409:: a new tax is levied on large corporation at a rate of 0.175% of taxable capital employed in Canada in excess of $ 10 million (that $ 10 million exemption is shared among related corporation). That new tax is very similar to provincial taxes on capital. It is not a deductible charge for the federal corporate income tax but is creditable against the 3% federal surtax. The government projected this tax would yield revenues of $ 965 million in 1989-1990.
148:
In the months prior to the presentation of the budget, the government often bought up the subject of the debt and the deficit in public appearances, making the case that it was putting the
Canadian economy in great danger. These efforts were fruitful. According to gallup polling data from March 1989,
32:
140:
had publicly warned the
Canadian government that its Canadian national debt had gone out of control, and that radical measures were needed to curb the deficit. At the time, it totaled 320 Billion dollars, and was the highest among all industrialized countries except
149:
the deficit was second in the list of the people's major concerns, with 18% saying it was the issue that required the greatest attention, behind the environment at 28%. In
January 1989, that number was 10%, and 4% during the last election cycle.
171:
called the leak a criminal act, and charged Small, Appleby, the recycling plant worker and 2 others of possession of stolen property. Charges against Small were eventually thrown out the following year.
165:
clerk (whose friend worked at the recycling plant where it was found). This forced minister Wilson to call a press conference at 5:30 PM that day, where he improvised the early release of the budget.
802:
Pépin, André (May 9, 1989). "Bourassa invite les provinces à s'unir contre le "stratagème" de Wilson ; il soupçonne Ottawa de vouloir transférer aux provinces son impasse financière".
393:
The tax rate of income not attributed to a province is increased from 47% to 52% of basic federal tax starting on July 1, 1989. Minor increase in tax revenues is expected from that change.
340:
The 8-billion dollar nuclear submarine program has been scrapped, and the military was planned to suffer spending cuts amounting 2.7-billion dollars over five years.
854:
390:: on July 1, 1989, an additional 3% surtax is introduced on basic federal tax in excess of $ 15,000. That surtax affects taxpayers earning over $ 70,000 per year;
504:
520:
676:
765:"Peterson est prêt à s'unir à Bourassa contre la taxe Wilson; le Congrès du travail lance une vaste campagne pour combattre le budget conservateur".
161:
Parliament Hill bureau chief Doug Small read the highlights of the budget on air. He had received the documents that afternoon from John
Appleby, a
60:
745:
Lortie, Marie-Claude (April 28, 1989). "Un budget dans la tourmente : les syndicats déplorent la hausse des taxes et l'absence des emplois".
535:
called on other provinces to oppose the budget, which he saw as a ploy to transfer the federal government's financial burden on to the provinces.
162:
984:
958:
114:
72:
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and family allowance benefits from people with net income of $ 50,000 or more. This measure chips away the universality of these programs;
124:
The budget set the stage for a plan to eliminate the deficit within three years. It would do so through spending cuts and raising taxes.
847:
322:
The main provisions of the budget are measures with the objective to reduce the deficit. These include spending cuts and tax increases.
1322:
980:
503:, said that the budget was "an economic aggression that is not necessary. It is a cruel and brutal that will come to symbolize the
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951:
419:
430:
Pending the introduction of the Goods and services tax, the government introduced changes to existing sales and excise taxes:
840:
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767:
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133:
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347:(i.e. international aid) would be cut by $ 360 million in 1989-1990 (the program's growth rate would be capped at 5% in the
819:
Lessard, Denis (April 28, 1989). "Un coup dur pour le Québec ; Parizeau propose de "rapatrier" l'assurance- chômage".
1312:
892:
1286:
1281:
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1271:
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507:". The CTC and 80 affiliated labour unions launched a nationwide campaign to have most of the budget's measures undone.
348:
99:
94:
573:
137:
333:'s subsidy was cut by 500 million dollars, as were the subsidies of numerous other crown corporations and agencies.
641:
Jannard, Maurice (April 22, 1989). "L'argument du déficit : le boomerang à quelques jours du budget fédéral".
110:
1307:
559:
158:
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732:
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863:
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reacted very negatively to the budget, criticizing its tax increases and its lack of job-creating measures.
472:
580:
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Provinces were especially introduction of a federal sales tax. Shortly after the budget was presented,
31:
677:"This week in Canadian media history: Global TV leaks the federal government budget in 1989 - JSource"
897:
476:
714:
626:
563:
422:, which planned to be effective on January 1, 1991. It was initially planned to be set at 9%.
337:
was fully privatized, as the 55% of shares the government still held were planned to be sold.
136:
campaign, the issue of the debt and the deficit was seldom raised. However, in
February 1989,
550:
called for its introduction to be cancelled. They were subsequently joined in this effort by
1099:
576:
555:
551:
375:
67:
785:"Un budget dans la tourmente : un vent de consternation de Terre- Neuve Ă Victoria".
539:
532:
84:
479:
were both vehemently opposed to the budget. On the day the budget was leaked, NDP leader
1243:
1180:
1041:
912:
547:
447:: the tax credits was increased from $ 70 to $ 100 per adult in 1989 and $ 140 in 1990;
168:
1301:
354:
Federal day-care commitments were also cut, as were many other provincial transfers.
597:
441:
rose by 1%, as did the tax on telecommunication services and construction materials;
592:
496:
480:
1157:
658:
Kohut, John (April 16, 1989). "Tories will face selling job after budget, too".
524:
492:
515:
Every single provincial governments was opposed to the budget. As per example,
334:
624:
Waddell, Christopher (April 27, 1989). "Budget raises taxes, Scuttles subs".
1020:
583:
from Canada in reaction to the cuts proposed to the program in the budget.
109:
The
Canadian federal budget for fiscal year 1989–1990 was presented to the
832:
566:. The former had previously claimed the budget was "worse than expected".
516:
454:
330:
543:
384:: on July 1, 1989, the 3% surtax on personal incomes would raise to 5%;
528:
438:
142:
527:
said he was "extremely disappointed" by the budget. Both him and
157:
On April 26, 1989, parts of the budget were leaked to the press.
836:
388:
Creation of an additional surtax for high-income taxpayers
179:
483:
called on finance minister
Michael Wilson to resign.
418:
The budget announced the introduction of the
Federal
117:
on 27 April 1989. It was the first budget after the
1242:
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1156:
1098:
1040:
1019:
911:
870:
78:
66:
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362:The budget raised 9 billion dollars in new taxes.
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8:
16:
572:leader and Leader of the Opposition in the
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841:
833:
15:
25:Budget of the Canadian Federal Government
609:
445:Increase of Refundable Sales Tax Credit
181:Budgetary items in billions of dollars
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725:
7:
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707:
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374:: The budget planned on taxing back
372:Clawback of OAS and Family allowance
14:
30:
345:Official Development Assistance
579:called for Quebec to patriate
501:Canadian Labour Congress (CTC)
382:Increase of the federal surtax
163:Department of National Defence
119:1988 Canadian federal election
1:
138:International Moneratary Fund
888:Department of Finance Canada
574:National Assembly of Quebec
1339:
893:Governor general's warrant
477:New Democratic Party (NDP)
280:Non-budgetary transactions
111:House of Commons of Canada
1323:1989 in Canadian politics
560:Newfoundland and Labrador
457:rose by 1 cent per litre.
190:
91:
29:
735:, Page 102. August 1993.
451:Increase of gasoline tax
435:Increase of excise taxes
61:Progressive Conservative
1318:1989 government budgets
903:New shoes on budget day
878:Canadian federal budget
864:Canadian federal budget
733:Fiscal Reference tables
731:Department of Finance,
301:Financial requirements
491:Almost every Canadian
420:Goods and Services Tax
414:Goods and services tax
406:Large Corporations Tax
134:November 1988 election
712:"Budget Highlights".
437:: The federal Tax on
366:Personal income taxes
231:Program expenditures
1313:1989 in Canadian law
898:Canadian public debt
581:Employment Insurance
505:free trade agreement
113:by finance minister
883:Minister of Finance
499:, president of the
349:1990 federal budget
245:Public debt charge
217:Budgetary revenues
182:
26:
715:The Globe and Mail
660:The Globe and Mail
627:The Globe and Mail
404:Introduction of a
180:
1295:
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1033:
956:
791:. April 28, 1989.
718:. April 27, 1989.
662:. pp. B1–B2.
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1308:Canadian budgets
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577:Jacques Parizeau
556:Bill Vander Zalm
552:British Columbia
376:old age security
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68:Finance minister
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27:
24:
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1032:(never adopted)
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955:(never adopted)
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771:. May 10, 1989.
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570:Parti Québécois
533:Robert Bourassa
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453:: The price of
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398:Corporate taxes
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343:The budget for
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1042:Brian Mulroney
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587:External links
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647:. p. B1.
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593:Budget Speech
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473:Liberal Party
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42:27 April 1989
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685:. Retrieved
683:. 2014-04-21
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568:
537:
514:
497:Shirley Carr
490:
481:Ed Broadbent
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426:Excise taxes
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405:
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361:
358:Tax measures
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279:
272:
267:
262:
176:Key elements
167:
156:
147:
131:
123:
108:
1158:Paul Martin
564:Clyde Wells
525:Gary Filmon
1302:Categories
687:2018-10-28
604:References
467:Opposition
335:Air Canada
191:1989-1990
188:1988-1989
128:Background
47:Parliament
1021:Joe Clark
822:La Presse
805:La Presse
788:La Presse
768:La Presse
748:La Presse
644:La Presse
511:Provinces
462:Reactions
240:(103.88)
159:Global TV
39:Presented
985:November
959:November
562:premier
554:premier
546:premier
540:Bourassa
531:premier
523:premier
517:Manitoba
475:and the
455:gasoline
331:Via Rail
259:Deficit
254:(38.82)
248:(33.17)
237:(103.5)
234:(99.85)
871:General
681:JSource
544:Ontario
315:(20.53)
305:(22.42)
273:(29.00)
263:(28.95)
251:(39.4)
226:113.71
220:104.07
204:Budget
132:In the
93:‹
80:Deficit
19: (
979:1978 (
950:1974 (
529:Quebec
487:Unions
439:liquor
310:(20.5)
268:(30.5)
223:112.4
211:Actual
206:speech
199:Actual
981:April
143:Italy
57:Party
1287:2024
1282:2023
1277:2022
1272:2021
1267:2019
1262:2018
1257:2017
1252:2016
1234:2015
1229:2014
1224:2013
1219:2012
1214:2011
1209:2010
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1194:2007
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1080:1991
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1029:1979
1011:1984
1006:1983
1001:1982
996:1981
991:1980
975:1977
970:1976
965:1975
946:1973
941:1972
936:1971
931:1970
926:1969
921:1968
558:and
542:and
471:The
326:Cuts
295:8.47
290:10.0
285:6.53
153:Leak
100:1990
95:1988
85:CA$
51:34th
21:1989
17:1989
952:May
519:'s
351:).
1304::
983:,
957:,
777:^
757:^
724:^
696:^
679:.
668:^
612:^
521:PC
145:.
121:.
987:)
961:)
856:e
849:t
842:v
825:.
808:.
751:.
690:.
630:.
102:›
23:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
