Monday, October 2, 2023

Federal budget tabled, deficit to continue for foreseeable future

The federal budget will aim to help Canadians struggling with high prices and inflation.

A targeted grocery rebate will see low-income residents receive a one-time payment on their GST rebate cheque.

Single people with no children will receive $234, families of four will get $467 and seniors can expect $225.

Finance Minister Chrystia Freeland also unveiled a plan to reform the Criminal Code to limit the interest predatory lenders can charge on services like payday loans.

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Details were also revealed on the dental-care plan which will provide dental care to uninsured Canadians with a family income of less than $90,000 annually.

This year’s budget comes in with a much higher deficit, $43 billion, than the $36.4 billion previously forecasted.

Slower economic growth and lower government revenues are being blamed with the budget projecting that there will still be a $14 billion deficit on the books in five years.

That’s a reversal from last fall’s projection that the budget would be balanced by 2027-28.

***With files from Wendy Gray

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