2017 Canadian federal budget

2017 (2017) Budget of the Canadian Federal Government
Presented 22 March 2017
Parliament 42nd
Party Liberal
Finance minister Bill Morneau
Total revenue $304.7 billion (projected)
Total expenditures $330.2 billion (projected)
Deficit $28.5 billion
Website http://www.budget.gc.ca/2017/docs/plan/budget-2017-en.pdf
‹ 2016
2018 ›

The Canadian federal budget for fiscal year 2017–2018 was presented to the Canadian House of Commons by Finance Minister Bill Morneau on 22 March 2017. The deficit is projected to be $28.5 billion, including a $3 billion adjustment for risk.[1]

Expenditures

$8.48 billion in defence spending is re-allocated for use after 2036 to purchase fixed-wing search and rescue aircraft and light-armoured vehicles.[2][3]

An additional $1.8 billion over six years is allocated into provincial and territorial skills training programs and an additional $900 million into workforce development agreements. Grants for part time students will be increased by fifty percent, and an additional $59.8 million over four years is proposed to expand eligibility for student grants.[4]

$40 million is allocated for the creation of a database which would provide information on property purchases and sales, foreign ownership and demographic information;[2] and an additional $11.2 billion is proposed over eleven years for affordable housing.[5] An additional $300 million and $225 million for housing in the north and off-reserve indigenous housing, respectively, is proposed over eleven years.[2]

An additional $828.2 million to expand health resources on reserves is proposed over five years.[2]

$187.3 million is proposed over six years, which would provide a $1000 benefit per month to veterans' caregivers[2][6] and $133.9 million over six years is proposed to create a tax benefit to support veterans' education.[7]

Taxes

Excise duties on alcohol will be increased by two percent, Uber will be subject to the same taxes as taxis;[2] and tax benefits for public transit users, the tourism sector and employers who create childcare spaces will be eliminated.[8]

A review of tax strategies used by small corporations and future increases to business fees based on inflation are planned.[9][10]

References

  1. ↑ "Building a Strong Middle Class (Budget 2017)" (PDF). www.budget.gc.ca. Her Majesty the Queen in Right of Canada. p. 251. Retrieved 22 March 2017.
  2. 1 2 3 4 5 6 Stone, Laura; Galloway, Gloria. "Federal budget highlights: 10 things you need to know". The Globe and Mail. Retrieved 24 April 2017.
  3. ↑ Scotti, Monique. "Federal budget 2017: Lack of defence spending draws fire". Global News. Retrieved 24 April 2017.
  4. ↑ "Building a Strong Middle Class (Budget 2017)" (PDF). www.budget.gc.ca. Her Majesty the Queen in Right of Canada. p. 52. Retrieved 24 April 2017.
  5. ↑ Young, Leslie. "Federal budget 2017: Big investment in affordable housing, nothing to cool red-hot markets". Global News. Retrieved 24 April 2017.
  6. ↑ "Budget 2017 - Fact Sheet - Caregiver Recognition Benefit". Veterans Affairs Canada. Retrieved 24 April 2017.
  7. ↑ "Budget 2017 - Fact Sheet - Veterans’ Education and Training Benefit". Veterans Affairs Canada. Retrieved 24 April 2017.
  8. ↑ Payton, Laura. "Budget 2017: More taxes coming on alcohol, Uber". CTV News. Retrieved 24 April 2017.
  9. ↑ Jacks, Evelyn. "Seven changes to business taxes in Canada’s 2017 federal budget". Canadian Business. Retrieved 24 April 2017.
  10. ↑ Curry, Bill; Fife, Robert. "Liberals defer major tax pledge in 2017 federal budget". The Globe and Mail. Retrieved 24 April 2017.
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