Budget 2021: DCN/JOC quick highlights

OTTAWA — Federal Finance Minister Chrystia Freeland unveiled Budget 2021 today telling Canadians that we will

“finish the fight” against COVID-19 with help from a budget that is focused on middle-class Canadians and embracing a “green and clean” economy.

Here are some key highlights:

• a $354 billion deficit is projected, with the shortfall improving to $154.7 billion in 2021-22.
• New government spending will consist of proposed investments totalling $101.4 billion over three years.
• The budget cites a permanent public transit fund, with $14.9 billion over eight years for public funding of transit projects across Canada starting 2021-22.
• $5 billion over seven years to a Net Zero Accelerator, which supports projects that will help reduce domestic greenhouse gas emissions.
• $470 million over three years, beginning in 2021-22, to Employment and Social Development Canada to establish a new Apprenticeship Service.
• Employers would be eligible to receive up to $5,000 for all first-year apprenticeship opportunities to pay for upfront costs such as salaries and training, boosted to $10,000 for hiring women, racialized Canadians and people with disabilities.
• $22.6 million over four years, starting in 2021-22, to Infrastructure Canada to conduct Canada’s first-ever National Infrastructure Assessment. The assessment “would help identify needs and priorities for Canada’s built environment.”
• $35 million over five years, starting in 2021-22, to the National Capital Commission to support the acquisition and upkeep of federal assets, green infrastructure and spaces in the National Capital Region.
• $4.4 million in 2021-22 to Transport Canada and VIA Rail Canada to advance due diligence and to de-risk a high frequency rail project between Toronto and Quebec City, and $491.2 million to VIA Rail Canada for infrastructure investments to support the overall project.
• $319 million over seven years to fund research, development and demonstrations that would improve the commercial viability of carbon capture, utilization and storage technologies.
• $500 million over two years, starting in 2021-22, to the regional development agencies for the Canada Community Revitalization Fund.
• The government plans to publish a green bond framework in advance of issuing its first federal green bond in 2021-22, with an issuance target of $5 billion.