The Liberal government unveils its second federal budget this Wednesday.
Here are some of the Highlights from the 2017 federal budget tabled Wednesday by Finance Minister Bill Morneau:
- Employment insurance premiums are going up five cents to $1.68 per every $100 of insurable earnings, up from $1.63 – the maximum allowable increase under the Employment Insurance Act.
- The budget dedicates $11.2 billion to cities and provinces for affordable housing over 10 years as part of the second wave of the government’s infrastructure program, $5 billion of which is to encourage housing providers to pool their resources with private partners to pay for new projects.
- $20-billion towards public transit projects over the next 11 years.
- $7 billion in spending over 10 years for Canadian families, including 40,000 new subsidized daycare spaces across Canada by 2019, extended parental leave and allowing expectant mothers to claim maternity benefits 12 weeks before their due date.
- $35-million over the next five years towards measures to help with the overdose crisis. This is in addition to the $65-million announced in February for a total of $100-million.
- $59.8 million over four years, beginning in 2018-19, to make student loans and grants more readily available for part-time students, and $107.4 million over the same period for assist students with dependent children.
- $287.2 million over three years, starting in 2018-19, for a pilot project to facilitate adult-student access to student loans and grants.
- Higher taxes on alcohol and tobacco products: the excise duty rate on cigarettes goes up to $21.56 per carton of smokes from $21.03, while the rates on alcohol are going up two per cent. Both will be adjusted every April 1 starting next year, based on the consumer price index.
- $9.6-million over the next five years towards Marijuana education and $1-million a year afterward.
- The public transit tax credit, which allows the cost of transit passes to be deducted, is being eliminated effective July 1.
There are no specifics on the budget about how the $1.5-billion towards the Oceans Protection Plan will be rolled out.
The deficit is at $23 billion, down from $25.1 billion in the last fiscal update, and is projected to reach $28.5 billion for 2017-18 – including a $3 billion contingency fund – before declining to $18.8 billion in 2021-22.
The 2016 budget announced a total spending of $26.5-billion over two years, but the 2017 budget announced a total of $5.6-billion over the next six years.
With files from The Canadian Press