Federal Budget 2019 — No Real Surprises

The Honourable William Morneau, Minister of Finance, tabled the 2019 Federal Budget (Budget 2019) for the Government of Canada (the Government) on March 19, 2019 (Budget Day). As expected in an election year, Budget 2019 spoke directly to the young, the elderly, the "middle class" (and those working hard to join it), and federal government employees who continue to be impacted by the Phoenix pay system. Of note, the largest single tax expenditure is anticipated to be the Canada Training Credit with a cost of $815 million over 5 years. Investors and employees holding lucrative stock options may be disappointed due to proposed limits on benefits. On the business side, there will be increased support for research and innovation and for Canadian journalism. There are a few anti-avoidance measures targeted at the investment industry, which seem par for the course given other recent budgets. In addition, Canada has reaffirmed international commitments to combat tax avoidance,