1980 Canadian federal budget

Last updated
1980 (1980) Budget of the Canadian Federal Government
Presented28 October 1980
Parliament 32nd
Party Liberal
Finance minister Allan MacEachen
Total revenue53.181 billion [1]
Total expenditures67.737 billion [1]
Deficit $14.556 billion [1]
  1979
1981  

The Canadian federal budget for fiscal year 1980-1981 was presented by Minister of Finance Allan MacEachen in the House of Commons of Canada on 28 October 1980. [2] It was the first budget presented after the Liberals won a majority in the 1980 Canadian federal election.

Contents

Details of the budget

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 budget maintained the indexing of income tax tables, costing 1.58 billions in 1981 alone. [plan 1]

The budget did however : [plan 2] [pap 1]

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. [plan 3] Expenditure especially increased in energy programs (+300%) and economic development (+22%) with a special $350 millions enveloppe for industrial restructuring and manpower retraining. [plan 4]

Reactions

Related Research Articles

The National Energy Program (NEP) was an energy policy of the Canadian federal government from 1980 to 1985. Created under the Liberal government of Prime Minister Pierre Trudeau by Energy Minister Marc Lalonde in 1980, the program was administered by the Department of Energy, Mines and Resources. Introduced following the oil crises and stagflation of the 1970s, the NEP proved to be a highly controversial policy initiative that pitted economic nationalism and federal aspirations of energy self-sufficiency against provincial jurisdiction with hundreds of billions of dollars in oil revenue at stake. The result was a dispute that sparked intense opposition and anger in Canada's West, particularly in Alberta, and the rise of the Reform Party, a development that would shape Canadian politics for years to come.

The 2005 Canadian federal budget was the budget of the Government of Canada for the 2005–2006 fiscal year. It was presented on February 23, 2005, by Finance Minister Ralph Goodale. It was the first Canadian federal budget presented by a minority government since the budget of the Joe Clark Progressive Conservative government in 1979, which was defeated by the opposition parties.

United States federal budget Budget of the U.S. federal government

The United States federal budget comprises the spending and revenues of the U.S. federal government. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare, retirement, and defense programs. The non-partisan Congressional Budget Office provides extensive analysis of the budget and its economic effects. It has reported that large budget deficits over the next 30 years are projected to drive federal debt held by the public to unprecedented levels—from 98 percent of gross domestic product (GDP) in 2020 to 195 percent by 2050.

2006 Canadian federal budget

The Canadian federal budget for the fiscal year 2006–2007, was presented to the House of Commons of Canada by Finance Minister Jim Flaherty on May 2, 2006. Among the most notable elements of the federal budget were its reduction of the Goods and Services Tax by one percentage point, income tax cuts for middle-income earners, and $1,200-per-child childcare payment for Canadian parents.

The Canadian federal budget for the 2009-2010 fiscal year was presented to the House of Commons of Canada by Finance Minister Jim Flaherty on January 27, 2009. The federal budget included $40 billion in stimulus and $20 billion in personal income tax cuts.

In Canada, the federal government makes equalization payments to provincial governments to help address fiscal disparities among Canadian provinces based on estimates of provinces' fiscal capacity—their ability to generate tax revenues. A province that does not receive equalization payments is often referred to as a "have province", while one that does is called a "have not province". In 2020–21, five provinces will receive $20.573 billion in equalization payments from the federal government. In 2021–22, provinces and territories will receive $83.9 billion through major transfers.

1993 Canadian federal budget

The 1993 Canadian budget was a Canadian federal budget for the Government of Canada presented by Minister of Finance Don Mazankowski in the House of Commons of Canada on 26 April 1993. It was the fifth budget after the 1988 Canadian federal election and would be the last before the 1993 Canadian federal election.

The Canadian federal budget for fiscal year 2014–2015 was presented to the House of Commons of Canada by Jim Flaherty on 11 February 2014. This was the last budget presented by the Finance Minister before his resignation in March and death in April. At the end of the fiscal year, the government was surprised to post a budgetary surplus of $1.9 billion. This however would later be overturned to a small deficit of $550 million due to improper accounting methodologies for the Government's unfunded pension obligations, as pointed out for years by the Auditor General.

The 2013 Ontario budget, known as the Prosperous and Fair Ontario Act, is the budget for the province of Ontario for fiscal year 2013. It was presented to the Legislative Assembly of Ontario for its first reading on 2 May 2013 by Charles Sousa, the Minister of Finance of the Government of Ontario, and received Royal Assent on 13 June 2013.

2015 Canadian federal budget

The Canadian federal budget for fiscal year 2015–2016 was presented to the House of Commons of Canada by Joe Oliver on 21 April 2015. This was the last budget before the 2015 federal election. The budget was supposed to be presented in February or March before the fiscal year began on April 1, but was delayed because of the steep drop in oil prices in the winter of 2014–15. A surplus of $1.4 billion was projected for the fiscal year 2015-2016, however this was adjusted by the new government to a deficit of $1.0 billion by end of March 2016. This was later adjusted to $2.9 billion after reflecting a change requested by the Auditor General dating back 10 years' worth of federal budgets, specifically with regards to the discount rate methodology used to determine the present value of the Government's unfunded pension obligations.

The Canada Workers Benefit (CWB) is a refundable tax credit in Canada, similar to the Earned Income Tax Credit (EITC) in the United States. Introduced in 2007 under the name Workers Income Tax Benefit (WITB), it offers tax relief to working low-income individuals and encourages others to enter the workforce. The WITB has been expanded considerably since its introduction, and restructured in depth by the 2018 Canadian federal budget when it was renamed the Canada Workers Benefit.

1990 Canadian federal budget

The Canadian federal budget for fiscal year 1990–1991 was presented to the House of Commons of Canada by finance minister Michael Wilson on 20 February 1990. It was the second budget after the 1988 Canadian federal election.

The Canadian federal budget for fiscal year 1988–1989 was presented to the House of Commons of Canada by finance minister Michael Wilson on 10 February 1988. It was the fourth budget after the 1984 Canadian federal election and would be the last before the 1988 Canadian federal election.

The 1992 Canadian budget was a Canadian federal budget for the Government of Canada presented by Minister of Finance Don Mazankowski in the House of Commons of Canada on 25 February 1992. It was the fourth budget after the 1988 Canadian federal election. It is the first budget presented by Don Mazankowski.

The Canadian federal budget for the fiscal years of 2020–21 and 2021–22 was presented to the House of Commons by finance minister Chrystia Freeland on 19 April 2021. The Canadian government did not produce a budget in 2020 due to the COVID-19 pandemic. Instead, the government produced a series of economic updates and stimulus plans throughout the year.

Federal aid during the COVID-19 pandemic in Canada

The Government of Canada introduced multiple temporary social security and financial aid programs in response to the economic impacts of the COVID-19 pandemic in Canada. The initial CA$82-billion aid package was announced on March 18, 2020 by Justin Trudeau.

The 1979 Canadian federal budget was presented by Minister of Finance John Crosbie in the House of Commons of Canada on 11 December 1979. It was the first and only Canadian federal budget presented under the premiership of Joe Clark. The budget was never adopted, as the government was defeated in a vote of confidence on a budget subamendment on December 13, 1979.

The Canadian federal budget for fiscal year 1997-1998 was presented by Minister of Finance Paul Martin in the House of Commons of Canada on 18 February 1997. It is the last budget of the 35th Canadian Parliament and the last budget before the 1997 Canadian federal election. The budget's unofficial subtitle is Building the Future for Canadians.

The Canadian federal budget for fiscal year 1995–1996 was presented by Minister of Finance Paul Martin in the House of Commons of Canada on 27 February 1995.

The Canadian federal budget for fiscal year 1978-1979 presented by Minister of Finance Jean Chrétien in the House of Commons of Canada on 10 April 1978. It is the fifth budget of the 30th Parliament and the first presented by Jean Chrétien.

References

  1. p. 15
  2. p. 16
  3. p. 12
  4. p. 13
  1. p. 1-2
  1. 1 2 3 "Canada's deficits and surpluses, 1963-2014". CBC News. CBC/Radio-Canada. Retrieved 25 April 2015.
  2. "The Leader-Post". news.google.com. 29 October 1980. Retrieved 2020-06-17.