Here are the main points that our experts noted for you during the presentation of Canada’s latest federal budget as well as the provincial budgets of Québec, Ontario and New Brunswick.
Summary: Federal Budget 2023
Federal budget 2023 announces changes to the alternative minimum tax, extends the six-month increase to the GST rebate, and introduces a “grocery rebate”.
It also increases spending in areas like health and dental care, and introduces direct support for low-income Canadians, and new programs to boost the clean economy.
A 2023 Québec Budget Focused on the Middle Class
The purpose of this Legault government budget, introduced in inflationary times is mainly to give taxpayers, especially the middle class, some room to breathe.
The health and education sectors remain a priority but various measures to bolster the province’s productivity, support the regions and stimulate labour are also on the agenda.
2023 Ontario Budget
Ontario Budget 2023 projects a deficit of $2.2 billion for the 2022-23 fiscal year, compared to a $19.9 billion deficit projected in the previous budget. Ontario anticipates balancing the budget by 2024-25.
2023 New Brunswick Budget
New Brunswick Budget 2023 projects a surplus of $862.6 million for the 2022-23 fiscal year, compared to a $35.2 million surplus projected in the previous budget.
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