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ARTICLE · 27 FEBRUARY 1998

Canadian 1998 Federal Budget Highlight Commentary

PwC Management Services LP
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CanadaAccounting and Audit

PLEASE NOTE: THIS INFORMATION WAS ORIGINALLY SUBMITTED BY COOPERS & LYBRAND, CANADA

Finance Minister Paul Martin's fifth Budget on 24 February set federal finances on a new course. With the deficit eliminated, the choice was whether to reduce the accumulated $583 billion national debt, reduce taxes, or undertake new spending initiatives. Debt reduction lost out, except for a $3 billion Contingency Reserve. Instead, program spending will increase, relatively minor tax relief will apply to lower and middle income Canadians, and general tax reductions have been postponed. The critical debt-to-GDP ratio will decline only slightly from 68% in 1997-1998 to 63% in 1999-2000 and even this decline is based on the Minister's gamble on continuing economic growth and low interest rates.

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