Politics Insider: Ottawa releases economic update with billions in new spending
The Canadian government has released a spring economic update detailing over $54 billion in new spending over the next six years. This update includes significant funding for education and skilled trades, as well as tax relief measures for workers and employers. The government aims to support infrastructure and energy projects while maintaining its deficit targets through improved growth forecasts.
- ▪Finance Minister François-Philippe Champagne announced more than $54 billion in new spending over six years.
- ▪The update includes about $6 billion for education and skilled trades incentives under the 'Team Canada Strong' initiative.
- ▪Starting January 1, 2027, the Canada Pension Plan contribution rate will decrease from 9.9% to 9.5%, saving employees and employers approximately $133 annually.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountHello, welcome to Politics Insider. Let’s look at what happened today. Finance Minister François-Philippe Champagne released a spring economic statement today that accounts for more than $54-billion in new spending over six years since the November budget.At the same time, it still beats Ottawa’s deficit targets thanks to improved forecasts for growth.Bill Curry, Stephanie Levitz and Mark Rendell report that much of that new spending includes recent multibillion-dollar announcements such as boosting the GST credit and a short-term break on gas taxes.The major new funding announced for the first time includes about $6-billion over five years for a package of incentives aimed at education and the skilled…
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