Budget 2017 - "The next step in our plan…" - Minister of Finance

Canada's federal budget 2017 also noted that Canada is the world's fifth-largest agri-food exporter.

Housing care: $11.2 billion over 11 years will go to a national housing strategy.

Healthcare in Canada is funded jointly by the provincial and federal governments, and this budget proposes to increase the federal contribution by $1.1 billion. So, there is rationale to support a stand-pat budget. "The impact will definitely not be a huge revolution for affordable housing".

$3.2 billion over 11 years is earmarked for provinces and territories to support key priorities in affordable housing, such as construction or renovation of affordable housing units, rent subsidies and independent living solutions for seniors, disabled persons and other vulnerable individuals.

The budget also made adjustments to the Temporary Foreign Workers' Program that the CTA agreed with.

The budget commits almost $3 billion to support innovation over the next five years and promises to develop an innovation and skills plan that will target six sectors the Liberal government see as good bets for spurring economic growth and creating well-paying jobs: advanced manufacturing, clean technology, the agri-food sector, digital industries, clean resources and health and bio-sciences.

The government also reinstated a $3-billion contingency fund, which increased the projected deficits swell to $28.5 billion next year, $27.4 billion in 2018-19, $23.4 billion in 2019-20, $21.7 billion in 2020-21 and $18.8 billion in 2021-22.

Finance officials, who speak on condition of anonymity during the budget lock-up, indicated the budgets of the granting councils, the main source of operational grants for university researchers, will be "static" until the government can assess recommendations that emerge from an expert panel formed in 2015 and headed by former University of Toronto President David Naylor to review basic science in Canada.

While economists, entrepreneurs and policy wonks might get a charge out of Morneau's measures on innovation and skills, those thrusts look unlikely to excite many Canadian voters.

Families: Option to extend parental leave up to 18 months. These benefits will continue to be available for the first 12 months at the current 55% rate. "And who can blame them?" It helps hard-working, talented and creative people develop the skills they need to drive our most successful industries and high-growth companies forward, and invests in Canadians' well-being through a focus on mental health, home care and Indigenous health care.

The government is also looking for savings in other ways that will hit the pocketbooks of many Canadians, by eliminating the public transit tax credit, raising the tax on alcohol by two per cent - beginning Thursday - and changing the rules so that ride-sharing businesses, such as Uber, are subject to the same sales taxes as traditional taxis.

-$691 million over five years for a new EI caregiving benefit allowing Canadians to take up to 15 weeks to care for an ill or aging relative.

"Despite working harder, too many Canadians have been excluded from the economic growth that has gone to CEO and corporate profits instead of workers' wages". "This budget is a step in the marathon toward an innovation economy". All told, the Canadian national biotech ecosystem is an economic strength that positions Canada well to compete in the emerging global bio-economy.

Advertisment Consumer tax changes in Wednesday's federal budget are expected add to the cost of Uber rides while ending a public-transit credit.

The budget also works to simplify the tax code.

  • Zachary Reyes