The federal government’s new budget recognizes millennials are struggling to buy homes, Canadian Real Estate Association CEO BourqREAL says. Read more here: budget2019 cdnpoli
OTTAWA -- The federal government is making targeted spending commitments aimed towards millennials, workers, and seniors in their 2019 pre-election budget, and are continuing to spend while posting deficits, with still no path to balance.
During the last federal election the Liberals pledged not to run deficits over $10 billion and said they would return to a balance by 2019, a promise now not on the fiscal horizon for at least the next four years. The most the government is projecting the deficit to drop is $10 billion by 2023-24. In that year, the deficit is projected at $9.8 billion.
Canada’s federal debt as a percentage of GDP is projected to incrementally decline over the next five years, from 30.7 per cent in 2019-20, to 28.6 per cent in 2023-24. The government wants to make the prospect of going back to school, or gaining new skills more appealing for people between the ages of 25 and 64. The Liberals are proposing to do so through a new Canada Training Benefit that will to chip in a small amount towards the cost of training fees. It’s a credit of $250 a year that can accumulate to help pay for future training, up to $5,000 over a person’s career.
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