Politics

Budget 2019: Highlights of Bill Morneau's fourth federal budget

Finance Minister Bill Morneau has tabled his fourth federal budget - his final one before the next election in October. Read the highlights.
Prime Minister Justin Trudeau shakes hands with Finance Minister Bill Morneau following the delivery of the federal budget in the House of Commons Tuesday. (Sean Kilpatrick/Canadian Press)

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

Top-level numbers

  • $22.8 billion in new spending over six fiscal years.
  • 2018-19 deficit projection: $14.9 billion, down slightly from the fall.
  • 2019-20 deficit projection: $19.8 billion, with $3 billion risk adjustment.
  • Debt: $685.6 billion, 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.

Some spending highlights

Other key measures

  • 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, with additional funding of $597 million over 2 years.
  • $553 million more over the next 3 years — $374 million of it by next April — to fix the failed Phoenix pay system.
  • Low-income working seniors can earn more without giving up GIS benefits.
  • $595 million to support journalism will include 15% tax credit for digital news subscriptions.
  • Promise of high-speed internet for all Canadians by 2030.
Full text of the Budget 2019Mobile users: View the document
Full text of the Budget 2019 (PDF KB)
Full text of the Budget 2019 (Text KB)
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Corrections

  • This story has been updated from an earlier version that said the budget contains $22.8 billion over the next five years. In fact, that figure includes $4.2 billion of new money that was booked in the 2018-19 fiscal year, so the time period covers six fiscal years.
    Mar 20, 2019 4:17 PM ET

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