The federal government has tabled a $491 billion budget with a focus on a green economy, inflation and health care.

The deficit will now sit at an increased $40 billion dollars. Projections that government could be back in black by 2028 have been scrapped due to an additional $60 billion in spending over the next 5 years.

Despite increased spending, Federal Finance Minister Chrystia Freeland says Ottawa is able to make “transformative investments” while continuing to manage the cost of running the government.

In the past two budget’s tabled by Freeland, COVID-19 was top of mind. This time around the focus was on the economy, inflation, and health care.

Another one-time double GST payment will be in the pockets of low-income Canadians this year. The $2.5 billion measure will be known as a grocery rebate to help those who are struggling with the increase in food prices.

Further to an agreement the Liberals established with the NDP in 2022, $13 billion will be put forward for an expanded federal dental care plan for nearly nine million Canadians without dental insurance.

Meanwhile, tax increases are in store for some of Canada’s highest earners. The minimum rate of 15 per cent will now be bumped up to 20.5 per cent, coupled with new limits on deductions and credits by 2024.

It is predicted that 99 per cent of those increases will be paid out by those who make over $300,000 per year.