Highlights of Bill Morneau’s fourth federal budget

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Highlights of Bill Morneau’s fourth federal budget

by - 2 min read

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Finance Minister Bill Morneau has tabled his fourth federal budget — his final one before the next election in October. Here are the highlights:

  • $22.8B in new spending over the next five years.
  • 2018-19 deficit projection: $14.9B, down slightly from the fall.
  • 2019-20 deficit projection: $19.8B, with $3B risk adjustment.
  • Debt: $685.6B, projected to rise to $761.7B by 2023-24.
  • Debt-to-GDP ratio: Projected to be 30.8 per cent, falling to 28.6 per cent by 2023-24.
  • $1.25B over 3 years on shared-equity mortgage program for first-time home buyers.
  • RRSP withdrawal limit for first-time home buyers rises to $35,000 from $25,000.
  • $3.25B to Indigenous Services for water quality, child welfare, education and other supports.
  • $2.2B for one-time doubling of Gas Tax cash for cities’ infrastructure spending.
  • $1.2B over 5 years for border security and modernization, and for the asylum system.
  • Personalized Canada Training Credit of $250 a year (up to $5,000 lifetime) for job retraining.
  • A credit of up to $5,000 for purchases of electric vehicles.
  • Interest rate on Canada Student Loans lowered to prime and will be interest-free for 6 months after graduation.
  • Creation of a Canadian Drug Agency for bulk-buying of drugs and a national strategy on high-cost drugs.
  • Airport security screening agency CATSA to become an arm’s-length agency.
  • Low-income working seniors can earn more without giving up GIS benefits.
  • $595M to support journalism will include 15% tax credit for digital news subscriptions.
  • Promise of high-speed internet for all Canadians by 2030.

This story originally appeared on CBC

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