscal year, the largest of which is focused on housing supply, indigenous reconciliation, climate change and defence, while spending more than C $2 billion on income generation.
The total amount of new spending listed in the 2022 federal budget is more than C $60 billion, but the net increase is much lower, about C $29 billion, taking into account plans that target banks and other businesses to generate tens of billions of dollars in new revenue to help repay the Canadian government’s debt.
The budget, entitled “promoting Economic growth and making Life more affordable”, shows that the federal deficit for the 2021-22 fiscal year is expected to be C $113.8 billion, down from the C $144.5 billion estimated in the latest fiscal update. Over the next few years, the deficit will also be less than previously predicted, estimated at C $52.8 billion in 2022-23 and declining year by year, falling to C $8.4 billion by 2026-27.
The government believes that Canada has recovered quickly from the COVID-19 epidemic because real GDP has returned to pre-epidemic levels ahead of schedule, a rebound in employment and an increase in government revenue have brought the government closer to balance than expected, while the Canadian government is still committed to passing billions of Canadian dollars in new spending.
At a press conference before submitting the nearly 300-page document to the House of Commons, Fang Huilan said: “this budget includes substantial investment in economic growth. This is a three-part growth plan: a series of investments in the population will drive growth, and real estate is at the core of these investments. The second is investment in green transformation, which we all know is crucial, and the third is investment in increasing productivity. ”
Prime Minister Trudeau said, “the budget is first and foremost to continue to support Canadians. We have shown that one of the best ways to ensure a strong recovery in our economy is for Canadians to invest in the right thing to achieve economic growth.” And it is carried out within a financially responsible framework.
Pedro Antunes, chief economist of the Canadian Federation of large Enterprises, told CTV News that this is still a considerable expenditure budget compared with before the outbreak, but it is feasible due to the relative improvement in the financial situation and the upcoming new revenue measures.
