Liberal Budget Highlights
Tuesday, March 22, 2016 9:52 AM by
Trudeau government's maiden budget projects $29.4-billion deficit in 2016.
Finance Minister Bill Morneau released the Trudeau government's budget on Tuesday, and it contains a massive $29.4-billion deficit.
Minister of Finance, Bill Morneau, released the Trudeau government's first federal budget on Tuesday.
The financial blueprint contains a deficit of $29.4-billion in 2016-17, nearly three times the $10 billion promised during the election campaign, and a projected deficit of $17.7-billion in 2019-20 rather than the balanced budget that was promised in October.
-- $10-billion more over two years for a new Canada child benefit, absorbing and replacing both the Canada child tax benefit and the universal child care benefit. It's targeted to low and middle-income families, and the government says the new benefit provides an average increase of nearly $2,300 in 2016-17.
-- $2.5-billion will be spent on changes to employment insurance, including reducing the required work experience for new entrants and re-entrants; halving the two-week waiting period; extending a pilot project to allow claimants to work while collecting benefits; simplifying job-search requirements; and extending the benefit eligibility window in specific regions with a higher unemployment rate.
-- Income splitting will be ended for couples with children, the children's fitness tax credit and the children's arts tax credit.
-- A promised cut to the 10.5 per cent small business tax rate has been deferred.
-- $2.6-billion over five-years for primary and secondary education on First Nations reserves, including language and cultural programs, plus $969.4-million over five-years for education infrastructure.
-- $1.2-billion over five-years for social infrastructure for Aboriginal Peoples, including First Nations, Inuit and northern communities.
-- $10.4-million over three-years for new women's shelters in First Nations communities, and $33.6-million over five-years and $8.3-million ongoing for support services.
-- $5.6-billion more in benefits to veterans and their families over five years, including a disability award that increases to $360,000, retroactive to 2006, and an earnings loss benefit to injured vets of 90 per cent of pre-release salary. The government is also re-opening nine veterans' service offices across the country and adding a 10th.
-- Planned National Defence purchases worth $3.7-billion -- ships, planes and vehicles -- are being deferred indefinitely.
-- $1.53-billion over five-years to increase Canada student grants to $3,000 from $2,000 for low-income students, to $1,200 from $800 for middle-income students and to $1,800 from $1,200 for part-time students.
-- $3.4-billion over five-years to increase the guaranteed income supplement top-up benefit by up to $947 annually for single seniors, and restore old age security eligibility age to 65 from 67.
-- $2.2-billion over five-years in water and wastewater treatment and waste management as part of a 10-year green infrastructure investment plan.
-- $1.9-billion over five years to support Canadian arts and culture organizations and cultural infrastructure, including the CBC and national museums.
-- $2-billion over three-years for a new strategic investment fund for infrastructure improvements at colleges and universities, in partnership with provinces and territories.
-- $2-billion over two-years for a low-carbon economy fund, beginning in 2017-18.
-- More than $1-billion over four-years to support future clean technology investments, including in forestry, fisheries, mining, energy and agriculture, plus $130-million over five-years to support clean technology research and development.
-- $345.3-million over five-years to Environment and Climate Change Canada, Health Canada and the National Research Council to take action to address air pollution.
-- $40-million over two-years for the inquiry into missing and murdered aboriginal women and girls.
-- Up to $178-million over two-years for the provinces for urgent affordable housing.
-- $38.5-million over two-years to strengthen/modernize Canada's food safety system.
-- $142.3-million over five-years to add new national parks and improve access during the 150th anniversary of Confederation.