On March 22, 2017, Finance Minister Bill Morneau delivered the Liberal government’s 2017 Federal Budget. The budget estimates a deficit of $23 billion for 2016 – 2017 and a deficit of $28.5 billion for 2017 – 2018. Canada’s national debt will increase by $143 billion over the next five years and is expected to be approximately $759 billion at the end of 2021 – 2022.
The theme of this year’s budget is “wait and see” as the Liberal government seems to have been hesitant in tabling any significant tax changes. This may relate to President Donald Trump’s promise of a Republican tax reform plan, which is expected to lower both personal and corporate taxes in the United States.