Today, Finance Minister Chrystia Freeland released Budget 2023—A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future.
Canada’s economic growth was the strongest in the G7 over the last year, and today, 830,000 more Canadians are employed than before the pandemic. Inflation in Canada has fallen for eight months in a row, our unemployment rate is near its record low, and, supported by a Canada-wide system of affordable early learning and child care, the labour force participation rate for women aged 25 to 54 reached a record high of 85.7 per cent in February.
Budget 2023 builds on this progress.
Through the new Grocery Rebate, Budget 2023 delivers targeted inflation relief for 11 million Canadians and families who need it most, with up to an extra $467 for eligible couples with children; an extra $234 for single Canadians without children; and an extra $225 for seniors, on average. The government also takes action to crack down on hidden junk fees and predatory lending, lower credit card transaction fees for small businesses, and help Canadians keep more money in their pockets.
“We all know that our most vulnerable friends and neighbours are still feeling the bite of higher prices,” Freeland said. “And that is why our budget delivers targeted inflation relief to those who need it most. For 11 million Canadians and Canadian families, a new Grocery Rebate will help make up for higher prices at the checkout counter—without adding fuel to the fire of inflation. Because what all Canadians want right now is for inflation to keep coming down, and for interest rates to fall.
“Which is why the budget I have tabled today will ensure that Canada maintains the lowest deficit and the lowest debt-to-GDP ratio in the G7. We’re making sure the very wealthy and our biggest corporations pay their fair share of taxes, so we can afford to keep taxes low for middle-class families—and invest in our health care system and social safety net.”
To strengthen Canada’s universal public health care system, Budget 2023 delivers $198.3 billion to help reduce backlogs, expand access to family health services, and help ensure that provinces and territories can provide the high quality and timely health care Canadians expect and deserve. In Budget 2023, the government also introduces a new Canadian Dental Care Plan, to benefit up to nine million Canadians and ensure that no Canadian has to choose between taking care of their health and paying the bills at the end of the month.
Budget 2023 makes investments to build Canada’s clean economy, fight climate change, and create new opportunities for Canadian businesses and Canadian workers. This includes measures that will deliver cleaner and more affordable energy, support investment in our communities and the creation of good-paying jobs, and ensure that Canadian workers are able to produce and provide the goods and resources that Canadians and our allies need.
“We are going to build a clean electrical grid that connects Canadians from coast-to-coast-to-coast, protects our environment, and delivers cleaner, more affordable electricity to Canadians and Canadian businesses,” Freeland said. “We are going to make Canada the very best place in the world for businesses to invest, because that means more vibrant, prosperous communities, and more good careers for Canadians. Canada has free trade deals with countries that represent two-thirds of global economy. We are going to make Canada a reliable supplier of clean energy to the world, and, from critical minerals to electric vehicles, we are going to ensure that Canadian workers mine, and process, and build, and sell the goods and the resources that our allies need.”
For more Budget 2023 information, visit budget.canada.ca.
Photo: Today, Finance Minister Chrystia Freeland released Budget 2023—A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future.