A few days ago, the Minister of Finance gave Canada budget 2021 highlights. She indicated that there would be 101.4 billion dollars in new spending over next three years. The goal is to recover from the pandemic and kickstart the move to a greener economy. So what are some of the main highlights of the budget?
Canada Budget 2021 Highlights – Main Points
Here are some of the main highlights of the 2021 budget taken from the government of Canada’s website and CBC’s website below. Both those sites go into great deal about the budget but here are the main highlights below:
-Extending the Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy and Lockdown Support until September 25, 2021.
-Extending the weeks available for the Canada Recovery Benefit and the Canada Recovery Caregiving Benefit.
-Increasing the Employment Insurance sickness benefits from 15 to 26 weeks.
-$30 billion over five years and $8.3 billion per year after that to create and sustain a national child care program. Goal is a $10/day child care service by 2025-2026.
-Taxable grant payment of $500 to Old Age Security pensioners age 75 or older as of June 2022 and a 10 per cent boost to maximum OAS benefits for pensioners 75 or older starting July 1, 2022.
-$18 billion to build safer, healthier Indigenous communities.
-$17.6 billion for green recovery which means to conserve 25 per cent of lands and oceans by 2025. Also, put Canada on course to exceed climate change targets by cutting emissions to 36 per cent below 2005 levels by 2030.
-A new $15 federal minimum wage.
The above are some of the main highlights of the budget. The government’s plan is ambitious but opponents are worried about the excess spending and huge debt that will be incurred. Will the government’s plan work? Only time will tell as life is pretty unpredictable right now.