Highlights from the spring economic update, including CPP contribution cuts and new sports funding
The Liberal government's spring economic update outlines new spending initiatives and fiscal projections aimed at strengthening Canada's economy. Key highlights include a projected deficit reduction and the establishment of a sovereign wealth fund for major projects. Additionally, the update introduces cuts to Canada Pension Plan contributions and new measures to support housing construction and skilled trades training.
- ▪The government projects the 2025-26 deficit will be $66.9-billion, lower than previous forecasts.
- ▪A new sovereign wealth fund will be created with an initial investment of $25-billion from the government.
- ▪The Canada Pension Plan contribution rate will be reduced to 9.5 percent, saving $3-billion annually for workers and employers.
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Open this photo in gallery:Parliament Hill's on Centre Block in Ottawa.Sean Kilpatrick/The Canadian PressShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountThe Liberal government’s spring economic update is framed as the next step of Prime Minister Mark Carney’s promise to keep Canada’s economy on solid footing despite the geopolitical earthquakes set off by the Trump administration.Called “Canada Strong for All,” the update sets out new spending since the fall budget: $54.5-billion over six years. Much of that has been announced in recent weeks and months, such as the boost to the GST credit and the short-term break on gas taxes. But there is new money, and a new fiscal outlook.Here are some highlights.
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