By Canadian Press

Canadian Press NewsAlert: $452B federal budget focused on affordability, innovation

Apr 7, 2022 | 2:10 PM

OTTAWA — Finance Minister Chrystia Freeland’s second pandemic budget turns Canada’s fiscal focus to making life more affordable for people and giving a long-needed boost to Canadian productivity.

But Freeland is wrapping the budget in copious amounts of yellow caution tape, warning of extreme economic uncertainty posed by Russia’s invasion of Ukraine and the lingering effects of COVID-19.

She makes clear the budget is winding down pandemic-related spending that headlined the last two years, shifting to social economic drivers like housing, immigration and child care.

That should help the Liberals pass this budget easily given their new deal with the New Democrats, with multiple NDP priorities such as dental care, green jobs and a tax on excess bank profits making the cut.

Freeland warns heavily about the security threat posed by Russia’s aggression in Europe, responding with more than $8 billion in new defence spending and up to $1 billion more in new loans for Ukraine.

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Federal spending falls to $452 billion in the new fiscal year with a deficit of $52 billion, which are the lowest figures since before the pandemic but still significantly above pre-pandemic levels. I

More coming.

This report by The Canadian Press was first published April 7, 2022.

The Canadian Press