Federal Budget 2021 Highlights

Budget
The Federal Government announced details of Budget 2021 in April. Budget 2021 showed the projected federal budget deficits as well as key measures to support the government's plans to ensure Canada's robust economic recovery.

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.
Source: https://www.budget.gc.ca/2021/report-rapport/intro-en.html
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