Budget 2022: A look at the highlights of the federal Liberal fiscal plan

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Finance Minister Chrystia Freeland tabled the 2022 federal budget on Thursday. Here are some highlights:

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— $452.3 billion in new spending out of projected revenues of $408.4 billion for a deficit of $52.8 billion. The debt-to-GDP ratio is set at 45.1%.

— $4 billion over the next five years to launch a new fund within the Canada Mortgage and Housing Corporation to help cities and municipalities create more affordable housing, and $1.5 billion over two years to CMHC’s Rapid Housing Initiative to create 6,000 new affordable housing units with at least a quarter of the funding going to women-focused projects.

— $625 million over four years, starting in 2023-2024, for child care, to help provinces and territories build new facilities and make new investments. The new funding follows various federal child care agreements with provinces and territories after they raised concerns that nonprofit and public providers were facing soaring child care prices. real estate and building materials.

— $1 billion over five years, starting in 2022-2023, to create an independent federal agency for innovation and investment. The measure is designed to stimulate economic growth and recognize that Canada ranks last in the G7 for business research and development spending.

— The defense budget received new funding with more than $8 billion pledged over five years to better equip the Canadian Armed Forces, strengthen cybersecurity and support a culture of change. The budget contained no roadmap on whether it would be enough to boost Canada’s defense spending to NATO’s target of 2% of GDP as the alliance strives to strengthen Europe after the Russian invasion of Ukraine.

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— Up to $1 billion in new loan resources for the Ukrainian government through the International Monetary Fund to help keep its beleaguered government functioning.

— $4 billion over six years, starting in 2021-2022, to eliminate systemic barriers preventing First Nations children from receiving health, education and social services. The funds are part of the government’s commitment to Jordan’s Principle, which began in 2016.

— $5.3 billion over five years starting in 2022-2023 and $1.7 billion thereafter to Health Canada to provide dental care to Canadians following the agreement between the Liberals and the NDP. The plan will begin with children under 12 in 2022 at an initial cost of $300 million.

— $1.7 billion over five years starting in 2022-2023 to help make zero-emission vehicles more affordable for people. The Canadian Infrastructure Bank will spend $500 million over five years to build the infrastructure needed for the 1,500 charging stations the government has promised to build across Canada.

— $547 million over four years starting in 2022-2023 to help businesses upgrade their fleets to zero-emission vehicles.

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