2023 Federal Fall Economic Statement

Yesterday, Canada’s Minister of Finance and Deputy Prime Minister, Chrystia Freeland, unveiled the 2023 Fall Economic Statement. Cost of living is the top issue Canadians face today. The holiday season is upon us, but most Canadians are wondering how they’ll afford their groceries and pay their rent on top of buying gifts for their loved ones. This issue, coupled with the housing crisis, has caused Trudeau’s government to fall in the polls. This year’s FES includes clear-cut spending measures to address the cost of living and housing crisis. These measures are an attempt to change course and turn things around for the Trudeau Liberals.

Housing and Affordability

  • Investments of over $20 billion over the next 6 years to incentivize construction of new housing supply.
  • Cracking down on unfair junk fees charged by banks, airlines, and telecommunications providers. These include NSF fees and roaming charges.
  • Amending the Competition Act to mitigate the effects that large companies have in predatory pricing.

Clean Energy

  • Expanding the Clean Tech Investment Tax Credit to include electricity or heat producing equipment from waste biomass.
  • Expanding the Canada Growth Fund to be the principal federal entity for issuing carbon contracts for difference, allocating $7 billion out of its $15 billion budget.

Taxation

  • Amending the Excise Tax Act to eliminate the GST and HST for psychotherapy and counselling services.
  • Advancing legislation to implement a minimum tax for multinationals that use Canada as a tax haven.

This year’s federal FES is centred on showcasing the government’s commitment to addressing that issues Canadians most care about, particularly concentrating in key constituencies in Ontario in which the Liberals depend on for support. With this announcement, Trudeau is hoping Canadians see his government as one that will make life more affordable.

This marks the official start for the federal government to kick off consultations for the 2024 budget. If you’d like to submit a budget proposal but don’t know where to start, at SWON Public Affairs we are ready to ensure your voice is heard. Give us a call to book a free consultation!

 

Photo Credits: The Globe and Mail