In this post we are going to carry on with the series reviewing the letter from the Prime Minister Mr. Trudeau to the Finance Minister Mr. Morneau. In this segment we are going to start to review some of the top priorities that Mr. Trudeau has laid out for the Finance Minister.
Balancing the budget
It would seem at that the Prime Minister expects the Finance Minister to have the budget in ballots in 2019/20 and as he progresses in his new office he is to reduce the federal debt to GDP
This is sort of in keeping with the previous government’s plans however, it may be an extension of time when it comes to balancing the budget. This is understandable as the Prime Minister is going to have to increase the debt in order to meet all of the election promises.
Middle-class tax cut
This was one that a lot of us were waiting to see what was going to transpire as it was a platform promise. It is evident that the Prime Minister feels that that the wealthiest can pick up more of the costs rather than putting it on the backs of the middle-class taxpayers.
Unfair tax breaks
There is no doubt that the Finance Minister is going to have to take a look at the current tax breaks and do some adjustments. One of the major ones of concern will be the cancellation of the income splitting however, this will not affect this particular tax break for seniors.
Canada Child benefit
There is going to be a shuffling here regarding the Canada Child tax benefit and the National Child benefit supplement where indicators are they will have to be expanded on so that they can replace the Universal Child care benefit.
Canada pension plan
The Finance Minister is being encouraged to meet with the provinces and territories to develop a process that will enhance the Canada pension plan. This is in its very early stages as just being a mandate and there really are no details pertaining to how this is going to transpire other than the goal is to make it so that Canadians have more security income wise in their retirement years.
Post secondary education
The focus here is for students who are running into difficulty that are in low and middle income families to pay for their education the Finance Minister is being mandated to come up and deliver a plan to make this more affordable.
Wasteful spending
This is probably one of the most welcome changes should it transpire that Canadians are finding impressive. One of the biggest complaints that many of us as taxpayers have is the amount of money regarding our tax dollars that are spent on wasteful endeavors on the government’s part. The Finance Minister is obviously going to have to tighten up and make sure that the various departments know what frugal spending is.
So here we have the first seven of a long list of priorities that have been given to the Finance Minister. When you break them down they each have a very significant impact and each and every one of them is important to spurring at the economy on the whole and it really addresses a lot of the major issues that the average taxpayer has. In our previous post which was part one we began our series on these priorities now in our next post we will continue with the next seven on the priority list.
