Politics Insider: Ottawa releases economic update with billions in new spending
The federal government released a spring economic update detailing over $54 billion in new spending over six years, including measures like a temporary gas tax break, enhanced GST credits, and $6 billion for skilled trades training, while still meeting deficit targets due to improved economic growth forecasts. A reduction in Canada Pension Plan contribution rates is also planned for 2027, saving workers and employers about $133 annually. The update coincides with the one-year anniversary of Prime Minister Mark Carney’s minority government victory. The government has shifted its fiscal calendar, now delivering budgets in the fall and updates in the spring.
- ▪Finance Minister François-Philippe Champagne announced more than $54 billion in new spending over six years in the spring economic statement.
- ▪The update includes $6 billion over five years for education and skilled trades training under a program called “Team Canada Strong.”
- ▪Starting in 2027, the Canada Pension Plan base contribution rate will drop from 9.9% to 9.5%, saving employees and employers about $133 annually.
- ▪The economic update was released one year after Prime Minister Mark Carney’s government won a minority mandate.
- ▪The government has reversed its fiscal calendar, now delivering budgets in the fall and economic updates in the spring.
Opening excerpt (first ~120 words) tap to expand
ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountHello, welcome to Politics Insider. Let’s look at what happened today. Finance Minister François-Philippe Champagne released a spring economic statement today that accounts for more than $54-billion in new spending over six years since the November budget.At the same time, it still beats Ottawa’s deficit targets thanks to improved forecasts for growth.Bill Curry, Stephanie Levitz and Mark Rendell report that much of that new spending includes recent multibillion-dollar announcements such as boosting the GST credit and a short-term break on gas taxes.The major new funding announced for the first time includes about $6-billion over five years for a package of incentives aimed at education and the skilled…
Excerpt limited to ~120 words for fair-use compliance. The full article is at The Globe and Mail.
Discussion
0 commentsMore from The Globe and Mail
