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Federal Budget Calls for a $354 Billion Dollar Deficit

Monday, 19 April 2021 16:44

The Federal Budget calls for billions in relief spending, child care and includes new taxes on luxury items and streaming services.

CANADA - The Federal Liberals have tabled their first budget in two years.

The 739 page document includes massive amounts of spending and a $354 billion dollar deficit as the Country tries to rebound from COVID-19.

The budget includes 30 billion over 5 years on a subsidized national child care program. Finance Minister Chrystia Freeland says the goal is that five years from now, parents across the country should have access to high quality early learning and child care, for an average of $10 a day.

The Liberals also plan to increase the national minimum wage to $15 an hour. 

The Federal Government is also introducing a Netflix tax which will force major companies like Netflix, Amazon, Spotify and Apple to pay the same level of taxes as Canadian companies on revenue they make in Canada. This will likely raise the prices for all of those streaming services.

Another new tax will impact one percenters. Canada is implementing a 20 percent tax on cars and planes worth more than $100,000 and boats and yachts that cost over $250,000. 

The budget also includes Billions of dollars in relief packages to support people during the third wave of the Pandemic. This includes money for seniors, women, small businesses, students, young people looking to buy a first home, Indigenous and racialized communities. 

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