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Federal Budget 2021: Canada’s debt set to cross $1 trillion as Liberals extend COVID-19 aid | FULL

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The first federal budget in more than two years extends Ottawa’s COVID-19 “lifeline” for workers and struggling businesses another few months as it aims to pull Canada through the pandemic once and for all.

Finance Minister Chrystia Freeland‘s first crack at a budget plan is also widely viewed as a pre-election platform with more than $100 billion in new spending over the next three years targeting a wide variety of voters, from seniors and their caregivers, to parents and business owners.

Canada’s net debt is now over $1 trillion for the first time ever, after a $354 billion deficit for the pandemic year just over. It is expected to keep climbing with deficits of $155 billion this year, and $60 billion in 2022-23.

That is driven in part by more than $100 billion in new spending over the next three years, including costs to maintain federal wage and rent subsidies and aid for laid-off workers, until September now, instead of cutting them off in June.

We break down the first Trudeau budget in two years, and what it means for everyday Canadians.

Join us for full coverage of Federal Budget 2021.

For more info, please go to https://globalnews.ca/news/7768619/federal-budget-2021-liberals-covid/

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Category
U.S. & Canada
Tags
federal budget 2021, canada budget 2021, trudeau government spending plan
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