Federal Budget 2023: Farewell surplus, as Liberals take on years of deficit ahead to deliver on programs, hedge against future economic challenges

The Middle Class and making life more affordable for them was the main narrative for Finance Minister Chrystia Freeland's 2023 Budget. 

A document which delivered a number of big funding elements for promises, while putting off any plans for reigning in spending will be banished through the period that should take us to the next election, one likely decided by... the Middle Class.

The Deputy Prime Minister and Finance Minister's Foreword to her Budget telegraphing the focus for the Liberal Government as it looks build the economy of the future during the current challenges, many of the themes familiar from just a few days ago when American President Joe Biden was in the capital.

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Reduced Child Costs, a Grocery rebate that a  marketing slogan rather than a directive, since the money returned can be used on anything and is tied into the already in place GST Rebate. 

Also of note a Dental Care plan expansion to be rolled out by the holidays and the Finance Minister offered up a list of areas where Canadians will find savings or new services in place. 

On the theme of Affordability, there were eight elements of note among them the Grocery Rebate, joined by efforts to crack down on Junk Fees, Predatory Lending and support a Right to Repair.

Full Review here

Health Care themes spoke to Federal/Provincial relationships, the expansion of the Dental Benefit currently in place to that of a program and elements to encourage more doctors and nurses to explore real health care job opportunities

Full Review here

Housing also made for some focus,  a range of measures to try and encourage home building in communities, included it those measures a home accelerator Fund, more funding for the Federal Homelessness strategy, construction of more Affordable Housing and the launch of a Tax Free First Home Savings Account

Full Review here  

Affordable Energy and Clean Economy job creation was another them and Hydro power seems to be the favoured conduit, the Minister's document also noting of the future for Critical Minerals a topic that the American President made some note of during his recent visit to Ottawa.

Full Review here

Investments in the Advancement of Reconciliation spending will continue in a number of areas with education, Health Care and Housing initiatives  among the elements on the list. The largest share of the commitment of financial resources designated towards Child Welfare services across the nation. 

Full Review here

More Inclusive Communities continues to be a focal point for the Liberal Government, with Official Language supports, Advancements for Gender Equality and continued anti-racism strategies all part of the plans ahead.

Full Review here

Improvements when it comes to Services that Canadian use gained some attention a program to catch the eye of Skeena-Bulkley Valley MP Taylor Bachrach was noted that towards protecting passengers rights, along with improvements for Airport Operations and Passenger screening. Better Passport services and improved services for Veterans also gained some attention from the Finance Minister.

Full Review here

The Finance Minster urged Canadians to file their taxes each year, noting how many Canadians leave money behind by not ensuring that they are eligible for those benefits and financial incentives that the government have offered.

The Finance Ministers Speech can be reviewed below:

Concerns seem to be percolating however that an economic slowdown may be building for Canada and that any unknown surprises on the global scene will impact on the Financial health for the country.

The Budget Deficits are forecast to carry on over the next five years, the plans of just a year ago of finding a way back to balanced deferred as new issues create uncertainty. 

With Spending comes a range of measures on  Taxation and there have been a number of changes there as well, you can view how the changes will evolve here.

The Opposition parties were split on how they viewed the Finance Minister's work, the NDP noting of their pressure on the Liberals on things such as Dental Care and climate issues outlined they will support the budget.

The Conservatives and Bloc Québécois were disappointed in the financial plans and said they will not support the Budget.

A moot point, with the Liberals able to rely on that NDP support to move forward with the Financial plans outlined today.

The full document can be explored here.

Cross posted from the North Coast Review.