The federal budget has been unveiled by Finance Minister Bill Morneau and new spending is down dramatically over last year.
New spending totals $1.3 billion but all of it is money that has already been budgeted in previous spending plans.
The new projected deficit for the coming year is $28.5 billion dollars.
Here it is! The next step in our ambitious plan to make smart investments & build a brighter future for Canadians. https://t.co/Dt13nlj78d
— Bill Morneau (@Bill_Morneau) March 22, 2017
Employment insurance premiums are going up, canada savings bonds are being phased out, taxes are climbing on alcohol and tobacco products, with annual increases tied to the rate of inflation.
Budget 2017 https://t.co/yukXUHUd7Z
— Bill Morneau (@Bill_Morneau) March 22, 2017
The budget is also outlining some big social spending over the coming years.
Morneau says there’ll be millions spent for everything from public transit to social housing and Indigenous programs.
He says $7 billion will be set aside over the next 10 years to increase the number of child care spaces for low and middle income families.
Morneau also announced $3.5 billion for skills training over five years.
There’s also funding for immigration and refugee legal aid, and money to battle gender based violence across the country.
For northern Ontario, the budget for Fednor is going up over the next five years, with the regional development program being promised $5 million a year.
