De Souza Financial
Government of Canada releases Budget 2023
Updated: May 3
Government of Canada releases Budget 2023 From: Department of Finance Canada
Federal budget will support a stronger middle class, an affordable economy, and a healthy future for Canadians March 28, 2023 - Ottawa, Ontario - Department of Finance Canada Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released Budget 2023—A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future. Canada has made a remarkable recovery from the COVID recession. Canada’s economic growth was the strongest in the G7 over the last year, and today, 830,000 more Canadians are employed than before the pandemic. Inflation in Canada has fallen for eight months in a row, our unemployment rate is near its record low, and, supported by a Canada-wide system of affordable early learning and child care, the labour force participation rate for women aged 25 to 54 reached a record high of 85.7 per cent in February. Budget 2023 builds on this important progress. Through the new Grocery Rebate, Budget 2023 delivers targeted inflation relief for 11 million Canadians and families who need it most, with up to an extra $467 for eligible couples with children; an extra $234 for single Canadians without children; and an extra $225 for seniors, on average. The government also takes action to crack down on hidden junk fees and predatory lending, lower credit card transaction fees for small businesses, and help Canadians keep more money in their pockets. To strengthen Canada’s universal public health care system, Budget 2023 delivers $198.3 billion to reduce backlogs, expand access to family health services, and ensure provinces and territories can provide the high quality and timely health care Canadians expect and deserve. In Budget 2023, the government also introduces a new Canadian Dental Care Plan, to benefit up to nine million Canadians and ensure that no Canadian has to choose between taking care of their health and paying the bills at the end of the month. Budget 2023 makes transformative investments to build Canada’s clean economy, fight climate change, and create new opportunities for Canadian businesses and Canadian workers. This includes significant measures that will deliver cleaner and more affordable energy, support investment in our communities and the creation of good-paying jobs, and ensure that Canadian workers are able to produce and provide the goods and resources that Canadians and our allies need. With a responsible fiscal plan that will see Canada maintain the lowest deficit and the lowest net debt-to-GDP ratio in the G7, Budget 2023 will help to build a Canada that is more secure, more sustainable, and more affordable for people from coast to coast to coast.
“I have never been more optimistic about the future of our country than I am today. Budget 2023 will deliver new, targeted inflation relief for the Canadians who need it most; stronger public health care, including dental care for millions of Canadians; and significant investments to build Canada’s clean economy. At a challenging time in a challenging world, there is no better place to be than Canada.” The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance