The much anticipated Canadian federal budget – touted as a key piece of legislation that could make or break the Conservative minority government – was passed in the House of Commons on Tuesday evening. “Stimulus” was the overriding buzz-word for the budget and without hesitation proposed government spending did not overlook Canada’s North. Although considered issolated in terms of location, the reprocussions of the global economic contraction have been felt in Canada’s North; the minning and exploration industry have been hit hard, territoral government surpluses have receded. Here is a breakdown of some of the key spending announcements made in this year’s budget:
- Up to $85 million over next two years for enhancing key Arctic research facilities (also included is $2 million to undertake a feasibility study for proposed development of a world-class Arctic research facility — hub for Canadian northern research)
- $90 million over five years towards the North’s regional economic development program
- $200 million over two years to support social housing projects
- $37.6 million through the end of 2010 to help streamline the decision-making process surrounding the Mackenzie Valley Gas Project
For an in-depth look at the 2009 budget, please visit the following link: