targeted reductions<\/q>\u00a0including an effort to curb the use of\u00a0professional services<\/q>\u00a0and management consultants and a reduction in travel expenses<\/p>\n\n\n\nShe’s promising to levy a two per cent tax on stock buybacks, to hike the\u00a0
alternative minimum tax<\/q>\u00a0to make the wealthier pay more and to tax dividends received by financial institutions \u2014 three initiatives that are projected to raise $11.6 billion over the next five years<\/p>\n\n\n\nThe budget is also increasing the air travellers security charge by 32.85 per cent to address the sorry state of Canada’s airports. That works out to a $34.82 levy on international flights<\/p>\n\n\n\n
Air passengers will also be on the hook for some of the costs associated with improving security and baggage screening<\/p>\n\n\n\n
In a speech to MPs after tabling her budget, Freeland said the document maintains Canada’s\u00a0
proud tradition of fiscal responsibility<\/q><\/p>\n\n\n\nWith economic growth expected to flatline this year (Ottawa is projecting a 0.3 per cent increase in GDP), Freeland said Ottawa needs to follow an economically prudent path while spending more in some areas<\/p>\n\n\n\n
By exercising fiscal restraint, we are ensuring that we can continue to invest in Canadians and in the Canadian economy for years to come<\/q>\u00a0she said<\/p>\n\n\n\nKevin Page, the former parliamentary budget officer, told CBC News the government clearly has grown\u00a0
more pessimistic<\/q>\u00a0about Canada’s economic outlook since the fall economic statement<\/p>\n\n\n\n
We’re looking at flat real growth in 2023. The unemployment rate is going to tick up. You really can’t make the case that they’ve loosened the purse strings all that much in this budget<\/q>\u00a0he said, adding the planned spending increases are relatively\u00a0modest<\/q><\/p>\n\n\n\nMissing from Freeland’s document is any major new initiative to help ease the housing supply crunch \u2014 a problem that has only gotten worse as the country absorbs hundreds of thousands of new arrivals who are all looking for a place to live<\/p>\n\n\n\n
Canada added more than a million people last year. Housing starts haven’t kept pace<\/p>\n\n\n\n
In terms of a housing affordability, we’re in real trouble<\/q>\u00a0said Armine Yalnizyan, an economist<\/p>\n\n\n\n
I think it’s remarkable that this government is importing over a million people, temporarily and permanently, and every one of those people needs a place to live and we’re not accelerating our building of affordable rental housing<\/q><\/p>\n\n\n\nThe government’s long-promised home savings account will roll out this year, offering tax savings for first-time buyers<\/p>\n\n\n\n
The Financial Consumer Agency of Canada is also drafting some sort of\u00a0
code of conduct<\/q>\u00a0to protect Canadians with mortgages who are facing\u00a0exceptional circumstances<\/q>\u00a0The budget offered no details<\/p>\n\n\n\nRoughly 70 per cent of the $43 billion in net new spending announced in this year’s budget is earmarked for health and dental care over the next six years<\/p>\n\n\n\n
The budget sets aside full funding for its dental care plan, fulfilling the government’s commitment to the NDP<\/p>\n\n\n\n
The program will continue to roll out this year, extending dental services to lower income Canadians who don’t already have access to a dentist<\/p>\n\n\n\n
The program’s price tag is steep: $13 billion over five years<\/p>\n\n\n\n
When the program is fully operational in 2025, nine million uninsured Canadians with an annual family income of less than $90,000 will qualify for coverage. There will be no co-pays for those with a family income under $70,000<\/p>\n\n\n\n
The program will be run by Health Canada with a\u00a0
third-party benefits administrator<\/q>\u00a0charged with actually managing program benefits \u2014 a structure that essentially leaves the provinces and territories out of the mix<\/p>\n\n\n\n
No Canadian ever again will need to choose between taking care of their teeth and paying their bills at the end of the month<\/q>\u00a0Freeland saidThere are significant and necessary investments<\/q><\/p>\n\n\n\nWhile the Liberal Party promised a dedicated mental health transfer in the 2021 federal election campaign, Freeland’s budget offers little to help Canadians grappling with depression, anxiety, post-traumatic stress disorder and other ailments<\/p>\n\n\n\n
The largest budget line-item on this file is $158.4 million over three years to launch the 988 suicide prevention phone hotline<\/p>\n\n\n\n
To fight the opioid crisis, the budget is providing $359.2 million over five years to support a\u00a0
renewed Canadian Drugs and Substance Strategy<\/q>\u00a0That includes new money to help prevent substance abuse and streamline the establishment of new\u00a0supervised consumption sites<\/q><\/p>\n\n\n\nThe government signed a landmark deal with the premiers earlier this year \u2014 a major fiscal commitment that will substantially boost the Canada Health Transfer in the coming years<\/p>\n\n\n\n
But the budget doesn’t really address how provinces and territories will maintain current health-care staffing levels and recruit new workers for a system on the ropes after years of pandemic-related disruptions<\/p>\n\n\n\n
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