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Canada's Federal Finance Minister Bill Moreau tables his first budget

Canada's Federal Finance Minister Bill Moreau tables his first budget

India Blooms News Service | | 23 Mar 2017, 12:21 pm
Calgary, Mar 23 (IBNS): Canada's Federal Finance Minister Bill Moreau tabled his first budget on Wednesday, which was basically aimed at assuring middle class, according to media reports.

Alcohol and tobacco taxes going up, Uber will charge GST/PST over fare.abolition of public transit credit and inevitable deficit are just a few of the salient features of federal budget 2017.

Emphasizing the need for building a strong middle class, Budget 2017 has opted for targeted investments where new funding is less and while allocating better funding for ongoing projects.

Inviting Canadians to cope with fast changing global economy as well as to empower women in workforce, the budget has set aside 1.8 billion this year for skills and innovation, nearly half of which has already been declared.

Budget has also earmarked $3.4B for critical needs of Indigenous communities.

Other targeted programs include funding for child care, social housing and to train jobless youth and Indigenous people and other Canadians to adapt to the changing economy.

The projected budget deficit estimated to be $28.5B for 2017-18 compared to $23 billion this year.

The budget has not mentioned any timeframe to balance the books.

The budget also proposed to spend $8.5 billion in capital spending for defence.

$691.3 billion over next five years to caregiver benefit for Canadians supporting critically ill or injured family members.

$395.5 million over next three years to expand youth employment strategy.

$279.8 million over five years for the temporary foreign workers program.

$57.8 million for mental health care for federal inmates.

$50 million over two years for teaching initiatives to help children learn to code.

$27.5 million for programs to help newcomers get foreign credentials recognized.


(Reporting by Chandan Som)

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