Federal budget includes $18 billion deficit

Federal budget includes $18 billion deficit

Federal budget includes $18 billion deficit

In some respects, the budget makes matters worse by continuing the government's self-destructive policies of chronic deficit-financed spending and new taxes on entrepreneurs.

Canadian Finance Minister Bill Morneau introduced a budget Tuesday that includes European-style gender-based budgeting, measures to address the gender pay gap, use-it-or-lose-it parental leave for fathers, an $18 billion deficit, and no major tax cuts for businesses that fear aggressive tax reforms south of the border puts Canada at a competitive disadvantage. An $18.1-billion shortfall for 2018-19 is expected to gradually shrink to $12.3 billion in 2022-23.

Finance Minister Bill Morneau says the government is considering legislation aimed at tax evaders that would give foreign authorities some access to Canadians' confidential information.

Canada Foundation for Innovation: $763 million over five years, including $160 million for increased support to Canada's nationally important research facilities through CFI's Major Science Initiatives Fund.

Vanessa Sung, co-president of the Science & Policy Exchange in Montreal, which propelled the "Students 4 the Report" campaign, said the budget was a significant step forward.

"It's a promise that we made".

Direct investment on scientists and research breaks down to roughly $1.7 billion over five years for the granting councils and institutions that dole out federal research dollars and $1.3 billion over five years for labs, equipment and infrastructure. The Employment Insurance Parental Sharing Benefit would increase EI parental leave to a maximum of 40 weeks in cases where the second parent agrees to take at least five weeks off.

Leaders of the Canadian Labour Congress, Canadian Federation of Nurses Unions and Canadian Doctors for Medicare have written to Trudeau about Morneau's remarks the morning after he tabled a budget announcing the national pharmacare council.

It said that more than 90 percent of the tax revenues from the measures would be generated from corporations whose owners' household income is in the top one percent of the income distribution. The Canada Research Chairs program will see an investment of $210 million over five years (with $50 million a year thereafter), largely targeted to support early career researchers and women.

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"The Liberal government wants to increase the participation of women in the workforce - and that includes jobs that have traditionally dominated by men", The Financial Post reports. Presumably, more help from men in parenting roles would allow more options for women in their professional lives.

"Budget 2018 proposes to enable the sharing of tax information with Canada's mutual legal assistance partners in respect of acts that, if committed in Canada, would constitute terrorism, organized crime, money laundering, criminal proceeds or designated substance offences", says the document.

The minister goes on to frankly describe the many and high barriers that "make it hard for women to fully succeed in today's economy". Without much better access to affordable quality child care women's equality "will never become a reality", argues Ballantyne.

The Western Canadian Wheat Growers Association spoke out that they were "appalled that the 2018 Federal Budget contained nothing for agriculture". This time around, groups in the university and research sector are calling the budget a "historic" reinvestment in Canadian science.

"My own personal view is these measures (in the budget) will help so many people and particularly in our area", she said. "Economists really struggle with a deficit budget when the economy is doing as well as it's doing right now".

The budget appears to be putting money towards long-term economic growth strategies, such as boosting support and prospects for women and indigenous people.

Notably, however, National Defence saw virtually no new spending and veterans were failed by this budget.

"Both sides create a deficit and both sides work to clear it up", Robertson said, adding she isn't concerned about the current size of the shortfall given what it has been in the past.

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