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It's Your Money  

Important to pay attention to the federal government's fall economic statement

What Ottawa is saying

Canada's fall economic statement, released by the federal government on Nov. 21, was a document that outlineed the country's economic priorities and policies.

For Canadian consumers, staying informed about the key elements of this statement is essential. In today’s column, I’ll summarize the most noteworthy components that directly impact the everyday lives of Canadians across the country:

1. Support for individuals and families—One of the asserted focuses of the fall economic statement was the well-being of Canadian households. The government outlined plans to extend financial support for individuals and families affected by the ongoing economic challenges. That included measures such as continued assistance for those who are unemployed or underemployed, helping to alleviate financial stress for some Canadians. It is important to be aware of what programs you may qualify for, including two new Employment Insurance (EI) benefits that were announced.

2. Healthcare investments—The statement emphasized the importance of bolstering Canada's struggling healthcare system. Increased funding for healthcare infrastructure, mental health services and pandemic preparedness was outlined. Consumers should be aware of those investments as they directly impact the accessibility and quality of healthcare services available to them.

3. Climate action and green initiatives—The federal government's expressed commitment to environmental sustainability was a recurring theme in their fall economic statement. The government again stated it will invest in green technologies, renewable energy projects and initiatives aimed at combating climate change. Consumers should pay attention to how those investments may influence the cost and availability of sustainable products and services in the market.

4. Job creation and economic recovery—The economic recovery post-pandemic is still a top priority, and the economic statement outlined measures the government hopes will stimulate job creation and economic growth. Those include support for businesses, infrastructure projects,and innovation initiatives. Canadian consumers should keep an eye on how these measures contribute to job opportunities, wage growth and the overall economic prosperity of the nation.

5. Housing affordability—Soaring housing prices across Canada have been a growing concern and are impacting almost everyone at this point. The government's statement attempted to address the issue by introducing measures to improve housing affordability. Those included incentives for first-time homebuyers, increased support for affordable housing projects and efforts to address speculative activities in the real estate market. Consumers, especially those in the housing investment market, should be aware of these initiatives and how they might impact their ability to buy or rent a home.

6. Digital transformation—As the world becomes increasingly digital, the economic statement recognized the importance of investing in technology and innovation. That included funding for digital infrastructure, expanding broadband access and supporting the growth of the technology sector. The hope is, that will lead to improvements in digital services, increased connectivity and potential advancements in the tech products and services available to Canadians.

The fall economic statement was meant to be a roadmap for Canada's economic future, and its impact is far-reaching. Staying informed about the key elements outlined in the statement is crucial for making informed decisions about your finances, healthcare and overall well-being.

Canadians must be vigilant in understanding the policies and initiatives that will shape their economic reality in the months and years to come.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.



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About the Author

Brett Millard is vice-president and a member of the executive leadership team at FP Canada, the national professional body for the financial planning industry. A not-for-profit organization, FP Canada works in the public interest to foster better financial health for all Canadians by leading the advancement of professional financial planning in Canada. 

He has worked in the financial advice industry for more than 15 years and is designated as a chartered investment manager (CIM) and is a certified financial planner (CFP).

He has written a weekly financial planning column since 2012 and provides his readers with easy to understand explanations of the complex financial challenges they face in every stage of life. Enhancing the financial literacy of Canadian consumers is a top priority for Brett and his ongoing efforts as a finance writer focus on that initiative. 

Please let Brett know if you have any topics you’d like him to cover in future columns ,or if you’d like a referral to a qualified CFP professional in your area, by emailing him at [email protected].

 



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The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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