Today’s 2021 Economic and Fiscal Update offers some positive news for Canadians. Federal revenues are higher than previously predicted, thanks in part to Canada’s energy sector.
The COVID-19 pandemic continues to pose a risk to Canadians’ physical, mental and economic health. We agree with Finance Minister Chrystia Freeland that “the best economic policy is a strong public health policy.” We support the government’s investments in vaccines and rapid tests, as well as targeted support for those most affected.
In the coming months, it will be important to preserve fiscal firepower and further reduce the federal deficit as insurance against future emergencies. Now is not the time for fiscal complacency.
We are encouraged by the Finance Minister’s commitment to bring forward, in Budget 2022, measures to strengthen economic growth and competitiveness. In her words, “the best way to maintain strong public finances [is] by keeping our economy strong.” Any such plan should include significant investments to help the country transition to a low-carbon future.
Canada’s leading employers look forward to working with all parliamentarians and all levels of government to ensure a healthy and sustainable recovery for all Canadians.
November 1, 2023