Key Highlights of Federal Budget 2023-24

Federal Liberal government releases 2023-24 spending plan with focus on health care, clean economy and affordability measures. The key highlights of the budget are:

• $40.1 billion projected federal deficit for the coming fiscal year.

• $59.5 billion in new spending over the next five years, with $8.3 billion to be spent over the coming fiscal year.

• $83 billion expected cost of tax credits for clean energy and electricity through to the 2034-35 fiscal year.

• $13 billion expected cost of the Canada dental benefit over the next five years, or $7.3 billion more than initially projected.

• $49.4 billion in health-care cash flowing to provinces and territories in the 2023-24 year.

• $4.5 billion expected cost of a clean technology manufacturing investment tax credit over five years.

• $2.5 billion cost of a “grocery rebate” to help low-income Canadians dealing with high prices and inflation.

• $4 billion planned spending over seven years on an Indigenous housing strategy, with $1.9 billion expected to be spent in the next five years.

• Funding of $158 million over three years to create a new 9-8-8 suicide prevention phone line.

• Proposed amendment to the Canada Labour Code to prohibit the use of replacement workers during a strike or lockout.

• Consultations on “reciprocal treatment” in response to the U.S. Inflation Reduction Act.

• $56 million spending allocated for protecting diaspora communities and all Canadians from foreign interference, threats and covert activities.

• $200 million funding for the Department of National Defence to donate equipment to assist Ukraine, including eight Leopard 2 battle tanks