Deputy Prime Minister and Minister of Finance Chrystia Freeland has confirmed the next federal budget's release: Tuesday, March 28.
The deal, which is being pitched by the federal government as a generational fix for an ailing health-care system, would begin with provinces and territories getting an unconditional $2-billion boost to the Canada Health Transfer to cover immediate measures to address hospital backlogs and overflowing pediatric hospitals.
The proposal also includes a five per cent annual hike to the CHT for the next five years, with a built-in mechanism to permanently increase funding in the years after.The Biden administration's Inflation Reduction Act, which cleared the U.S. Congress last year, includes uncapped tax credits designed to unleash investment to accelerate the transition to a cleaner economy south of the border.
Last fall, a senior federal finance department official called the tax credits a "game-changer for climate transition" and warned they would amount to "a gravitational black hole" drawing capital to the U.S. at the expense of Canada and other countries. Freeland tabled an initial response to those challenges in last fall's economic statement — tax credits for clean energy capital costs and for hydrogen production.
Those credits were backstopped by the promise of further action in the 2023 budget. Now, the federal government is warning that provinces will need to offer incentives of their own in key sectors, such as critical mineral extraction and advanced manufacturing.Peter Zimonjic is a senior writer for CBC News. He has worked as a reporter and columnist in London, England, for the Daily Mail, Sunday Times and Daily Telegraph and in Canada for Sun Media and the Ottawa Citizen.
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