HomeNewsNationalFederal budget tabled, deficit to continue for foreseeable future

Federal budget tabled, deficit to continue for foreseeable future

The federal budget will aim to help Canadians struggling with high prices and inflation.

A targeted grocery rebate will see low-income residents receive a one-time payment on their GST rebate cheque.

Single people with no children will receive $234, families of four will get $467 and seniors can expect $225.

Finance Minister Chrystia Freeland also unveiled a plan to reform the Criminal Code to limit the interest predatory lenders can charge on services like payday loans.

Details were also revealed on the dental-care plan which will provide dental care to uninsured Canadians with a family income of less than $90,000 annually.

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This year’s budget comes in with a much higher deficit, $43 billion, than the $36.4 billion previously forecasted.

Slower economic growth and lower government revenues are being blamed with the budget projecting that there will still be a $14 billion deficit on the books in five years.

That’s a reversal from last fall’s projection that the budget would be balanced by 2027-28.

***With files from Wendy Gray

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