The financial course for the fiscal year has been set by the Trudeau Government – prioritizing housing and overall affordability.
Finance Minister Chrystia Freeland tabled the budget on Tuesday afternoon on Parliament Hill, and overall it projected spending will rise to $535 billion in 2024-25, while the deficit is projected at $39.8 billion. There is $11.5 billion in new spending this year and $53 billion over the next five years.
A big part of the plan is the approach to housing. It aims to make the cost of renting or owning a home more accessible by creating a supply of 3.87 million new homes by 2031. Freeland also says they will make more public lands available for home construction, including Canada Post and National Defence properties.
Other highlights:
-The government will spend $48 million over four years and $15.8 million thereafter to forgive the loans of early childhood educators
-$273.6 million over six years for community outreach, law enforcement, counter-radicalization and victim support
-More than $900 million over six years for greener homes and energy efficiency programs
-set up a $500-million fund to help community health organizations give more mental-health care to young people
-$1 billion over five years on a national school food program
-boosting military spending to 1.76 per cent of GDP by 2030
More details to come.
(Written by: Jordan Mercier with files from The Canadian Press)