Politics Insider: Ottawa releases economic update with billions in new spending
Finance Minister François-Philippe Champagne released a spring economic update projecting over $54 billion in new spending over six years, while still meeting deficit targets due to improved economic growth forecasts. The plan includes previously announced measures like a gas tax break and enhanced GST credits, along with $6 billion for skilled trades and education under the 'Team Canada Strong' initiative. A reduction in Canada Pension Plan contribution rates to 9.5% starting in 2027 will save employees and employers about $133 annually. The update coincides with the one-year anniversary of Prime Minister Mark Carney’s minority government victory.
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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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