Finance Minister Chrystia Freeland delivered a fall financial replace Thursday that warns of a possible recession in 2023, presenting two fiscal forecasts based mostly on whether or not or not that downturn happens.
The replace additionally pronounces plans for a brand new tax on share buybacks and vital incentives for inexperienced power funding geared toward responding to a significant bundle of tax and local weather coverage reforms permitted this yr by means of the U.S. Inflation Discount Act.
The handful of latest spending measures introduced Thursday embrace making all Canada scholar and apprentice loans completely interest-free, at a price of $2.7-billion over 5 years, and $4-billion over six years to mechanically concern advance funds of the Canada Employees Profit to individuals who had certified the earlier yr.
However the total message that Ms. Freeland sought to ship is that the federal authorities is getting ready for more durable occasions forward.
“We’re holding our powder dry,” she mentioned in her speech to the Home of Commons.
Deputy Ottawa Bureau Chief Invoice Curry experiences right here. There’s a highlights bundle right here on the assertion.
Test The Globe and Mail for updates on the assertion.
Copies of the assertion are right here and Ms. Freeland’s speech to the Home of Commons is right here.
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TALKS BREAK OFF IN ONTARIO EDUCATION DISPUTE – Contract talks between the Ontario authorities and the union representing 55,000 schooling help staff have damaged off, as MPPs had been set to cross a fast-tracked invoice that might use the Structure’s however clause to pre-empt a authorized strike and the union vowed to stroll out the following day anyway. Story right here.
POLICE PROBE ENTRAPMENT EFFORT TARGETING NENSHI – The Calgary Police Service mentioned Thursday it can examine an alleged entrapment plot launched in opposition to former mayor Naheed Nenshi in 2019. Story right here from The Calgary Herald.
CONVOY PROTESTERS RECEIVED INSIDE INFORMATION – Convoy protesters in Ottawa obtained leaked data from police and had former law-enforcement officers and ex-military personnel co-ordinating logistics, a lawyer representing key protest organizers instructed the Emergencies Act inquiry. Story right here.
OTTAWA ORDERS CHINESE DIVESTMENT IN THREE CANADIAN CRITICAL-MINERALS COMPANIES – Ottawa is ordering Chinese language state-owned corporations to instantly divest their pursuits in three Canadian vital minerals corporations, after the federal authorities confronted an avalanche of criticism earlier within the yr for permitting an excessive amount of funding from the Asian superpower into the home mining sector. Story right here.
QUEBEC MEMBERS READY TO SWEAR TO KING – The 11 lately elected members of Quebec solidaire are not refusing to swear an oath of workplace to King Charles III. Story right here.
CHINA INVASION OF TAIWAN LOOMS: FORMER JAPANESE COMMANDER – China is more likely to invade Taiwan inside 5 years until Canada and different Western allies band collectively to ship powerful financial and army warnings to Beijing, says the previous naval commander of Japan’s Maritime Self Defence Pressure. Story right here.
LEGAULT SETS IMMIGRATION LIMIT – Quebec Premier François Legault is sustaining that the province can not settle for greater than 50,000 immigrants a yr regardless of Ottawa’s plans to considerably elevate the nation’s immigration ranges. Story right here.
NO SNAP ELECTION IN MANITOBA: CABINET MINISTER – Manitoba Justice Minister Kelvin Goertzen says the Progressive Conservative authorities isn’t planning to name an early election. Story right here.
COMMONS APPROVES ARRIVECAN PROBE – The Home of Commons has permitted a movement calling on Auditor-Basic Karen Hogan to research federal spending on the ArriveCan app. The Bloc Québécois and the NDP voted in favour of the Conservative movement, whereas Liberal and Inexperienced Occasion MPs voted in opposition to. Story right here.
THIS AND THAT
TODAY IN THE COMMONS – Projected Order of Enterprise on the Home of Commons, Nov. 3, accessible right here.
DAYS SINCE CONSERVATIVE LEADER PIERRE POILIEVRE TOOK MEDIA QUESTIONS IN OTTAWA: 51
PM TRAVELLING – Prime Minister Justin Trudeau shall be out of Canada between Nov. 12 and 20 attending the Affiliation of Southeast Asian Nations summit in Phnom Penh, Cambodia, the G20 Summit in Bali, Indonesia, the Asia-Pacific Financial Co-operation Financial Leaders’ Assembly in Bangkok, Thailand, and the Eighteenth Summit of La Francophonie in Djerba, Tunisia. Particulars of the journey are right here.
GOVERNOR-GENERAL INVESTS ORDER OF CANADA APPOINTEES – Governor-Basic Mary Simon is scheduled, on Thursday, to take a position 44 appointees into the Order of Canada. Appointments to the honour are made for sustained achievement at three ranges: Companion, Officer and Member. Officers and members could also be elevated inside the Order in recognition of additional achievements. Amongst this spherical of appointees: Former CTV Nationwide Information chief anchor and senior editor Lisa LaFlamme. The complete listing is right here.
OLIPHANT HEADED FOR MIDDLE EAST -Robert Oliphant, Parliamentary Secretary to the overseas affairs minister, is visiting the United Arab Emirates, Oman and Lebanon from Thursday to Nov. 11. Particulars right here.
PRIME MINISTER’S DAY
Prime Minister Justin Trudeau, in Ottawa, attended personal conferences, chaired a cupboard assembly and took part in a photograph alternative with Finance Minister Chrystia Freeland across the 2022 Fall Financial Assertion. Mr. Trudeau was additionally scheduled to attend the assertion speech, delivered by Ms. Freeland within the Home of Commons.
Bloc Québécois Chief Yves-François Blanchet and finance critic Gabriel Ste-Marie are scheduled to carry a media scrum on the Home of Commons reacting to the financial assertion. The BQ chief can even attend Query Interval.
Interim Inexperienced Occasion of Canada Chief Amita Kuttner was scheduled, within the Home of Commons, to answer the financial assertion together with Deputy Chief Luc Joli-Coeur in addition to caucus members Elizabeth Could and Mike Morrice.
NDP Chief Jagmeet Singh, in Ottawa, was scheduled to carry a media availability, and, on Thursday night, journey to Berlin, with NDP MPs Charlie Angus and Heather McPherson in addition to NDP nationwide director Anne McGrath for per week to take part in conferences and occasions with the NDP’s sister get together, the governing Social Democratic Occasion of Germany.
No schedule launched for Conservative Occasion Chief Pierre Poilievre.
On Thursday’s version of the Globe and Mail podcast, parliamentary reporter Marieke Walsh talks about convoy leaders who’ve testified this week on the Emergencies Act inquiry. On Wednesday, a lawyer who represented key convoy organizers throughout the protests instructed the inquiry that organizers obtained leaked data from police. The Decibel is right here.
The Globe and Mail Editorial Board on how the income windfall Ottawa and the provinces are having fun with is nearly over: “Earlier than the pandemic, the annual launch of Ottawa’s public accounts was a humdrum affair. Every fall, the federal authorities closes its books on the earlier fiscal yr, which ends in March. The general public accounts land in three volumes, at greater than 1,200 pages. Its rear-view mirror perspective, at a time when everyone seems to be wanting forward, often meant the tomes attracted little consideration. The pandemic’s fiscal upheaval modified all that.”
Rob Carrick (The Globe and Mail) on why, for the sake of their monetary future, younger individuals ought to depart Toronto and Vancouver: “Two of our largest cities are an affordability lure for younger adults. With out six-figure incomes or well-off mother and father, anybody of their 20s and 30s has to query whether or not they have a future in Vancouver and Toronto that features residence possession. You’ll be able to put your self on a path towards monetary success in life along with your selection of postsecondary schooling, your profession selections, and your spending, saving and investing habits. It’s time so as to add your selection of metropolis to the combo. Vancouver is geographically superior and chill, whereas Toronto is a vibrant, various financial powerhouse. In case you can afford them, they’re nice locations to stay. If not, dwelling in these two cities in your career-building years may slowly degrade your monetary well being.”
Tanya Talaga (The Globe and Mail) on what number of experiences will we ignore earlier than we do the work that reconciliation requires?: “On Nov. 1, Ivan Zinger, Canada’s correctional investigator, reported that this nation’s justice system continues to incarcerate Indigenous ladies at alarming charges – with no indication that this may change. Final yr, he discovered that 32 per cent of all individuals in custody are First Nations, Métis or Inuit, setting a brand new historic excessive; as of Could, a staggering half of all feminine inmates had been Indigenous ladies. It is a human-rights embarrassment. This horrific report is one other pathetic reminder of Canadian governments’ continued failure to comply with by means of on detailed experiences and proposals – from the Reality and Reconciliation Fee’s Calls to Motion, to the Nationwide Inquiry on Murdered and Lacking Indigenous Ladies and Women’ Requires Justice.”
Konrad Yakabuski (The Globe and Mail) on how Quebec Liberals have greater issues than their chief: “After its worst end result ever in final month’s provincial election, the Quebec Liberal Occasion isn’t solely not thriving, nevertheless it has descended into the sort of petty warfare that it as soon as thought of under its larger calling because the province’s foremost champion of the federalist trigger. Present and former caucus members have stooped to airing their get together’s soiled laundry in public, in what one ex-Liberal member of the Nationwide Meeting forlornly likened to an episode of Occupation Double, a Quebec actuality present wherein contributors have interaction in hook-ups and back-stabbing in plain view.”
Lawrence Martin (Contributed to The Globe and Mail) on the frightful trajectory of the conservative political model: “Whereas conservative events in Britain, Canada and the U.S. have been plagued lately by inner strife, there was no such division within the Trudeau Liberals. In comparability with the long-running damaging infighting that happened amongst leaders John Turner, Jean Chrétien and Paul Martin, and the dissension underneath Stéphane Dion and Michael Ignatieff, get together unity at present is spectacular. To date, Mr. Poilievre has been efficient in bringing collectively his get together. He would do nicely to be taught from what has occurred in different jurisdictions, and clarify that there is no such thing as a place for zealots in his Conservative formation.”
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