With a federal election looming and Prime Minister Justin Trudeau's governm...
OTTAWA - With a federal election looming and Prime Minister Justin Trudeau’s government facing its worst political crisis in four years, Canada’s ruling Liberals are expected to table a goody-filled budget later this week in bid to get back on course with voters.
Adding to the pain, economic growth slowed sharply at the end of 2018 and, despite blockbuster job gains, Canadians are feeling increasingly pessimistic about the future as record household debt runs up against higher interest rates. If Morneau wants to look fiscally prudent, the key will be to divvy up only the unexpected revenue, and not disrupt plans to reduce the net-debt-to-GDP ratio - a measure of how burdensome debt is relative to the economy, said Derek Holt, head of Capital Markets Economics at Scotiabank.
“Our recommendations include restoring 30-year mortgages for first-time home buyers and making some adjustments to the current stress test now that the market has changed,” said Kevin Lee, chief executive of the Canadian Home Builders’ Association. Budget documents may go into some detail, or just make a general commitment to boost coverage, leaving specifics for the election campaign.
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