Budget focused on jobs and growth receives Royal Assent

From: Department of Finance Canada

Last night, Bill C-30, An Act to implement certain provisions of the budget tabled in Parliament on April 19, 2021 and other measures received Royal Assent. The passage of Bill C-30 enacts the government’s budget plan to finish the fight against COVID-19, create jobs and growth, and ensure a robust economic recovery that brings all Canadians along.

Key measures to support Canadians that will be enacted starting today:

  • The extension of the Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy, and Lockdown Support until September 25, 2021, to give businesses and workers certainty as the recovery takes hold.
  • The extension of important income support for Canadians through the Canada Recovery Benefit and the Canada Recovery Caregiving Benefit.
  • The new Canada Recovery Hiring Program, which will be available retroactive to June 6, 2021 to help businesses hire workers and increase workers’ hours or wages.
  • An increase to Old Age Security (OAS) by 10 per cent for seniors age 75 and older to provide them with better financial security at a stage in life when their savings may run out.
  • The enhanced Canada Workers Benefit which will support about 1 million more low-income working Canadians and help lift nearly 100,000 people out of poverty.
  • The enhanced Employment Insurance sickness benefits which will increase from 15 to 26 weeks.
  • A new $15 federal minimum wage.
  • The waiver of interest on federal student and apprentice loans to March 2023.
  • An emergency top up of $5 billion for provinces and territories – specifically $4 billion through the Canada Health Transfer to help provinces and territories address immediate health care system pressures and $1 billion to support vaccine rollout campaigns across the country.
  • An additional $2.2 billion to address short-term infrastructure priorities in municipalities and First Nations communities, through the federal Gas Tax Fund, renamed the Canada Community-Building Fund.
  • New funding to work with provinces and territories to establish an affordable, high-quality, Canada-wide early learning and child care system.

Quotes

“With the passage of the budget, our government will deliver on its plan to finish the fight against COVID-19, put people first, create jobs, and set our businesses on a track for long-term growth. This is a critical step on our journey to heal the wounds of COVID and get us all back to work so our economy can come roaring back.”

The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

/Public Release. This material comes from the originating organization/author(s)and may be of a point-in-time nature, edited for clarity, style and length. The views and opinions expressed are those of the author(s).View in full here.