The Canadian federal budget for fiscal year 2019–2020 was presented to the

House of Commons The House of Commons is the name for the elected lower house of the bicameral parliaments of the United Kingdom and Canada. In both of these countries, the Commons holds much more legislative power than the nominally upper house of parliament. T ...

by Finance Minister

Bill Morneau William Francis Morneau Jr. (born October 7, 1962) is a Canadian businessman and former Liberal Party politician who served as minister of finance and member of Parliament (MP) for Toronto Centre from 2015 to 2020. Morneau was executive chai ...

on March 19, 2019. This was the last budget before the 2019 federal election. The deficit is projected to rise to $19.8 billion, after including a $3 billion adjustment for risk. The budget introduced $22.8 billion of new spending over six years. The budget will not make any changes to the

income tax An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Ta ...

brackets for individuals or corporations. This was later refined to $39.4 billion when the Annual Financial Report of the Government of Canada for Fiscal Year 2019–2020 was released. The projected deficit of $19.8 billion would result in a deficit of ca. 0.9% of GDP. At the same time the GDP grew by 1.6% in 2019.

New Expenditures

This budget aims to reduce interest rates on postsecondary students'

Canada Student Loans Government sponsored Student Loans in Canada was designed to help post-secondary students pay for their education in Canada. The federal government funds the Canada Student Loan Program (CSLP) and the provinces may fund their own programs or be in ...

and will eliminate interest charges on student debt during the six-month grace period that begins upon graduation. The budget will appropriate an additional $586.5-million a year to pay for job training through the Employment Insurance program.

References

{{Canada federal budget 2019 in Canadian politics Canadian budgets

Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by to ...