The 2021 Federal Budget Has been released

The budget focuses on jobs creation, small businesses and growth, women and early learning and child care, climate action and a green economy, and young Canadians.

Padgett Accounting Services

Budget 2021 proposes to introduce the new Canada Recovery Hiring Program for eligible employers that continue to experience qualifying declines in revenues relative to before the pandemic. The proposed subsidy would offset a portion of the extra costs employers take on as they reopen, either by increasing wages or hours worked, or by hiring more staff. The budget also proposes to extend the wage subsidy, the rent subsidy, and Lockdown Support until September 25, 2021.

Budget 2021 proposes to invest $4.1 billion to help make postsecondary education more affordable, and to provide direct support to students with the greatest need. This includes:

  • Doubling of the Canada Student Grants for two additional years.
  • Waiving interest on federal student loans until March 31, 2023.
  • Enhancing repayment assistance so that no person earning $40,000 per year or less will need to make any payments on their federal student loans.
  • Extending disability supports for recipients of student financial assistance whose disabilities are persistent or prolonged, but not necessarily permanent.