The Canadian federal budget for fiscal year 1980–81 was presented by

Minister of Finance A ministry of finance is a ministry or other government agency in charge of government finance, fiscal policy, and financial regulation. It is headed by a finance minister, an executive or cabinet position . A ministry of finance's portfolio ...

Allan MacEachen Allan Joseph MacEachen (; July 6, 1921 – September 12, 2017) was a Canadian politician and statesman who served as a senator and several times as a Cabinet minister. He was the first deputy prime minister of Canada and served from 1977 to 19 ...

in the

House of Commons of Canada The House of Commons of Canada () is the lower house of the Parliament of Canada. Together with the Monarchy of Canada#Parliament (King-in-Parliament), Crown and the Senate of Canada, they comprise the Bicameralism, bicameral legislature of Ca ...

on 28 October 1980. It was the first budget presented after the Liberals won a majority in the

1980 Canadian federal election The 1980 Canadian federal election was held on February 18, 1980, to elect members of the House of Commons of Canada of the 32nd Canadian Parliament, 32nd Parliament of Canada. It was called when the budget of the minority government, minority Pr ...

Taxes

The budget did not bring major changes to either personal income taxes or corporate income taxes as it mainly focused on the presentation of the

National Energy Program The National Energy Program (, NEP) was an energy policy of the Canadian federal government from 1980 to 1985. The economically nationalist policy sought to secure Canadian energy independence, though was strongly opposed by the private sector an ...

. The budget maintained the indexing of income tax tables, costing 1.58 billions in 1981 alone. The budget did however: * Made the payment of traveling allowances a non-taxable benefit for part-time employees working at least from their ordinary work location and residence; * Made Energy Conversion Grants a taxable benefit; * Extended the Small Business Development Bonds program for three months (until 31 March 1981); * Re-introduced incentives for the construction of multiple-unit residential buildings (MURB) until the end of 1981; * Extended the special CCA class for railway tracks at 4% until the end of 1982.

Expenditures

The budget announced an increase in 13.2% of expenditures over the fiscal year 1979-80 due partly to increase oil prices and increase in public debt charges. Expenditure especially increased in energy programs (+300%) and economic development (+22%) with a special $350 millions envelope for industrial restructuring and manpower retraining.

Reactions

Notes and references

Notes

References

Budget documents

* * * {{Pierre Trudeau Canadian budgets 1980 in Canadian law 1980 government budgets 1980 in Canadian politics