Finance Minister Chrystia Freeland has presented her first budget, and it is focused on helping Canadians recover from the economic impacts of the COVID-19 pandemic. With a focus on creating jobs, supporting small businesses and investing in the long-term prosperity of the country, Freeland aims to provide a strong foundation for Canada’s economic recovery.
The budget includes $101.4 billion in new spending over the next three years, with a goal of creating 500,000 new jobs by the end of 2021. This will be achieved through measures such as extending the Canada Emergency Wage Subsidy and the Canada Emergency Rent Subsidy until September 2021. The budget also proposes to increase the federal minimum wage to $15 per hour, a move that will benefit over 26,000 people.
But it’s not just about short-term relief. Freeland also outlined plans to invest in the country’s long-term prosperity, with a focus on expanding high-speed internet access, creating affordable childcare options, and transitioning to a greener economy. This includes a historic $30 billion for a national child care program that aims to reduce costs for families and create more spaces for children. Additionally, the budget includes $17.6 billion for green initiatives, such as a tax on luxury cars and personal aircraft and investments in clean energy projects.
