Highlights of Bill Morneau's 2018 fiscal update

Finance Minister Bill Morneau delivered his fall economic statement Wednesday. Here are the highlights of his fiscal update.
Finance Minister Bill Morneau holds a press conference in the media lockup for the fall economic update, in Ottawa on Wednesday, Nov. 21, 2018. (Sean Kilpatrick/The Canadian Press)

Finance Minister Bill Morneau delivered his fall economic statement Wednesday. Here are the highlights of his fiscal update:

  • Growth: 2 per cent forecast next year (up from 1.6) — and slightly higher inflation.
  • Unemployment rate: 5.8 per cent 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.
  • New measures announced today: $17.6 billion over 6 years.
  • Biggest move: $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 per cent by 2025.

  • Support for Journalism: Charitable status for non-profits, local news tax credit and tax deduction for subscriptions.
  • Francophone media: $14.6 million over 5 years to create digital platform for TV5Monde, a channel created by French-language 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.

Vassy Kapelos hosts special coverage of the Fall Economic Statement on CBC News Network's Power & Politics, starting at 5 p.m. ET on CBC News Network. Watch it here


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