Wednesday, November 21 ~ NATIONAL.
Finance Minister Bill Morneau delivered the Liberal government’s Fall 2018 economic statement in the House of Commons today, November 21.
Here are some highlights of the fiscal update:
• Growth: 2% forecast next year (up from 1.6%), which is slightly higher inflation.
• Unemployment rate: 5.8% next year, down from 5.9%.
• Projected deficit: $18.1 billion for current fiscal year.
• Revised 2017-2018 deficit: $19 billion, down $0.9 billion.
• Debt: Expected to grow by $96.7 billion to $765 billion by 2023-24.
• Debt-to-GDP ratio projected to fall each year, to 28.5 by 2023-24.
• Cost of new measures announced today: $17.6 billion over 6 years.
• Biggest new measure: $14.4 billion to allow businesses to write off some capital costs more quickly.
• Trade: Infrastructure spending moved up and other measures to promote trade. The goal is to boost overseas exports by 50% by 2025.
• Support for Journalism: Charitable status for non-profits. Tax credit for local news services (only for digital news outlets considered eligible as to be determined by an independent panel) and tax deduction for subscription purchases (of eligible publications).
• Francophone media: $14.6 million over 5 years to create digital platform for French public broadcasters.
• Strategic Innovation Fund: Additional $800 million over 5 years, including $100 million for forestry sector.
• Social Finance Fund: $755 million over 10 years to help charities and non-profits fund social projects.
• Wild fish stocks: $202 million more over 5 years to support sustainability.
• Nutrition North: $62.6 million over 5 years and $10.4M per year after that for food security program.
• Avalanche Canada: $25 million one-time endowment to promote avalanche safety.
See the full document
More to come.