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Finance Minister Chrystia Freeland tables 2023 fiscal update [Video]

Canadian Economy and Markets

Finance Minister Chrystia Freeland tables 2023 fiscal update

Finance Minister Chrystia Freeland tabled her fall economic statement Tuesday, updating Canadians on the country’s financial health and introducing new measures.

Here are the highlights:

— $20.8 billion: New spending by the federal government since the spring budget.

— $488.7 billion: Total government spending for the present fiscal year, through the end of March 2024.

— 1.1 per cent: The real rate of GDP growth for 2023. It is anticipated that growth will decrease to 0.4 next year. However, the federal government says it doesn’t expect the slowdown to lead to a recession.

— $40 billion: The updated deficit for 2023.

— $38.4 billion: The projected deficit for next year, which is a $3.4-billion increase from the government’s previous prediction.

— $15 billion: Starting in the 2025-26 fiscal year, this amount of money will go toward loan funding to build over 30,000 homes across the country.

— $1 billion: The price for a new affordable housing fund over three years, beginning in 2025-26, which the federal government says will help build 7,000 new homes.

— Up to $7 billion: The amount allocated for special contracts with the goal of giving companies the confidence to make major investments to reduce their greenhouse-gas emissions.

— $309 million: Money for a new co-operative housing development program.

— $35 million: The estimated cost of a public inquiry into foreign interference attempts, including $10 million this year, $22 million in 2024-25 and $3 million in 2025-26.

— $50 million: The amount the government will spend over three years, starting in 2024, to support municipalities that are cracking down on short-term rentals.

— $129 million: Starting this year, Ottawa is proposing to spend this amount over five years on an updated Canadian journalism tax credit. The federal government says it will increase the yearly limit on labour costs that can be claimed per eligible employee from $55,000 to $85,000, and temporarily increase the tax credit rate from 25 per cent to 35 per cent for a period of four years.

— Mortgage relief: Ottawa will update its mortgage charter to guarantee that financial institutions offer tailored relief and reasonable payments for borrowers.

— Tax break for co-ops: Co-operative housing corporations that offer long-term rental accommodations will be eligible for the removal of the GST on new rental housing.

— Tax break for therapy: The federal government proposes to exempt professional services rendered by psychotherapists and counselling therapists from the GST and HST.

— Tackling junk fees: Ottawa is taking action on cracking down on so-called junk fees. This includes ensuring that airlines seat children under the age of 14 next to their accompanying adults at no extra cost and having the Canadian Radio-television and Telecommunications Commission conduct an investigation into international mobile roaming charges.

— Adoption benefit: A shareable, 15-week adoption benefit will be available as part of the employment insurance system, beginning this year.

— Seasonal workers: The fiscal update proposes up to four additional weeks of regular employment insurance benefits to eligible seasonal workers.

— Right to repair: The federal government is taking action to prevent manufacturers from refusing to provide the means of repairs of devices and products.

– With files from The Canadian Press.

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