Federal Budget 2023: Resilience and Recovery
On March 28, 2023, Canada's federal government unveiled its budget for the fiscal year 2023-2024. Titled "Investing in a Resilient Canada", the budget promises to support Canadians and businesses as the country continues to recover from the COVID-19 pandemic while also taking steps to address climate change and other pressing issues.
One of the key elements of the budget is an emphasis on creating jobs and boosting economic growth. To that end, the government has proposed significant investments in infrastructure, including $17.6 billion over the next five years for public transit and $2.5 billion over the next seven years for rural broadband.
In addition to infrastructure spending, the budget includes several measures to support workers and families. The government has proposed extending the Canada Recovery Benefit (CRB) until March 2024 and increasing the maximum duration of the benefit from 26 weeks to 38 weeks. The budget also includes funding for affordable housing and child care, with a focus on supporting low-income households.
Another major focus of the budget is addressing climate change and transitioning to a low-carbon economy. The government has pledged $5 billion over the next five years to support the development of clean technology and $1.4 billion over the next seven years for green infrastructure. The budget also includes measures to support the adoption of electric vehicles and reduce emissions from heavy-duty vehicles.
Overall, the federal budget for 2023 appears to prioritize economic recovery and growth, while also taking steps to address pressing social and environmental issues. While some may criticize the level of government spending outlined in the budget, the government seems to be making a concerted effort to address the needs of Canadians as the country continues to navigate the challenges posed by the pandemic and beyond.
