Home » COVID-19-related spending set to drop sharply over coming yr, finances watchdog says

COVID-19-related spending set to drop sharply over coming yr, finances watchdog says

by newsking24

Parliament’s finances watchdog says the portion of federal spending associated to COVID-19 is about to drop by 86 per cent within the coming fiscal yr in comparison with 2020-21, as Canada transitions away from emergency pandemic measures.

The authorities is planning $22.7 billion in COVID-19-related spending over the approaching yr. Ottawa has spent an estimated $159.5 billion on COVID-19 measures up to now, says a brand new report from parliamentary finances officer Yves Giroux.

Part of the decline pertains to a projected plunge in reduction spending for people.

In 2020-21, an estimated $122 billion flowed to Canadians by way of labour market helps such because the emergency response profit, the restoration profit and enhanced employment insurance coverage, the report says.

The comparable determine for 2021-22 is lower than $43 billion, reflecting a gradual phaseout of help measures.

The report is predicated on estimates tabled in Parliament final month and doesn’t issue within the coming finances, which will not be launched till April.

Of the $342.2 billion outlined within the 2021-22 estimates, roughly one in each 5 {dollars} is earmarked for month-to-month funds to Canadian seniors, amounting to $62.four billion in elder advantages. The advantages are listed to inflation.

The Canada Health Transfer, listed to GDP progress, includes the second-largest element of federal spending, amounting to $43.1 billion to assist provinces and territories to assist pay for well being care.

Parliament should approve authorities spending by a course of referred to as the estimates, with the principle estimates — introduced ahead on Feb. 27 — offering base funding for all departments.

The estimates present the Finance Department finances is slated to shrink by 13 per cent to $103.Eight billion and the finances for Employment and Social Development Canada by greater than half to $82.four billion. Public Health Agency of Canada finances is estimated at $8.Eight billion, down $21 billion final yr.

Of the $342.2 billion outlined within the estimates, $141.9 billion requires House of Commons approval by way of a pair of appropriation payments.

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