Federal Budget 2017
“Building a Stronger Middle Class”
On March 22, 2017, the Honourable Bill Morneau tabled his second budget as Minister of Finance. The federal government is projecting a deficit for the 2016–17 fiscal year of $23.0 billion. In last year’s budget, a deficit of $29.4 billion was predicted. For the 2017–18 and 2018-19 fiscal years, deficits of $28.5 billion and $27.4 billion respectively are predicted.
- No timetable set for balancing the federal budget
- Ability of professionals to defer taxation of work in progress to be repealed
- Government to release paper on private company tax planning
- Several income tax deductions and credits eliminated
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