Canadian budget sees deficit of $52.8B this year vs $58.4B December projection

• Sees debt to GDP at 45.1% vs 47.3% in Dec
• Sees 2023 FY deficit at $39.9B, followed by $27.8B the next year and $18.6B in 2026/27
• Includes $9.5B in net new housing on housing, with (leaked) plan to ban foreign buyers from housing for two years
• To increase corporate tax rates on big banks and insurers on income over $100m to 16.5% from 15.0%
• Sees 2022 real GDP growth of 3.9% and 2023 growth of 3.1%
• Pledges $5.3B over 5 years for dental plan for lower income families
• Forsees up to $3.8B over 8 years for a critical minerals strategy, including a 30% tax credit for exploration
• Carbon capture credit of 60% for direct air capture and 50% for all other equipment, starting in 2022
• Tax credit for carbon capture storage and transport equipment to be 37.5%
• Will extend buyer incentive for zero-emissions vehicles to March 2025 and will broaden to support purchase of more models
• Full budget

There are no big surprises here. CAD CAD The Canadian dollar (CAD) is the official currency of Canada and at the time of writing is the fifth most-held reserve currency in the world behind only the US dollar, euro, Japanese yen, and British pound.The CAD is commonly referred to as the Loonie by forex analysts and traders. At the time of writing, the CAD accounts for 2% of all global currency reserves.Its appeal is strong among central banking authorities given Canada’s economic strength, sovereignty, and historic stability.Originally i The Canadian dollar (CAD) is the official currency of Canada and at the time of writing is the fifth most-held reserve currency in the world behind only the US dollar, euro, Japanese yen, and British pound.The CAD is commonly referred to as the Loonie by forex analysts and traders. At the time of writing, the CAD accounts for 2% of all global currency reserves.Its appeal is strong among central banking authorities given Canada’s economic strength, sovereignty, and historic stability.Originally i Read this Term is unchanged.

The surtaxes on banks and insurance companies aren't as harsh as feared. Trudeau had promised this back in his campaign and bank stocks have struggled lately but will be an interesting spot to watch tomorrow to gauge the response.