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2019 Canadian federal budget

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2019 (2019) Budget of the Canadian Federal Government
PresentedMarch 19, 2019
Parliament42nd
PartyLiberal
Finance ministerBill Morneau
Total revenue$338.8 billion (Projected)[1]
334.1 billion (Actual)[2]
Total expenditures$355.6 billion (Projected)[1]
373.5 billion (Actual)[2]
Deficit$19.8 billion (Projected)[1]
39.4 billion (Actual)[2]
GDP2,337,684[citation needed]
Websitehttps://budget.canada.ca/2019/docs/plan/budget-2019-en.pdf
‹ 2018
2021›

The Canadian federal budget for fiscal year 2019–20 was presented to the House of Commons by Finance Minister Bill Morneau on March 19, 2019. This was the last budget before the 2019 federal election. The deficit is projected to rise to $19.8 billion, after including a $3 billion adjustment for risk.[3] The budget introduced $22.8 billion of new spending over six years.[4] The budget will not make any changes to the income tax brackets for individuals or corporations.[4] This was later refined to $39.4 billion when the Annual Financial Report of the Government of Canada for Fiscal Year 2019–2020 was released. [2]

The projected deficit of $19.8 billion would result in a deficit of ca. 0.9% of GDP. At the same time the GDP grew by 1.6% in 2019.[5]

New Expenditures

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This budget aims to reduce interest rates on postsecondary students' Canada Student Loans and will eliminate interest charges on student debt during the six-month grace period that begins upon graduation.[4]

The budget will appropriate an additional $586.5-million a year to pay for job training through the Employment Insurance program.[4]

References

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  1. ^ a b c "Investing in the Middle Class – Budget 2019" (PDF).
  2. ^ a b c d "Annual Financial Report of the Government of Canada Fiscal Year 2019–2020" (PDF).
  3. ^ "Annex 4 – Modernizing Canada's Financial Sector". Budget 2019. 19 March 2019. Retrieved 27 March 2019.
  4. ^ a b c d Curry, Bill; McCarthy, Shawn (19 March 2019). "Federal budget 2019: Deficit to rise as Liberals unveil $22.8-billion in new spending aimed at seniors, young Canadians". www.theglobeandmail.com. The Globe and Mail Inc. Retrieved 27 March 2019.
  5. ^ "Canada GDP – Gross Domestic Product 2021". countryeconomy.com.
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