Federal government announces major transfer amounts for 2022-23

December 21, 2021 – Ottawa, Ontario – Department of Finance Canada

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the Government of Canada will provide a record $87.6 billion in major transfer funding for provinces and territories in 2022-23. This represents an increase of over $3.7 billion from 2021-22. All provinces and territories will receive a year-over-year increase in total major transfer amounts.

As a result of strong economic growth, the Canada Health Transfer will grow by 4.8 per cent this year. This funding will further help provinces and territories provide their residents with the health services they need. Major transfers also include the Canada Social Transfer, Equalization and Territorial Formula Financing.

In addition to these major transfers, the federal government continues to support provinces and territories in the fight against COVID-19. For instance, the Economic and Fiscal Update proposes investments of $1.7 billion to increase access to rapid testing supplies, $2 billion to improve access to the therapeutics and treatments to reduce hospitalizations, and ensure that there are enough booster shots and pediatric vaccines for all eligible Canadians.  

The federal government is committed to spurring economic growth and new jobs and has committed $30 billion over the next five years to build a Canada-wide high-quality early learning and child care system. This investment will save young families thousands of dollars a year, help parents return to the workforce, and is estimated to raise real GDP by as much as 1.2 per cent over the next two decades. To date, the government has reached agreements with eleven provinces and territories.

Source link

Related Posts