BREAKING: Trudeau Liberals commit to spending $56 BILLION more in 2022 budget

Finance Minister and Deputy Prime Minister Chrystia Freeland tabled the federal budget on Thursday, with the Liberals signaling that they will be committing to a more fiscally responsible approach than what has been seen in the past two years, and even the years before that.

Freeland said that Canada's budget was "not infinite," and that it was time to "review and reduce" spending.

"Canada has a proud tradition of fiscal responsibility. It is my duty to maintain it — and I will," she said.

Freeland said that "All of Canada’s fiscal guardrails—from the unemployment rate, to employment rate, to actual hours worked—have effectively recovered to their pre-pandemic levels."

Notable budgetary commitments, as reported by CPAC, include:

Housing

The Budget pledges billions aimed at addressing affordability and shortages, including $4B Housing Accelerator Fund and $4B over seven years for Indigenous housing.

• Budget calls for 2-year ban on foreign purchase of non-recreational residential property, with certain exemptions for refugees, international students, work permit holders.
• $475M for a one-time $500 payment to “those facing housing affordability challenges,” with specific details to come “at a later date.”

Defence

Budget confirms $8B in additional spending over 5 years with additional $500M to Ukraine and “immediate” focus on North American defence, alliance commitments, and replacing shortfalls of critical equipment.

• The federal budget allocates $875M/5 yrs to combat cyber security threats.

Economy

Creation of a Canada Growth Fund to boost private-sector investment towards “national economic policy goals” such as emissions reduction, green growth, critical supply chains.

• Creation of a Canada Innovation and Investment Agency ($1B/5yrs) aimed at private investment in new technology, research, and development.
• Small business tax rate to be phased out at $50 million of taxable capital instead of $15 million.

Environmental action

Investment tax credit planned to accelerate development of cost-effective projects for emissions removal, with initial rates between 37.5 percent and 60 percent.

• $3.8B/8yrs to support production, processing, research, and supply chains, plus a new 30 percent critical mineral exploration tax credit.
• Federal government planning a 30 percent investment tax credit for clean and net-zero technology.

Indigenous services

$4B/5 yrs to support Jordan’s Principle, and $1.6B/5 yrs for health, education, and infrastructure.

• $210M/5yrs of additional funding for work on burial sites linked to former residential schools.

Justice

Budget proposes creation of a Canada Financial Crimes Agency to take the lead on money laundering and terrorism financing.

• $539M/5 yrs for provinces and territories to fight gender-based violence.
• Federal budget promises legislation to “prohibit the communication of statements, other than in private conversation, that willfully promote antisemitism by condoning, denying or downplaying the Holocaust.”

Immigration

$1.3 billion over five years to boost the asylum system and $386 million on entry process for visitors, workers, and students.

Taxes

$1.2B/5 yrs to expand CRA audits of those engaged in “aggressive tax planning” and criminal tax evasion.

The New Democrats' leader Jagmeet Singh has already stated that he will support the Liberals' budget.

The 2022-23 deficit projection is set at $52.8 billion.