The Liberal government in Ottawa released its first budget in more than two years on April 19.
Finance minister Chrystia Freeland reported Canada’s debt is now over $1 trillion following a 2020 deficit of $364 billion in pandemic-related spending. That is expected to continue to rise with deficits of $155 billion this year and $60 billion in 2022.
The budget includes $100 billion in new spending over three yearsincluding costs to maintain federal wage and rent subsidies and aid for laid-off workers until September now, instead of cutting them off in June.
Big ticket items include a $30 billion, $10 a day daycare program and $17 billion for climate change programs.
Promises to a wide range of voter demographics from student grants ($3.1 billion over to two years) to tax benefits for low-income workers ($8.9 billion over five years) to increases in old age security payments for seniors over 75 ($12 billion over five years) are largely viewed as a pre-election platform by pundits.