Yesterday, Finance Minister Chrystia Freeland released the federal government’s Fall Economic and Fiscal Update. The Minister released the update via video-link as it was reported some of her staff had tested positive for COVID-19.
This is the first fiscal update since the last election and focused on three main themes:
- Finishing the fight against COVID-19
- Support of people
- Support for businesses
Due to an increase in the government’s revenue and (to some degree) lower spending, the final deficit is expected to be lower by roughly $10 billion for the 2021-2022 fiscal year.
Other highlights include:
- $50 million to help relieve supply chain congestion at Canada’s ports.
- Proposed new Small Business Air Quality Improvement Tax Credit of 25% of the cost of upgrading ventilation systems and air filtration, up to $10,000 per location and $50,000 in total.
- $1.7 billion to increase access to rapid testing supplies in Canada.
- $2 billion to procure COVID-19 therapeutics and treatments.
- $110 million to improve ventilation in schools (including $10 million for schools on indigenous reserves).
- $70 million to support ventilation projects in public and community buildings such as hospitals, libraries and community centres.
- Targeted support for businesses.
You can read the full update in the links below.