Budget 2019: Five things to watch for in the Liberals’ final fiscal blueprint

Finance Minister Bill Morneau will release the Trudeau government’s final budget on Tuesday

Federal Finance Minister Bill Morneau holds a media availability in Toronto on Thursday February 28, 2019. The Trudeau government will take steps in Tuesday’s federal budget to make home-buying more affordable with changes affecting supply, demand and regulation, The Canadian Press has learned. (THE CANADIAN PRESS/Frank Gunn)

OTTAWA — Finance Minister Bill Morneau will release the Trudeau government’s final budget of its mandate Tuesday, just seven months before the next federal election.

Here are some things to watch for:

A boost to skills training

The government says it wants to help workers adapt to the rapidly changing needs of the modern workforce. The budget is expected to announce measures to help Canadians cover their bills if they choose to head back to school to upgrade their skills or to change careers. Morneau has also said he wants to make sure workers have dedicated time off so they can get that skills training. As part of the package, the Liberals plan to create a lifelong savings account for adults after drawing inspiration from a similar program launched a few years ago in Singapore, said a government source, who was not authorized to speak publicly because the plan is not yet released. The program is expected to share traits with Canada’s registered education savings plan (RESP), but be aimed at mid-career adults rather than youth. In late 2017, Morneau’s council of economic advisers recommended such a program, which the group called the “Canada Lifelong Learning Fund.”

READ MORE: James says B.C. budget puts priorities on NDP’s poverty, environment plans

Helping more millennials buy homes

The budget will include plans to help more first-time buyers enter the housing market, changes that will arrive at a time of out-of-reach real estate prices in some parts of the country. Morneau has said he’s particularly focused on helping millennials, a generation of people who are now in their mid-20s to late 30s. His budget will make home-buying more affordable with a series of changes affecting housing supply, demand and regulation, a government source said.

(Early) steps toward national pharmacare

The Liberals also plan to move toward their two main goals on pharmacare: keeping costs down and ensuring better coverage for everyone. Earlier this month, an advisory panel assembled by Ottawa released an interim report that recommended the federal government create a new agency to oversee the rollout of a national drug plan, the first part of a much broader pharmacare program. The panel, led by former Ontario health minister Eric Hoskins, said the federal government should also develop a national list of drugs to ensure consistent coverage across the country. It called for funding to gather better data on prescription medications. Some have high hopes Tuesday’s budget will include an extensive pharmacare component, but a government source said any firm commitments won’t go much beyond the interim report’s recommendations.

On or off the fiscal track?

In November, Morneau predicted annual deficits of $18.1 billion in 2018-19, $19.6 billion in 2019-20 and $18.1 billion in 2020-21. After 2020-21, the annual shortfalls were expected to shrink each year, reaching $11.4 billion in 2023-24. Ottawa’s fiscal track promises to be a key issue in the October election campaign — with Liberals calling for investments to lift long-term growth and the Opposition Conservatives demanding balanced books to ensure future generations aren’t stuck with the tab.

Lifeline for the news industry

The Trudeau government is due to deliver an update to its plan to support the ailing journalism industry. Last fall, it announced new tax credits and incentives worth $595 million over the next five years. Ottawa said it would create an independent panel of experts from the journalism community to seek advice on the measures and, in particular, define which outlets will be eligible for a refundable tax credit on labour costs. But it has yet to assemble the panel, which has raised concerns in the news industry that the support is taking too long to materialize. A spokesman for Heritage Minister Pablo Rodriguez said last week that the budget will lay out details of the measures announced in the fall.

Andy Blatchford, The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

Buccaneers pillage Irish 36-0

Central Alberta bounces back after off week against Wolfpack

Lacombe business drives home with CARS Magazine 2019 Shop of the Year Award

Lacombe Auto Service Centre Ltd. looking to keep evolving with industry

Lacombe Corn Maze celebrates 20 years in central Alberta

Kraay Family Farms will be celebrating the occasion all season

Lacombe’s Chairs for Charity is back for second year

75 chairs to be auctioned off in hopes of raising $10,000

Community mourns the deaths of two Maskwacis toddlers

Siblings found drowned on family’s property

WATCH: Lacombe AUPE members picket against Bill 9

Union members say their constitutional rights have been ignored

A year later, ceremony commemorates victims of the Danforth shooting

It’s the one-year anniversary of when a man opened fire along the bustling street before shooting and killing himself

Ottawa fights planned class action against RCMP for bullying, intimidation

The current case is more general, applying to employees, including men, who worked for the RCMP

Alberta judge denies B.C.’s bid to block ‘Turn Off the Taps’ bill

He said the proper venue for the disagreement is Federal Court

Sexual harassment complaints soaring amid ‘frat boy culture’ in Canada’s airline industry

‘It’s a #MeToo dumpster fire…and it’s exhausting for survivors’

How much do you know about the moon?

To mark the 50th anniversary of the first lunar landing, see how well you know space

Bashaw seed cleaning plant holds official opening

New facility operating well since January

Couple found dead along northern B.C. highway in double homicide

Woman from the U.S. and man from Australia found dead near Liard Hot Springs

Bank of Canada lowers qualifying rate used in mortgage stress tests

Home sales softened last year after the federal government introduced new stress test rules for uninsured mortgages

Most Read