Canada announced planned support measures for the population
The new federal budget calls for a large amount of aid to Canadians.
Canada's ruling Liberal Party has formed a new federal budget for the first time in two years. It was presented by Finance Minister Chrystia Freeland.
According to the budget, the government will spend more than $100 billion CAD to support the country in the third wave of COVID-19, as well as to stimulate economic recovery from the pandemic. Of this, $30 billion will be spent on child benefits and wage increases.
Meanwhile, the federal budget deficit for 2020 was more than $354 billion CAD, but authorities believe it can be reduced to $154 billion this year.
"This budget is a smart, responsible and ambitious plan for jobs and growth that is designed precisely to heal the wounds of the COVID-19 pandemic and permanently strengthen Canada's economic strength," Freeland said during the press conference.
Social support
In cooperation with the provinces and territories, the federal government intends to create a national child care program. The $30 billion will be spent to enable families to reduce their spending on education and child care. The government's goal is to reach $10 CAD per day per child by 2026.
In addition, the government is promising to extend the student loan interest waiver until March 2023 and increase Old Age Security payments by $766 CAD per year.
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