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1995 Canadian federal budget

From Wikipedia, the free encyclopedia

1995 (1995) Budget of the Canadian Federal Government
Presented27 February 1995
Parliament35th
PartyLiberal
Finance ministerPaul Martin
Total revenue140.257 billion [1]
Total expenditures170.263 billion [1]
Deficit$30.006 billion[1]
‹ 1994
1996 ›

The Canadian federal budget for fiscal year 1995–1996 was presented by Minister of Finance Paul Martin in the House of Commons of Canada on 27 February 1995.[2]

Background

The budget is presented in a context of a fast-growing US economy and moderate inflation but a severe increase in interest rates that started in early 1994 dramatically increased public debt charges and in turn reduced budgetary margin for the Liberal government.[3]

Taxes

The capital gains exemption is maintained for farming and small businesses.[4]

Cost recovery initiatives

In order to increase revenues, the budget plans for new cost recovery and user fees initiatives, notably:

  • A new immigration fee of $975 per adult ;
  • Increased fees for citizenship ;
  • Increase in the interest rate charged by Revenue Canada for late payments on taxes, CPP and EI contributions ;
  • Increased cost recovery for the provision of consular and trade development services ;
  • Introduction of fees for commercial products provided by Environment Canada.

These initiatives were to generate $450 millions in annual revenues in 1995–96 and up to $600 millions when fully implemented.[5]

Expenditures

Program spending

Administrative measures

The budget announces massive cuts to program expenditures, amounting to 18.9 % by 1997–98. A new Expenditure Management System (EMS) was announced prior to the budget announcement on February 15 by Art Eggleton, the President of the Treasury Board. The EMS aimes to implement a new results-based approach to public management and strict cost control.[6]

The 2 $ banknote is discontinued and replaced by a 2 $ coin starting in early 1996.

Other administrative restructuring is also announced in the budget:[7]

Cuts to business subsidies

The most dramatic cuts are related to subsidies to business organizations, with a scheduled cut amounting to 60.4% between 1994–95 and 1997–98.[8][9]

  • Effective August 1, 1995 the annual subsidy of $560 millions to the railway companies is eliminated ;[10]
    • The federal government budgeted a $1.6 billion one-time payment as compensation for land owner whose land values are affected by the abolition of freight subsidies.
  • Subsidies for Atlantic region freight are abolished starting on July 1, 1995 ;
  • Dairy and other agricultural subsidies are to be reduced by 30% over 2 years ;
  • Subsidies to cultural industries are to be reduced, including an-8% reduction in the postal subsidies for Canadian books and magazines.
  • Industry Canada is scheduled to terminate 44 of its 54 business subsidies programs.[4]

Transfers to provinces

Creation of the Canada Social Transfer

The budget announced major changes to transfers to provinces. Up until 1995, transfers consisted mostly of:

The budget announced that the first two programs are to be combined into a single block transfer called the Canada Health and Social Transfer (CHST) starting in the fiscal year 1996–97. In the budget the CHST is designated as Canada Social Transfer (CST) which coincidentally is the name of a successor transfer to the CHST.[11]

Other changes

The Public Utilities Income Tax Transfer Act (PUITTA) is suspended after April 1, 1995[12] and the PUITTA is repealed on March 31, 1999, providing the federal government with more than $200 millions in annual savings.[13]

Legislative history

Most of the content of the budget was included in the Bill C-76 (An Act to implement certain provisions of the budget tabled in Parliament on February 27, 1995) that was adopted by the House of Commons on 6 June 1995. Reform, Bloc, NDP and one of the two Progressive-conservative (Jean Charest) MPs voted against the budget while Gilles Bernier, the only independent MP at the time, voted in favor like he did for the previous budget. One Liberal MP (Warren Allmand) voted against the budget, protesting budget cuts and was shortly thereafter relieved of his position as chair of the House of Commons Standing Committee on Justice.[14] The bill received royal assent on 22 June 1995.

House of Commons vote on the
Budget Implementation Act, 1995[15]
Party Yea Nay Abstention Absent
Liberals 140 1 14 23
Bloc Québécois 0 37 14 2
Reform 0 40 0 12
New Democratic 0 6 0 3
Progressive Conservative 0 1 0 1
Independents 1 0 0 0
Total 141 85 28 42

References

  1. ^ a b c "Canada's deficits and surpluses, 1963–2014". CBC News. CBC/Radio-Canada. Retrieved 25 April 2015.
  2. ^ "La Presse". numerique.banq.qc.ca. 28 February 1995. Archived from the original on 2020-06-26. Retrieved 2020-06-17.
  3. ^ Budget plan, pp. 17–20
  4. ^ a b Le Cours, Rudy (28 February 1995). "Un voeu des entreprises sera exaucé : moins de subventions aux entreprises". La Presse. p. A4. Retrieved 1 November 2020.
  5. ^ Budget plan, pp. 37–39
  6. ^ Budget plan, p. 37
  7. ^ Budget plan, pp. 39–40
  8. ^ Budget plan, pp. 41–46
  9. ^ Le Cours, Rudy (28 February 1995). "Moins de dépenses, moins de fonctionnaire". La Presse. p. A3. Retrieved 1 November 2020.
  10. ^ Budget plan, pp. 42–43
  11. ^ Budget plan, pp. 51–54
  12. ^ Budget Implementation Act, 1995, s. 63.
  13. ^ Budget plan, pp. 48–49
  14. ^ Journals of the House of Commons for June 6, 1995
  15. ^ House of Commons Debates, 35th Parliament, 1st Session, vol. 11, pp. 13348-13349.

Official documents

Budget documents

Enacted legislations

This page was last edited on 10 April 2023, at 16:52
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