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The Canadian budget forecasts a deficit of $52.8 billion this year compared to $58.4 billion for the December projection


  • Debt to GDP ratio stands at 45.1% vs. 47.3% in December
  • Sets deficit of $39.9 billion for fiscal year 2023, followed by $27.8 billion the following year and $18.6 billion in 2026/27
  • Includes $9.5 billion in net new housing, with a (leaked) plan to ban foreign buyers from housing for two years
  • Raise corporate tax rates for major banks and insurers on income over $100 million to 16.5% from 15.0%
  • Projects real GDP growth of 3.9% in 2022 and growth of 3.1% in 2023
  • Pledges $5.3 billion over 5 years for dental plan for low-income families
  • Provides up to $3.8 billion over 8 years for a critical minerals strategy, including a 30% exploration tax credit
  • Carbon capture credit of 60% for direct aerial capture and 50% for all other equipment, starting in 2022
  • Tax credit for capture, storage and transport equipment at 37.5%
  • Extend the incentive for zero-emission vehicle buyers through March 2025 and expand to support the purchase of more models
  • Full budget

There are no big surprises here. BODY

BODY

The Canadian dollar (CAD) is the official currency of Canada and, at the time of writing, is the fifth most widely held reserve currency in the world behind the US dollar, euro, Japanese yen and British pound. . The CAD is commonly referred to as the Loonie by forex analysts and traders. As of this writing, the CAD represents 2% of all global currency reserves. Its appeal is strong among central banking authorities given Canada’s economic strength, sovereignty and historical stability. Originally introduced in 1858, the CAD has since its inception maintained a close link to the US dollar. This is due to the high degree of trade between the two countries, with the United States receiving the vast majority of Canadian exports, and Canada in turn importing more than half of its goods from its southern neighbour. For brief periods, the CAD has been pegged to the US dollar throughout its history. Currently, the Bank of Canada (BoC) is responsible for intervening to maintain the value of the currency. The value of the CAD is highly correlated to the strength of global commodity prices such as oil. As a producer and exporter of oil and other commodities, Canada benefits from rising crude oil prices. When commodity prices rise, Canada’s terms of trade also generally improve, and vice versa. Additionally, a number of domestic factors can also influence the CAD. This includes interest rates set by the Bank of Canada, national inflation rates, trade surpluses, foreign investment and direct payments.

The Canadian dollar (CAD) is the official currency of Canada and, at the time of writing, is the fifth most widely held reserve currency in the world behind the US dollar, euro, Japanese yen and British pound. . The CAD is commonly referred to as the Loonie by forex analysts and traders. As of this writing, the CAD represents 2% of all global currency reserves. Its appeal is strong among central banking authorities given Canada’s economic strength, sovereignty and historical stability. Originally introduced in 1858, the CAD has since its inception maintained a close link to the US dollar. This is due to the high degree of trade between the two countries, with the United States receiving the vast majority of Canadian exports, and Canada in turn importing more than half of its goods from its southern neighbour. For brief periods, the CAD has been pegged to the US dollar throughout its history. Currently, the Bank of Canada (BoC) is responsible for intervening to maintain the value of the currency. The value of the CAD is highly correlated to the strength of global commodity prices such as oil. As a producer and exporter of oil and other commodities, Canada benefits from rising crude oil prices. When commodity prices rise, Canada’s terms of trade also generally improve, and vice versa. Additionally, a number of domestic factors can also influence the CAD. This includes interest rates set by the Bank of Canada, national inflation rates, trade surpluses, foreign investment and direct payments.
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Surcharges imposed on banks and insurance companies are not as severe as feared. Trudeau promised as much during his campaign and bank stocks have struggled lately, but it will be an interesting place to watch tomorrow to gauge the response.

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