Highlights of the fiscal update
- Deficit forecast at C$381.6B in FY vs $343.2B in July forecast
- April-Sept deficit at $198.1B vs $5.8B a year ago
- Sept deficit at $27.6B vs year ago at $0.6B
- 2021-22 deficit expected at $121.2B
- 2022-23 deficit expected at $50.7B
- Canada will invest $100B over three years to 'jumpstart' economy
The fiscal taps are wide open in Canada and aren't closing after the pandemic.
- 2020-21 federal debt-to-GDP at 50.7% vs 49.1% in July forecast
The report doesn't include long term forecasts but says Canada will resume 'prudent and responsible' fiscal path" when the economy is more stable.
- Will issue first ever green bond in 2021-22
- Plans tax on corporations providing digital services from Jan 1, 2022
- Plans to apply sales tax to all digital platforms offering short-term rental accommodations
- Plans to oblige multi-national digital companies to charge sales tax on products sold in Canada from July 1, 2021
- $200,000 annual limit will apply on employee stock options grains
- Canada considering tax on foreign home ownership
