A Canadian flag waves in front of the Peace Tower on Parliament Hill in Ottawa, Ontario, Canada, on March 22, 2017. REUTERS / Chris Wattie / File Photo
Canada will present a $ 1 billion budget on Monday for pandemic recovery measures as COVID-19 infections soar, $ 2 billion ($ 1.6 billion) for national child care and new taxes on luxury goods.
Liberal Prime Minister Justin Trudeau’s first budget in two years will also allocate C $ 12 billion ($ 9.6 billion) to extend fall payroll and rental programs, the Toronto Star reported Sunday.
Finance Minister Chrystia Freeland will present the budget around 4pm (2000 GMT).
The document promises more than C $ 2 billion as a “starting point” for a national daycare program, said Canadian Broadcasting Corp., which added that the 2020-2021 federal deficit had reached less than $ 400 billion. Canadian dollars.
In November, the government predicted a deficit of C $ 381.6 billion, which would be its highest level since World War II. [https://tmsnrt.rs/3wSJPcm]
The budget will also include a luxury tax in effect from 2022 on new cars and private jets worth more than $ 100,000 C ($ 79,970) and boats worth more than $ 250,000 C, familiar government sources told Reuters with the document. L1N2MB0LV
Starting in July, there will be a tax on sales of online platforms and e-commerce stores and a tax on digital services for web giants like Google (GOOGL.O) and Facebook Inc. (FB.O) of Alphabet Inc. since 2022.
Freeland pledged up to C $ 100 billion in incentives in November over three years to “start” an economic recovery during what is likely to be an election year, and the government has so far not backed that commitment. Read more
Environment Minister Jonathan Wilkinson, in statements to CBC, confirmed that the budget would be “ambitious” and that the government would “invest in jobs and growth to rebuild this economy,” although he added that there would be “tax barriers” to allocating spending to a “sustainable track”.
Amid a third wave of infections, Ontario, Canada’s most populous province, announced new public health restrictions on Friday, including closing the province’s borders to non-essential domestic travel. Read more
Canada has intensified its vaccination campaign, but still has a lower percentage of its inoculated population than dozens of other countries, including the United States and Britain.
(1 $ = 1.2514 Canadian dollars)
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