Canadian Budget 2019, What Will Be?

Canadian Budget 2019, What Will Be? Though there is a federal election right around the bend, the government of Prime Minister Justin Trudeau is in hot waters, the hottest it has ever been in, in the past four years. And to get in the good books of the voters of Canada, later on in the week, the ruling Liberals of Canada, are expected to shower them with a budget filled with goodies. According to Conference Board of Canada, Chief Economist, Craig Alexander, “The government’s going to be tabling a budget which I think is going to be relatively modest. Next budget will be before an election, and so the government might not to make large-scale announcements (in this one) given that the next budget is the one where they’ll probably want to make the biggest gains in terms of new programs before they go back to the electorate.”

The 2018 Canadian Budget

Almost 40% of the people of Canada did not like the 2018 Canadian budget. And because of this singular fact, the Liberal government of Canada could lose votes in the next election, according to research studies that have been done. Research studies showed that as many as 40% of the poll respondents, did not approve of the 2018 Canadian budget, 17% approved of it, 31% were neutral to it and 12% said they did not know.

This research was done by Forum Research Inc., a Toronto-based firm, whose President Lorne Bozinoff stated, “The reaction to the 2018 budget is a strong contradiction: in general, Canadians overwhelmingly say they prefer a balanced budget over more spending, but ask about specific new spending from the budget, and they’re strongly supportive, almost across the board. Overall, the public’s reaction to the budget and to the Prime Minister’s visit to India may be contributing to the Liberals’ overall erosion of support.”

What Is Expected Of The 2019 Canadian Budget

Chief Economist of CPA Canada, Francis Fong says, “Short of a national coordinated skills strategy, government should revisit, amend and better promote the financial incentives available to Canadians and employers for upskilling and re-skilling. Canada needs a plan for fiscal stability. That plan should focus on balanced budgets over the medium term to guide the government in its financial planning, increase business confidence, enhance growth opportunities and improve Canada’s competitiveness.”

Vice-President, tax, of CPA Canada, Bruce Ball says, “The tax system plays a crucial role in delivering inclusive economic growth that supports every Canadian. Canada’s tax system urgently needs updating.”

What Do Canadian’s Want?

According to a survey carried out by Nanos Research, which was commissioned by CPA Canada, Canadian’s want to see a simplified tax system. Over 81% of Canadians feel that a comprehensive tax review will be a priority of the government, in the upcoming budget. Over 35% of Canadians feel that this should be an issue of high priority. Almost half of the Canadian populace (47%), voice that the tax system of Canada is way more complex, than it was a decade ago.

Canadians also expect a budget that will augur well for the working class and also for groups that are vulnerable in Canada. Canadians also want to see affordable housing, good job creation, investments in pharmacare, pensions and retirement security, reconciliation with indigenous peoples, affordable housing, employment insurance, climate change, child care, to name a few.

What Will It Be?

Bill Morneau, Finance Minister of Canada states, “In our budget this year, that’s what we’re going to be thinking about. How do we help Canadians to take time off … and how do they pay for their training?”

In the words of Goldy Hyder, President and CEO, BCC (Business Council of Canada), “Canada’s business leaders are concerned about Canada’s economic future. Budget 2019 is an important opportunity to introduce measures to help Canada reach its full potential while preparing for the next downturn.”