The finance minister has huddled with Canada’s banking leaders, the financial regulator and provincial finance ministers since the collapse of a major U.S.-based bank
OTTAWAThe federal budget is in the final stages of writing as the Liberal government keeps a close eye on financial market turmoil over bank troubles in the U.S. and ongoing concerns a recession may yet hit the Canadian economy.
It acknowledges the higher likelihood of a recession as compared to last year and, although turmoil in banking circles is seen as a big new complication, government sources said the situation does not look like the 2008-09 global financial crisis which triggered a deep economic plunge. Last fall, the NDP lobbied for, and the Liberals delivered, a one-time expanded $500 benefit for low-income renters and doubled the GST tax credit for lower income Canadians and families. In this budget, as the Star hasRobert Asselin, senior vice-president of policy at the Business Council of Canada, said Trudeau and Freeland face a political challenge in figuring out how to spend enough to target affordability concerns without risking credibility on the fight against inflation.
Ottawa has already won a North American “carve-in” to Biden’s Buy-American plan, ensuring access for Canadian electric vehicle manufacturing and critical mineral supplies. But the U.S. is flexing its muscle and offering huge enticements to companies who set up south of the border. Freeland’s fall fiscal economic statement unveiled two tax credits, for clean tech and hydrogen projects, which were a “demonstration of a much broader package to come” in response to the Americans, said a source.
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