June 6, 2023
Finance International

Budget 2023: Secure and Sustainable Investments for Canada

Budget 2023

On March 29, 2023, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released Budget 2023—A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future.

Canada has made a remarkable recovery from the COVID recession. In fact, Canada’s economic growth was the strongest in the G7 over the last year. Furthermore, the country has seen 830,000 more Canadians employed than before the pandemic. Inflation in Canada has fallen for eight months in a row, and the unemployment rate is near its record low. Additionally, the labour force participation rate for women aged 25 to 54 has reached a record high of 85.7 per cent in February, thanks in part to a Canada-wide system of affordable early learning and child care.

Building on this progress, Budget 2023 delivers targeted inflation relief for 11 million Canadians and families who need it most through the new Grocery Rebate. This will provide up to an extra $467 for eligible couples with children, an extra $234 for single Canadians without children, and an extra $225 for seniors on average. Furthermore, the government takes action to crack down on hidden junk fees and predatory lending, lower credit card transaction fees for small businesses, and help Canadians keep more money in their pockets.

To strengthen Canada’s universal public health care system, Budget 2023 delivers $198.3 billion to reduce backlogs, expand access to family health services, and ensure that provinces and territories can provide high-quality and timely health care to Canadians. In addition, the government introduces a new Canadian Dental Care Plan that will benefit up to nine million Canadians and ensure that no Canadian has to choose between taking care of their health and paying bills at the end of the month.

Budget 2023 also makes transformative investments to build Canada’s clean economy, fight climate change, and create new opportunities for Canadian businesses and workers. This includes significant measures that will deliver cleaner and more affordable energy, support investment in communities, and create good-paying jobs. Furthermore, it will ensure that Canadian workers can produce and provide the goods and resources that Canadians and our allies need.

With a responsible fiscal plan, Budget 2023 will see Canada maintain the lowest deficit and lowest net debt-to-GDP ratio in the G7. This will help to build a Canada that is more secure, sustainable, and affordable for people from coast to coast to coast.

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