Budget 2019

Budget 2019: What can we expect?

Heath Moore Heath Moore

Budget 2019: Pre-alert

Making sense of what's next

Budget 2019 sees the current federal government providing its last budgetary update prior to the election expected to occur later this year. This timing provides the government with an opportunity to set priorities for their upcoming campaign and potentially push through any remaining policy changes from its current mandate.

In thinking about the changes we may see in this budget, it is helpful to first take note of Canada's current landscape.

Economic overview

From an economic standpoint, Canada is performing well but there is evidence that this growth is beginning to slow. Based on projections included in the federal government’s Fall Economic Statement, Canada is expected to see 1.8 percent annual growth in its real gross domestic product (GDP) over the next five years, which is less than the 3.0 percent growth we saw in 2017.

Access the full Budget 2019 Pre-alert to learn more. [ 315 kb ]

budget 2019 - GDP Graph.JPG

Trade

Increasing Canadian competitiveness has been a major topic over the past year since the onset of the large-scale tax reform in the United States at the end of 2017.

The desire to facilitate trade and increase Canada’s competitiveness internationally was a major focus of the federal government’s 2018 Fall Economic Statement and it is expected that this trend will continue to influence government policy in the upcoming federal budget.

Recent trade agreements

The government’s focus on trade has been evidenced by the multiple trade agreements that Canada has recently entered into.

budget 2019 - Map.JPG

Innovation

A critical component to enhancing Canadian competitiveness is fostering innovation. Studies have shown that supporting innovation and entrepreneurs can lead to sustainable growth and prosperity for the country and economy as a whole.

It has been noted that two of the greatest challenges faced by startups are accessing capital and attracting talent. To address these challenges, significant funding has been allocated towards supporting innovation within Canada over the past couple years.

Superclusters

The federal government’s 2017 budget introduced the Innovation Superclusters Initiative.

budget 2019 -5 superclusters.JPG

In today’s world of economic uncertainty, we are hoping to see Budget 2019 address some of the challenges faced by business owners.

Visit Budget 2019 to get the latest information and analysis on provincial and federal budgets.

Access the full Budget 2019 Pre-alert to learn more [ 315 kb ]

 

National Tax Leader Heath Moore discusses how Budget 2019 may impact entrepreneurs.