Federal Budgets and Related Resources
Federal Budgets - below
ParlVU - Live streaming of House of Commons proceedings and public committees. Prior videos can be viewed by going to Calendar-Day/Month and choosing a date on which the House of Commons was in session.
Hansard - official record of what is said by Members of Parliament in the House of Commons - very frustrating/disappointing to read much of the time
Fiscal Monitor - monthly reports
Federal-Provincial Fiscal Arrangements Act R.S.C., 1985, C. F-8 - re equalization payments to provinces, health transfers, sales tax harmonization, etc.
Parliamentary Budget Officer - independent analysis to Parliament on the state of the nation's finances, the government's estimates and trends in the Canadian economy; and upon request, estimates the cost of any proposal under Parliament's jurisdiction.
Government of Canada Infobase - interactive data-visualization tool, information on government finances, people, and results. Contains years worth of federal government data.
All legislation is subject to parliamentary approval.
- above is link to the Federal Budget website.
There was no mention of a change to the capital gains inclusion rate.
Bill C-8, An Act to implement certain provisions of the economic and fiscal update, passed first reading December 15, 2021, including the following measures:
Tax Measures Proposed
Bill C-2 An Act to provide further support in response to COVID-19 received Royal Assent December 17, 2021 with the following provisions:
November 24, 2021 News Release re above.
2020 Federal Budget
The 2020 Federal Budget was scheduled to be tabled Monday, March 30, 2020, but was postponed indefinitely due to COVID-19. However, 5 bills have been tabled, with 3 receiving Royal Assent.
The 2020-2021 deficit is expected to reach $381.6 billion, and deficits in the billions are expected to continue until at least 2025-2026. There is no mention of debt reduction or balanced budgets.
No changes to personal or corporate income tax were introduced.
For more detail, see:
- Full Report in pdf format - Table of Contents has hyperlinks to the topics, which is quite helpful. Legislative proposals start at page 200.
Bill C-14, Economic Statement Implementation Act, 2020, was tabled on Dec 2, 2020, to implement measures announced in the Economic Statement. See the News Release. Bill C-14 provides for the government to increase total borrowing under the Borrowing Authority Act to $1.831 trillion. The maximum borrowing allowed in 2018 was $1.168 trillion.
Bill C-14 received Royal Assent on May 6, 2021.
See Parliamentary Budget Officer information on The Borrowing Authority Act and Measures of Federal Debt.
TaxTips.ca Resources re Fall Economic Statement measures:
The Throne Speech was delivered on September 23, 2020, outlining in general the government proposals. See a good summary of the proposals prepared by Video Tax News.
See information on Bill C-2 tabled September 24, 2020, which includes 3 benefits to replace CERB, as well as a provision to give the Government authority to spend up to $17.1 billion on specific measures from Oct-Dec 2020.
The Economic and Fiscal Snapshot summarized all COVID-19 financial relief. The deficit is projected to be $343.2 billion for the 2020-21 fiscal year. There were no tax changes announced. We've updated the estimated March 31, 2021 interest-bearing debt amount in our Federal Debt article.
Legislative proposals in 2019:
Amateur Athletic Trusts
December 20, 2019 Notice of Ways and Means Motion and Explanatory Notes to extend the maturation period of these trusts from eight years to nine years. Trusts that would mature in 2019 would now mature in 2020.
Personal Tax Credits
December 9, 2019 Notice of Ways and Means Motion and Explanatory Notes re increases for 2020 and subsequent years to the
- basic personal amount - details of amounts in future years
- spousal amount and
These changes also automatically affect Yukon territorial income tax due to the wording of their Income Tax Act. The Yukon government has not indicated whether they will amend their legislation so that the changes do not affect Yukon territorial tax.
The Detailed Canadian Tax and RRSP Savings Calculator for 2019/2020 has been revised to include the proposed legislation. These proposals are subject to legislative approval. We have included them because the Bloc have indicated they will support the minority government on this change. We have not included the same change for the Yukon territorial income tax yet.
2019 Federal Budget March 19, 2019 and subsequent legislation
2018 Fall Economic Statement November 21, 2018 - on Department of Finance website. Main points:
- No personal income tax changes
- full immediate cost write-off for machinery and equipment purchased after November 20, 2018 and used in the manufacturing and processing of goods
- full immediate cost write-off for specified clean energy equipment purchased after November 20, 2018
- $800 million to be added to the Strategic Innovation Fund over 5 years, with $100 million to be focussed on providing support to the forest sector.
- See November 21, 2018 Notice of Ways and Means Motion and Explanatory Notes for more details.
2018 Federal Budget February 27, 2018 and Subsequent Legislation
2017 Small Business Tax Changes - Tax On Split Income / Income Sprinkling
2018 Federal Budget - Pre-Budget Consultations - on Department of Finance website. No end date for the consultation period has yet been announced.
2017 Fall Economic Statement October 24, 2017
2017 Federal Budget - March 22, 2017 and July 18, 2017 Proposed Tax Changes for Private Corporations
2016 Fall Economic Statement November 1, 2016 - on Department of Finance Budget website
2016 Federal Budget March 22, 2016
2015 Federal Budget April 21, 2015
October 2014 Federal Update - new Family Tax Cut, UCCB increased, Child Tax Credit eliminated, Child Care Expense Deduction increased
2014 Federal Budget / Economic Action Plan February 11, 2014
2013 Federal Budget / Economic action plan - March 21, 2013
2012 Federal Budget - March 29, 2012 - and subsequent legislation
2011 Federal Budget - June 6, 2011
2009 Federal Budget - Canada's Economic Action Plan
2008 Federal Budget and 2008 Economic and Fiscal Statement
Revised: December 21, 2021
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