Apr. 8, 2022

A closer look at Canada's budget 2022

Scanning the 304-page document here is what stood out for me. 

Over the next five years we will not be paying our way. Rather we will rack up another $147 billion in deficits to be added therefore to our Federal debt which is now over a trillion dollars. 

For the future period to 2060 Average potential GDP growth per capita of 18 OECD countries like ours , Canada ranks last.

Research and Development
Research and Development Business expenditures as a per cent of GDP in the OECD group of nations Canada ranks 21 out of 37—years 2015–2019 

ICT Hardware and Software and Database Investments Canada ranks 17 out of 29 OECD countries —2015–2019

Government In The Economy Growing, Growing 
In Budget 2021, the federal government announced a range of important programs and initiatives that will help foster economic growth, including:

• $8 billion to transform and decarbonize industry and invest in clean technologies and batteries;

• $4 billion for the Canada Digital Adoption Program, which launched in March 2022 to help businesses move online, boost their e-commerce presence, and digitalize their businesses;

• $1.2 billion to support life sciences and bio-manufacturing in Canada, including investments in clinical trials, bio-medical research, and research infrastructure;

• $1 billion to the Strategic Innovation Fund to support life sciences and bio-manufacturing firms in Canada and develop more resilient supply chains. This builds on investments made throughout the pandemic with manufacturers of vaccines and therapeutics like Sanofi, Medicago, and Moderna;

• $1.9 billion for the National Trade Corridors Fund to make Canada’s transportation infrastructure more efficient and more effective, like twinning parts of the Trans-Canada Highway in Nova Scotia and road and rail improvements at the Port of Vancouver;

• $1.5 billion for regional development agencies to support the country’s economic recovery through programs like the Jobs and Growth Fund and the Canada Community Revitalization Fund;

•$1 billion for the Universal Broadband Fund (UBF), bringing the total available through the UBF to $2.75 billion, to improve high-speed Internet access and support economic development in rural and remote areas of Canada;

•Enhancing the Canada Small Business Financing Program, increasing annual financing to small businesses by an estimated $560 million;

• $1.2 billion to launch the National Quantum Strategy, Pan-Canadian Genomics Strategy, and the next phase of Canada’s Pan-Canadian Artificial Intelligence Strategy to capitalize on emerging technologies of the future;

•$1 billion to revitalize the tourism sector;

• Helping small and medium-sized businesses to invest in new technologies and capital projects by allowing for the immediate expensing of up to $1.5 million of eligible investments beginning in 2021;

• Continuing to work with partners to support the revitalization of East Montreal, including projects that promote innovation, development, and a green and inclusive transition of the area; and

• Cutting tax rates in half for businesses that manufacture zero-emission technologies

And in 2022 
A New Growth Fund of $15 billion

A new Innovation and Investment Agency—$1Billion 

Whew! Get the picture???