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Canada election heralds more government spending
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In a major shift, Canada election heralds more government spending
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Canada vote heralds more govt spending
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As Canada’s federal and provincial budgets swell, sales-tax increases may follow Erica Alini © Provided by Global News Minister of Finance Chrystia Freeland walks to a news conference before delivering the federal budget in Ottawa, Monday April 19, 2021.
Canada s provincial and federal government debt has ballooned during the COVID-19 pandemic, as it has for governments around the world, as they cope with both the costs of a health emergency and the need to use taxpayer dollars to prop up their economies.
But in Canada, some of the new public spending will settle at a permanently higher level or resume an upward trend once life goes back to normal, some economists say.
Finance Minister Chrystia Freeland on March 18, 2020. Photo by Kamara Morozuk
The 2021 federal budget would slash corporate taxes for zero-emission technology manufacturers, offer tax credits for carbon-capture initiatives and spend billions of dollars on projects to cut carbon pollution and boost climate resiliency.
The budget unveiled Monday by Finance Minister Chrystia Freeland contains several long-term, environment-focused funding initiatives, adding up to a $17.6-billion “green recovery” plan the governing Liberal Party hopes will create jobs, lower emissions and support Canada’s cleantech businesses.
It includes a $5-billion, seven-year commitment to the government’s “net-zero accelerator” for projects meant to decarbonize heavy-emitting sectors like steel and aluminum and “attract the large-scale investments needed to meet our goal of net-zero by 2050.”