2003 Canadian federal budget
Encyclopedia
The Canadian federal budget of 2003 was unveiled on February 18, 2003. It was the first budget issued by Finance Minister John Manley
who was given the job in May 2002 replacing Paul Martin
. It was also the last budget of Prime Minister Jean Chrétien
.
In the previous fiscal year the Canadian economy had done well, despite the recent recession in the United States
. The budget saw another large surplus, which was enhanced by a shift to more stringent accrual accounting announced in the budget.
The bill was largely seen as a departure from the fiscal austerity of the last several years. It had a wide range of new spending initiatives on health care
, child care, defence, education, and other social programs. The budget had only limited tax cuts, mostly directed at corporations. The budget set forth a plan of gradual reductions that would see corporate taxes fall well below American levels. The most important was the reduction of the Canadian Capital Tax. Employment Insurance premiums were also cut.
John Manley (politician)
John Paul Manley, PC, OC is a Canadian lawyer, businessman and politician. He served as Liberal Member of Parliament for Ottawa South from 1988 to 2004, and a Cabinet Minister from 1993 to 2003. He is presently President and CEO of the Canadian Council of Chief Executives.-Background:Manley was...
who was given the job in May 2002 replacing Paul Martin
Paul Martin
Paul Edgar Philippe Martin, PC , also known as Paul Martin, Jr. is a Canadian politician who was the 21st Prime Minister of Canada, as well as leader of the Liberal Party of Canada....
. It was also the last budget of Prime Minister Jean Chrétien
Jean Chrétien
Joseph Jacques Jean Chrétien , known commonly as Jean Chrétien is a former Canadian politician who was the 20th Prime Minister of Canada. He served in the position for over ten years, from November 4, 1993 to December 12, 2003....
.
In the previous fiscal year the Canadian economy had done well, despite the recent recession in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. The budget saw another large surplus, which was enhanced by a shift to more stringent accrual accounting announced in the budget.
The bill was largely seen as a departure from the fiscal austerity of the last several years. It had a wide range of new spending initiatives on health care
Health care
Health care is the diagnosis, treatment, and prevention of disease, illness, injury, and other physical and mental impairments in humans. Health care is delivered by practitioners in medicine, chiropractic, dentistry, nursing, pharmacy, allied health, and other care providers...
, child care, defence, education, and other social programs. The budget had only limited tax cuts, mostly directed at corporations. The budget set forth a plan of gradual reductions that would see corporate taxes fall well below American levels. The most important was the reduction of the Canadian Capital Tax. Employment Insurance premiums were also cut.