David Akin breaks down Justin Trudeau's election promise to add $26.1 billion to the national debt.
The Liberals presented their fiscal plan Saturday, outlining where a Justin Trudeau government would raise money, spend money and what kind of budget balances would be left over. Here’s the highlights:
After One Year of Trudeau (2016-2017)
New Revenue compared to Conservative plan in Budget 2015:
$23.94 billion
$34.43 billion
Includes:
$9.89 billion deficit
Federal debt-to-GDP ratio:
30% vs Conservative plan in Budget 2015 of 29.3%
After Four Years of Trudeau (2016-2020)
New Revenue compared to Conservative plan in Budget 2015:
$108.5 billion
$146.5-billion
Includes:
$26.1 billion added to national debt
Federal debt-to-GDP ratio:
27% vs Conservative plan in Budget 2015 of 25.5%
Source: Liberal Party of Canada / Department of Finance
protip: the budget does not balance itself.
The Liberals presented their fiscal plan Saturday, outlining where a Justin Trudeau government would raise money, spend money and what kind of budget balances would be left over. Here’s the highlights:
After One Year of Trudeau (2016-2017)
New Revenue compared to Conservative plan in Budget 2015:
$23.94 billion
- Eliminate existing child benefit plans:: $17.96 Billion
- Increase income on wealthiest One Per Cent: $2.8 billion
- Close tax loopholes and chop government spending: $500 million
- Keep EI premiums higher than Conservatives had proposed: $524 million
- Cancel income splitting for parents: $2 billion
- Cancel increased ceiling on tax-free savings accounts: $160 million
$34.43 billion
Includes:
- New Canada Child Benefit plan: $21.73 billion
- Middle class tax cut: $2.87 billion
- Boost to GIS for single seniors: $720 million
- Increase infrastructure spend: $5 billion
- Enchanced EI system: $524 million
- Jobs and Training: $905 million
- Parks and clean-tech support: $415 million
- Arts and culture: $185 million
- Aboriginal education and infrastructure: $250 million
- Veterans programs and benefits: $325 million
- Immigration: $133 million
- Measures not yet announced: $1.17 billlion
$9.89 billion deficit
Federal debt-to-GDP ratio:
30% vs Conservative plan in Budget 2015 of 29.3%
After Four Years of Trudeau (2016-2020)
New Revenue compared to Conservative plan in Budget 2015:
$108.5 billion
- Eliminating existing child benefit plans: $73.6 Billion
- Increase income on wealthiest One Per Cent: $11.5 billion
- Close tax loopholes and chop government spending: $6.5 billion
- Keep EI premiums higher than Conservatives had proposed: $7 billion
- Cancel income splitting for parents: $8.3 billion
- Cancel increased ceiling on tax-free savings accounts: $1 billion
- Eliminate fossil fuel subsidies: $625 million.
$146.5-billion
Includes:
- New Canada Child Benefit plan: $89.5 billion
- Middle class tax cut: $11.8 billion
- Boost to GIS for single seniors: $3.1 billion
- Increase infrastructure spending: $17 billion
- Enchanced EI system: $6.9 billion
- Jobs and Training: $3.5 billion
- Parks and clean-tech support: $1.7 billion
- Arts and culture: $1.3 billion
- Aboriginal education and infrastructure: $1.6 billion
- Veterans programs and benefits: $1.26 billion
- Immigration: $357 million
- Measures not yet announced: $7.5 billion
$26.1 billion added to national debt
Federal debt-to-GDP ratio:
27% vs Conservative plan in Budget 2015 of 25.5%
Source: Liberal Party of Canada / Department of Finance
protip: the budget does not balance itself.