Many observers expressed some surprise that the federal budget presented Thursday did not contain as much spending as expected. The deficit will be $114 Billion in this fiscal year and drop to half that in 2023. by 2027 the deficit will be almost gone according to the projections released with Thursday’s budget
The budget promises to introduce tax-free savings accounts that would give first-time home buyers the chance to save up to $40,000. Contributions would be tax-deductible and withdrawals would also be tax-free.
The government is launching a new housing accelerator fund — worth $4 billion over five years — to help municipalities speed up housing development. The goal is to create 100,000 new housing units in the next five years.
The government also announced the beginning of a dental program that will start this year with children under 12 years old and expand to cover Canadians under 18 years old, seniors and people with disabilities in 2023.
Bay Observer Publisher John Best discussed the budget will Bill Kelly on 900 CHML Friday.