Jean Yip
Jean Yip
Member of Parliament for Scarborough—Agincourt
2021 Economic & Fiscal Update
December 16, 2021

On December 14, 2021, we released the Economic and Fiscal Update to provide Canadians with a look at our nation's finances and our plan to finish the fight against COVID-19, make life more affordable for Canadians, and ensure our economic recovery leaves no one behind.

On top of existing support measures from Budget 2021 and our Speech from the Throne, please see below for highlights that may be of interest to you along with other business updates:

Finishing the fight against COVID-19

Preparing for Omicron:

Clean and Healthy Indoor Air by Improving Ventilation

Support for people

Help for Seniors Receiving Guaranteed Income Supplement and

Help for Students Affected by CERB Payments

Extending the Home Office Expense Deduction

Early Learning and Child Care Investments to Make Life More Affordable

Support for businesses

Relieving Supply Chain Congestion

Supply chain disruptions around the world have made it harder for Canadians and businesses to get the products and supplies they need, and in many cases are contributing to rising prices. The recent devastating flooding in British Columbia has only exacerbated these pressures.

To help strengthen supply chains and address bottlenecks, in 2021-22, the government will launch a new, targeted call for proposals under the National Trade Corridors Fund to assist Canadian ports with the acquisition of cargo storage capacity and other measures to relieve supply chain congestion. The Fund will dedicate up to $50 million to support eligible priority projects. Further details on the targeted call for proposals will be announced in the coming weeks.

Help to Pay Costs of Climate Change

Fiscal update

Our economic plan is working – Canada has largely recovered from the economic damage inflicted by COVID-19 and is poised for robust growth in the months to come. Here are some of the fiscal highlights in Canada:

Preserving Canada's Low Debt Advantage

Canada’s history of prudent fiscal management means that, even with unprecedented investments to fight the virus, Canada continues to have the lowest net debt-to-GDP ratio relative to international peers. In fact, over the course of the pandemic, Canada has even increased its low debt advantage.

Despite a necessary and unprecedented level of spending to support Canadians during COVID-19, our public debt charges as a share of GDP will be the same this year and next year as they were in 2018-19.

Other measures

Immigration to Grow Our Economy and Welcome New Canadians

Enhanced Support for Teachers

Compensation for First Nation Children and Families

 

For the full update, click here: https://www.budget.gc.ca/efu-meb/2021/home-accueil-en.html 

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