The Parliamentary Access Channel CPAC provided a broadcast of today's 2021 Budget speech, which starts at the eleven minute mark
Finance Minister Chrystia Freeland has had a busy few months of putting together a Federal budget, the first in two years for the Liberal government and a major reading project at 739 pages.
As COVID continues to dominate the political and economic landscape, the budget was crafted to continue the government's measures in response to the coronavirus and to set the stage for economic recovery in the period that will follow once Canadians have finally put the challenging times of the last year behind them.
“This budget is about finishing the fight against COVID-19. It’s about healing the wounds left by the COVID-19 recession. And it’s about creating more jobs and prosperity for Canadians in the days—and decades—to come.” -- Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland
Thankfully for our eyes and the prospect of a deep dive into the language of financial planning, the Union of British Columbia Municipalities has pared down the required reading a bit, flagging some of the key themes of note for Canadians with some focus on British Columbia specific themes that will be of specific interest to municipalities in the province.
On Housing, the Minister outlined how there will be an additional 2.5 billion put towards construction and repair of affordable housing units over a seven year period, along with 1.5 billion for the Rapid Housing Initiative.
There was also a re-allocation of over 1 billion dollars towards repair of housing and transitional shelters, a new tax on the value of non-resident, non Canadian owned real estate that is considered vacant or underused. Just over half a million dollars over two years will also be directed to the Federal Reaching Home Homelessness initiative.
The Big money program was the Federal Government's introduction of a Child care program with investment of up to 27.2 billion dollar offer five years, with a 50/50 split for a share of child care cost and provincial or territory governments to be part of an Initiative five year agreement.
Climate Action and Clean Strategies will receive 5 billion over seven years starting this year. An agreement between British Columbia and the Federal government will see the creation of the Centre for Innovation and Clean Energy to advance the commercialization of clean technology.
Long Term Care will see a three billion dollar financial injection over five years starting next year, that to ensure there are standards in place and applied and that more permanent changes are put in place.
The Budget also has funding for a range of Economic Development proposals, including half a billion dollars towards a new regional development agency in the province, with other funding going towards Tourism relief, Community Service Recovery and community infrastructure themes.
The Federal government is also continuing with its COVID relief programs with 10 billion dollars to be put towards extending the wage subsidy initiative until September 25th and close to two billion dollars in place for the rent subsidy and other lockdown supports also to run until September 25th.
The UBCM overview can be examined here.
They also do a little math for all of us, with the UBCM noting how with this budget, Canada now has a 354.2 billion dollar deficit, with a federal debt that reaches to 51 percent of the nations Gross Domestic product.
The full budget document can be explored through this link while the text of Ms. Freeland's speech is archived here.
A synopsis of the Liberal government's plans can be found here.
Budget Day is one of the high holy days for Canada's journalists and their contribution to the national narrative of the 2021 Federal Budget can be found through our political blog D'Arcy McGee and our Ottawa Observations feature.
Further notes on the House of Commons can be reviewed here.
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