Thoughts and Predictions On Canada Deficit

Earlier this week Canada’s Finance Minister released a fiscal update which has grown to 343 billions dollars and our national debt to 1 trillion dollars. This is up from 34 billion the previous year meaning the deficit has swollen over one hundred percent. This is largely due to the COVID-19 pandemic which shut down our economy and created the need for stimulus for both businesses and individuals. Missing however was any cohesive plan to get our finances back in order. The government may not want to release any action plan being in a minority situation and not wanting to risk defeat.
However here ares some predictions of some measures that will be taken:

Personal income taxes will be raised as well as the GST likely up to 7% again.

Transfers to the provinces will be cut leading to cuts in health care and education.

Property taxes will go up as municipalities look for ways to cover shortfalls in income.

Corporate taxes will remain frozen neither going up or down.

The civil service cuts will take place leading to labour unrest and strikes.

An inheritance tax may be introduced.

In the process an early election may be called to able to pass some of these measures and turn our fiscal house. But it may be a while at least until this pandemic is over. Time will tell and this government is facing other problems may be leading to it’s downfall which I will cover next time. 

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