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 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.