Canada Global(Web News)The fall economic statement presented by the Liberal government acknowledged that the cost of living has become a major burden for Canadians, but at the same time the Liberals pushed the deficit down. kept Some new measures have also been introduced to deal with inflation.
Finance Minister Chrystia Freeland presented her fiscal update in the House of Commons on Tuesday. He also talked about how inflation and a sluggish economy are weighing on the federal budget. Freeland said he would keep the deficit below one percent of gross domestic product (GDP). The Liberals want to keep the current fiscal year’s deficit below projections in their budget presented in the spring, and also reduce the deficit to GDP in 2024-25.
It is also believed that this new fiscal update comes as the federal election is two years away and the wind is currently tipping towards the Conservatives. In his speech to the House of Commons on Tuesday, Freeland said building a Canada that delivers on commitments will be our primary goal for the next two years and beyond. This is a difficult time for us but we will get through this together.
In terms of housing, the federal government will allocate $15 billion for low-cost loans to developers and $1 billion for affordable housing. GST charges will be removed from rental developments and co-op rental housing will be included.
Freeland, meanwhile, said $20.8 billion in new spending would be made over the next five years. It will adopt new rules to encourage the supply of housing, including rental units and affordable housing. But most of the new spending will be related to policies and programs that the federal government has already announced in its fall economic statement. These include several billion dollars for electric vehicle battery plants.
