Canada’s 2021 Budget Will Be Announced April 19 as the Country Races Against Variant COVID-19 Spread

The federal government will table its first budget in more than two years on April 19, 2021.

Finance Minister Chrystia Freeland announced the hotly anticipated date for Budget 2021 in the question period on Tuesday in keeping with tradition on how budget dates are normally revealed.

The last budget was tabled on March 19, 2019.

Former finance minister Bill Morneau delayed the budget that was scheduled for March 2020 as the House of Commons shut down amid the escalating coronavirus pandemic crisis.

Since then, the federal government has rolled out hundreds of billions of dollars worth of pandemic spending on a wide range of programs including new benefit programs like the Canada Emergency Response Benefit and the Canada Recovery Benefit, as well as tax deferrals and industrial subsidies.

Estimates from Parliamentary Budget Officer Yves Giroux peg the likely deficit at $382 billion.

However, Giroux has cautioned that figure soar to $400 billion in response to changing levels of public health restrictions and the effects on jobs and businesses.

Finance Minister Freeland also mentioned the government plans to include details in the budget of plans to get women back into the workforce after the pandemic disproportionately devastated women’s involvement in the workforce as daycares and eldercare options shuttered amid the pandemic.

She has also said the budget would include details on the pandemic recovery plans, including child care promises.

Ms. Freeland described the three-year program as costing between $70 billion and $100 billion worth of government funding to jumpstart the economic recovery from the pandemic.

The Finance Minister also shared an overview of the recovery program in November 2020, while presenting the fiscal snapshot of coronavirus spending, warning that the Canadian economic recovery from the pandemic will likely not begin until “deep into 2021.”

She added that the combination of extensive spending on social programs, and the economy stifled by pandemic restrictions and plans for roughly $100 billion in recovery stimulus over the next three fiscal years means the federal deficit likely won’t return to pre-pandemic levels until at least 2026.

This content is also available in: Tiếng Việt

#seesomething, saysomething

Culture Magazin magazine always wants to listen and receive contributions from readers.
In case you submit articles about your ideas, interesting social events or hot news that you would like to share with us, email us at info@culturerus.com or inbox us at the FB page – https://www.facebook.com/culturemagazin.
Try our test reporter once. Quality articles will be selected and posted on Culturemagazin’s website and official social networking sites!
#seesomething, saysomething

Discover

Bài Liên Quan

More than 200,000 Canadian Businesses Will Close Forever Because of COVID-19 Pandemic Says CFIB

According to a new study, more than 200,000 Canadian businesses could be permanently shut down during the COVID-19 crisis, leaving millions out...

Developers Building Smaller Apartments Despite Residents Wanting More Space

Developers are rolling out studio and one-bedroom apartments in the Toronto area, even as demand for small apartments has plummeted during the...

Ontario Launches COVID-19 Worker Protection Plan Including Paid Sick Days Until Late September

Ontario’s finance and labour ministers announced Wednesday the province is introducing a “Worker Protection Benefit” that will allow for qualified workers to...

Health Canada Has Final Data Needed to Make a Decision on Moderna’s Vaccine

Health Canada said it will “soon” be ready to announce the results of whether it can authorize a second COVID-19 vaccine after...

Toronto Zoo pivots to ‘drive-thru experience’ as safe alternative in COVID era

TORONTO — The Toronto Zoo will be a “drive-thru experience” when it gets the green light to open its gates to visitors,...

As Canadian oil sands site fights infections, some want fewer fly-in workers

Reported By: Rod Nickel and Jeff Lewis WINNIPEG, Manitoba/TORONTO, May 12 (Reuters) - A coronavirus outbreak at a Canadian...

Finding Comfort at Home through Designs

The transition of seasons is an opportunity to hit ‘refresh’ –  a chance to evaluate our routines and how we interact with our space....

This content is also available in: Tiếng Việt