![]() ![]() More (much more) information is available in the Canada Budget 2021. Article 2021-2022 federal budget Canadian tax & legal alert 2021-2022 federal budget highlights ApDeputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, presented the 2021-2022 budget in the House of Commons on April 19, 2021. NOW PLAYING Parliamentary Budget Officer Yves Giroux says he's concerned about Ottawa's plan to return the labour markets back to pre-pandemic levels. This provides Canada with some room for manoeuvre as it navigates its way after the pandemic.įortunately for Canadians, one side-effect of the US government’s stimulus package is that it is expected to not only drive growth in the US economy, but in its Canadian neighbour too. The federal finances were in a fairly strong position coming into the pandemic compared with many other countries, with debt at 31 March 2020 of C$813bn (31% of GDP) rising to C$1,176bn (49% of GDP) at 31 March 2021 and a forecast C$1,334bn (51% of GDP) at 31 March 2022. ApFederal Budget 2021 Highlights summarized by National Institute on Ageing: Today’s blog will highlight important 2021 budget information as it relates to Seniors. Deputy Prime Minister and Minister of Finance Chrystia Freeland tabled the 2021 Federal Budget on April 19. ![]() Assuming taxes and other income recovers to C$355bn as expected, the budget shortfall should reduce to C$143bn – still much higher than the C$29bn seen before the pandemic in 2019-20. Spending comprised C$363bn on ‘normal’ federal government activities – operational spending, welfare payments and transfers to provinces and territories and C$272bn on exceptional measures in response to covid-19.ĬOVID-19 spending is much lower in 2021-22 at C$76bn, even as other spending increases to C$422bn as the federal government seeks to generate economic growth following the pandemic – total spending of C$498bn (£285bn). Monday 19 April 2021 saw Chrystia Freeland, the Canadian deputy prime minister and minister of finance, release her country’s 725-page Budget 2021, setting out the Government of Canada’s plan to “finish the fight against COVID-19 and ensure a robust economic recovery that brings all Canadians along”.Īs the #icaewchartoftheweek illustrates, the forecast outturn for the fiscal year ended 31 March 2021 involved spending by the federal government of C$635bn (equivalent to £363bn at an exchange rate of C$1,75:£1), resulting in a budget shortfall of C$339bn after taking taxes and other income of C$296bn into account. ![]()
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