How Freeland's fiscal update impacts you
CTV
Finance Minister Chrystia Freeland unveiled the federal government’s latest economic update today, touting affordability measures for Canadians struggling through a cost-of-living crisis, while trying to balance fiscal restraint and help rein in inflation.
Finance Minister Chrystia Freeland unveiled the federal government’s latest economic update today, touting affordability measures for Canadians struggling through a cost-of-living crisis, while trying to balance fiscal restraint and help rein in inflation.
Freeland — through her highly anticipated fall economic update — announced billions in net new spending, and projects the deficit will be $40 billion in 2023-24.
This year’s document was less of a mini-budget, with fewer new spending measures than in recent years, marking more of a return to the traditional fall fiscal updates of pre-pandemic years.
There are, however, still a series of measures included that may impact you, and CTVNews.ca has sifted through the 131-page fall economic statement to find out which will make the biggest difference to your pocketbook.
Ahead of the fall economic statement’s release, Freeland had signalled the update would focus heavily on housing, with measures geared toward making renting and purchasing a home more affordable, namely by building up supply.
“Put simply: Canada does not have enough homes—and we need to build more of them, fast,” the fall economic statement reads.
The Canada Mortgage and Housing Corporation has been warning there needs to be at least 3.5 million more homes built by 2030 to improve affordability.
