Federal Budget 2021 Highlights
The projected Federal Budget Deficit for 2020-2021 is $354 billion. For 2021-2022, the project deficit will be $144 billion to $169 billion.
Here are the key measures included:
- A Canada-wide early learning and child care system will be established to provide affordable and high-quality child care. New investments amount to almost $30 billion over the next 5 years to support this measure.
- Extension of the Canada Emergency Wage Subsidy (CEWS), Canada Emergency Rent Subsidy (CERS) and the Lockdown Support until September 25, 2021.
- Extension of important income support for Canadians such as the Canada Recovery Benefit and the Canada Recovery Caregiving Benefit.
- Enhancement of the Employment Insurance sickness benefits from 15 to 26 weeks.
- Increase Old Age Security for Seniors age 75 and older.
- Launch the new Canada Digital Adoption Program to assist businesses with the cost of new technology.
- Allow small businesses to fully expense up to $1.5 million in capital investments in a broad range of assets including digital technology and intellectual property.
- Support the tourism sector's recovery through a $1 billion investment.
- Enhancement of initiatives like the Black Entrepreneurship Program and the Women Entrepreneurship Strategy.
- Establish a $15 federal minimum wage.
- Additional support to low wage workers through the enhanced Canada Workers Benefit.
- $17.6 billion investment in a green recovery to help Canada reach its target to conserve 25% of Canada's land and oceans by 2025.
- Investment of over $18 billion to help close the gaps between Indigenous and non-Indigenous peoples.