{"id":9739,"date":"2023-04-27T12:00:00","date_gmt":"2023-04-27T12:00:00","guid":{"rendered":"https:\/\/www.canadianrealestatemagazine.ca\/2023-federal-budget-a-madeincanada-plan\/"},"modified":"2023-10-24T04:30:24","modified_gmt":"2023-10-24T04:30:24","slug":"2023-federal-budget-a-madeincanada-plan","status":"publish","type":"post","link":"https:\/\/www.canadianrealestatemagazine.ca\/news\/2023-federal-budget-a-madeincanada-plan\/","title":{"rendered":"2023 Federal Budget: A Made-In-Canada Plan"},"content":{"rendered":"

While inflation has cooled for the second consecutive month \u2014 a decrease to 5.2 percent in February from January\u2019s 5.9 percent result after 40-year highs last summer \u2014 grocery bills remain high. In fact, groceries are the single highest variable cost category for Canadian families on average, outpacing heavy-hitter households: energy consumption.<\/p>\n

Recent research polls show the economy and, more specifically, inflation remains among the top issues weighing on the minds of Canadians\u00a0coast to coast.<\/p>\n

Budget Overview<\/strong><\/h2>\n

The full 2023 federal budget, entitled \u201cA Made in Canada Plan,\u201d can be\u00a0read here<\/a>.<\/p>\n

In general terms, it shows that the federal deficit is projected to be $43 billion this fiscal year, and Finance Minister Chrystia Freeland is no longer forecasting that federal coffers could be back in the black by 2027-2028.<\/p>\n

The government unveiled its continued deficit spending targeted at Canadians’ pocketbooks, public health care, and the clean economy.<\/p>\n

Adding to the deficit may have ruffled some feathers.<\/p>\n

In response to criticisms, Freeland had this to say,\u00a0\u201cNew measures to support a thriving net-zero Canadian economy\u00a0will generate good jobs and broad-based prosperity.\u201d<\/p>\n

In essence, as part of the national strategy to combat inflation, the federal government is choosing to increase spending versus cutting it back to meet the revenue shortfall.<\/p>\n

Combatting Food-Flation<\/strong><\/h2>\n

With the cost of food in stores rising by 10.6 percent year over year last month, according to Statistics Canada, the federal government is proposing a new one-time \u201cgrocery rebate.\u201d<\/p>\n

An eligible couple with two children could receive payment of up to $467. A senior citizen would receive $225, while a single individual would receive $234. The federal budget also speaks to a one-time payment to combat inflation.<\/p>\n

Critics of the budget have questioned how helpful these one-offs are when inflation is an ongoing issue being faced by Canadian families.<\/p>\n

To that, Albertan MP Randy Boissonnault noted that it\u2019s a balancing act. In his opening, the government needs to protect Canada\u2019s AAA credit rating on the global economic stage. Also of importance is to provide some relief to Canadian households until inflation levels out, which can be expected by December 2023, according to the Bank of Canada\u2019s latest prediction.<\/p>\n

Growing A\u00a0Green Economy<\/strong><\/h2>\n

The federal government plans on spending $20.9 billion in new money on growing the green economy.<\/p>\n

Arguably the centrepiece in Tuesday’s budget was the chapter on spurring economic growth in Canada’s clean energy sectors\u00a0through investment tax credits, low-cost strategic financing, and targeted programs to foster growth in critical minerals and other key sectors such as electric vehicles.<\/p>\n

Clean electricity has been touted as “the backbone” of the federal government’s plan.<\/p>\n

Its opportunity is two-fold; to tackle climate change and keep Canada competitive in a low-carbon future by harnessing the economic opportunities of the federal investment.<\/p>\n

This portion of the federal spending plan includes:<\/p>\n