2019 Federal Budget CommentaryMarch 20, 20191 min read
In brief, the 2019 Budget includes $22.8 billion in new spending over the next five years. The government expects revenues to steadily increase by nearly $60 billion in 2023 and projects program spending to increase by $40 billion that year. Debt payments are projected to increase by $7 billion.
Based on these growth and spending assumptions, the government expects the federal deficit to increase to nearly $20 billion in 2019–2020 and 2020–21 and then decline to $9.8 billion at the end of the next five years.
Cleo Melanson, Tax Partner, and Rick Bouffard, Principal & Tax Advisory, at Freelandt Caldwell Reilly LLP practice in the areas of tax and owner-managed businesses. You can contact Cleo by clicking here or Rick by clicking here to arrange an appointment regarding this topic.