The federal budget comes down this afternoon and Prime Minister Mark Carney has already signaled – by choosing Churchill Falls for the budget cover – that big projects are a priority.
Pundits and interest groups will also be watching closely for “kitchen table” measures, tax relief, and help for Canadian business in light of the ongoing trade war with the U.S.
Minister Lloyd Parrott holds up a copy of title page of the new federal budget in the HoA (NL HoA/YouTube)
Robert Glasco, a partner with KPMG Law, says the theme of this year’s fiscal road map will be big capital infrastructure.
“Like factories, new vessels and other major investments,” says Glasco, “we’re going to see a lot more business-friendly, investment-friendly moves all the way down from big businesses to small businesses.”
As for affordability, Ottawa has already hinted that measures are expected to help ease the pressure on Canadians.
“There (are) going to be some measures that are targeting immediate relief, especially around housing and energy supply, but I also think they’re going to be leaning on past measures they’ve already taken in terms of trying to set up some of the Groceries and Essential Benefits that they’ve offered before.”
CFIB Director Legislative Affairs Jonathan Galgay (Submitted)
Small businesses are hoping to see some tax relief in today’s federal budget.
Jonathan Galgay of the Canadian Federation of Independent Business says the provincial government is providing some relief by reducing the business tax rate to one per cent from 2.5 starting in 2028, “but, the federal government’s small business tax is at 9 per cent. So, what we requested the federal government to do is to lower that to six, and then increase the small business threshold to at least $700,000.”
The budget comes down this afternoon at 5:30 Newfoundland time. VOCM News will have the details as they become available.
