CA Annual Budget Release

A fair chance to build a good middle class life—to do as well as your parents, or better—that’s the promise of Canada. For too many, especially for younger Canadians, that promise is at risk. We have a plan to fix that. We have a plan to build a Canada that works better for you, where you can get ahead, where your hard work pays off, where you can buy a home—where you have a fair chance at a good middle class life. First, we’re building more affordable homes. Because the best way to make home prices more affordable is to increase supply—and quickly. That’s why we’re cutting red tape and reforming zoning. We’re building more apartments and affordable housing across the country and unlocking public lands and vacant government offices to build homes for Canadians. For Millennial and Gen Z renters, we’re restoring the chance to make progress towards homeownership. We’re creating more tax-free ways to save for your first down payment. We’re giving renters credit for rental payments, so when it comes time to apply for that first mortgage, you’ll have a better chance of qualifying. post: CANADA BUDGET SEES REAL GDP GROWTH OF 0.7% IN 2024 VS 0.5% IN NOVEMBER, 1.9% IN 2025 VS 2.2%, 2.2% IN 2026 VS 2.4%, 2.1% IN 2027 VS 2.2%. post: *CANADA TO INCREASE CAPITAL GAINS TAX ON FIRMS, INDIVIDUALS

Canada has made a remarkable recovery from the COVID recession. The strongest economic growth in the G7 over the last year. 830,000 more Canadians employed than before the pandemic. Near-record low unemployment. A record 85.7 per cent labour force participation rate for Canadian women in their prime working years, supported by our Canadawide system of affordable early learning and child care. Inflation has fallen for eight months in a row, and the Bank of Canada predicts that it will fall to just 2.6 per cent by the end of the year. With these strong economic fundamentals, Budget 2023 comes at an important moment for our country—and at an important moment for the world. In the near-term, we must contend with a slowing global economy, elevated interest rates around the world, and inflation that is still too high. In the months and years to come, we must seize the remarkable opportunities for Canada that are presented by two fundamental shifts in the global economy: the race to build the clean economies of the 21st century, and our allies’ accelerating efforts to friendshore their economies by building their critical supply chains through democracies like our own. Budget 2023 is a direct response to these essential challenges, and it delivers: post at 4:06pm: ACCORDING TO THE CANADA BUDGET, THE TOTAL NET COST OF NEW POLICY ACTIONS IMPLEMENTED SINCE THE NOVEMBER 22 FISCAL UPDATE UNTIL THE END OF THE FISCAL YEAR 2027/28 WILL BE C$43.0 BILLION. post at 4:05pm: CANADA'S BUDGET ANTICIPATES A C$35.0 BILLION DEFICIT IN 2024/25, A C$26.8 BILLION DEFICIT IN 2025/26, A C$15.8 BILLION DEFICIT IN 2026/27, AND A C$14.0 BILLION DEFICIT IN 2027/28. post at 4:06pm: ACCORDING TO THE CANADA BUDGET, PRIVATE SECTOR ECONOMISTS PREDICT A SHALLOW RECESSION IN 2023. post at 4:07pm: THE CANADIAN BUDGET FORECASTS 0.3% REAL GDP GROWTH IN 2023, 1.5% IN 2024, 2.3% IN 2025, 2.2% IN 2026, AND 1.9% IN 2027.

post at 4:11pm: Trudeau budget sees deficits of C$114 billion in 2021-22, C$53 billion 22-23 - BBGA Plan to Grow Our Economy and Make Life More Affordable Taken individually, the events of the last two years have not been without precedent. Canada has endured previous recessions and even pandemics. We have been buffeted by European wars and fought in them, too. We have experienced crises big and small, and we have always prevailed. But in this country’s nearly 155 years, Canadians have never been through a time like the one we have been living through these past 25 months. On that Thursday in March of 2020––when travel plans were hastily cancelled and lines suddenly formed at our grocery stores––we knew that this virus would disrupt our lives. But few imagined quite how much and for quite how long. Yet here we are. We bent but we did not break. Canadians have done everything that has been asked of them, and more. And so, to all of them—to all of you—I want to say thank you! I now have the honour of tabling my second federal Budget. I tabled my first in April of 2021. In the year preceding it, the Canadian economy had teetered on the brink. Our economy contracted by 17 per cent—the deepest recession since the 1930s. Three million Canadians lost their jobs. It was a shattering economic blow. The Great Depression scarred this country for a generation or more. It was entirely reasonable to fear that the COVID recession would likewise hamstring us for years; that millions of Canadians would still today be without jobs; and that the task of rebuilding our country would be the work of decades. We knew we could not let that happen. And so we provided unprecedented emergency support to Canadian families and Canadian businesses. Our relentless focus was on jobs—on keeping Canadians employed, and on keeping their employers afloat. It was an audacious plan. And it worked. Our economy has recovered 112 per cent of the jobs that were lost during those awful first months, compared to just 90 per cent in the United States. Our unemployment rate is down to just 5.5 per cent—close to the 5.4 per cent low in 2019 that was Canada’s best in five decades. Our real GDP is a full 1.2 per cent above where it was before the pandemic. Just think about that: After a devastating recession—after wave after wave and lockdown after lockdown—our economy has not just recovered. It is booming. Today, Canada has come roaring back.

post at 4:07pm: *TRUDEAU BUDGET SEES DEFICITS OF C$354B IN 2020-21, C$155B 21-22 post at 4:08pm: STARTING IN 2022, CANADA'S BUDGET INTRODUCES A 3% DIGITAL SERVICES LEVY; EFFECTIVE IN JANUARY, A 1% TAX ON EMPTY LAND HELD BY NON-RESIDENT, NON-CANADIANS WOULD BE IMPOSED. post at 4:09pm: CANADA BUDGET: FROM $1.08 TRILLION IN 2020/21 TO $1.23 TRILLION IN 2022/23, THE FEDERAL DEBT IS EXPECTED TO INCREASE TO $1.41 TRILLION IN 2025/26.Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience After thirteen months of uncertainty and hardship, Canadians continue to battle COVID-19, with determination and grit. We are all tired, frustrated, and sometimes even afraid. Yet, it’s our responsibility to finish this fight – and to ensure that nothing like it ever threatens our country in this way again. That is our job. It’s also our job to tackle the work of recovery, to create the conditions for new employment and new growth, now and in the years ahead. This budget is about finishing the fight against COVID. It’s about healing the economic wounds left by the COVID recession. And it’s about creating more jobs and prosperity for Canadians in the days – and decades – to come. It’s about meeting the urgent needs of today, and about building for the longterm. It is a budget focused on middle class Canadians, and on pulling more Canadians up into the middle class. It’s a plan that embraces this moment of global transformation to a green, clean economy. This budget addresses three fundamental challenges. First, we need to conquer COVID. That means buying vaccines and supporting provincial healthcare systems. It means enforcing our quarantine rules at the border and within the country. It means providing Canadians and Canadian businesses with the support they need to get through these final, third-wave lockdowns, and to come roaring back when the economy fully reopens. Second, we must punch our way out of the COVID recession. That means ensuring lost jobs are recovered as swiftly post at 4:14pm: CANADA BUDGET: AT AN EXPENSE OF $12.1 BILLION, THE GOVERNMENT WILL EXPAND PAY AND RENT SUBSIDY MEASURES UNTIL SEPTEMBER 25, 2021, AND INTRODUCES A NEW 6-MONTH $595 MILLION REHABILITATION RECRUITING SCHEME.