2004 Canadian federal budget


The Canadian federal budget of 2004 was a budget for the Government of Canada. It was read in the House of Commons of Canada on March 23, 2004 by Finance Minister Ralph Goodale of the governing Liberal Party. It was prepared by Goodale with significant input from Prime Minister Paul Martin, who had previously served as Minister of Finance in the government of Jean Chrétien.

Details of the budget

The budget contained few surprises: most major initiatives had been announced long beforehand. These included $2 billion for health care, money for municipalities, and $1 billion to help livestock farmers harmed by the Mad Cow crisis. Government spending was set to increase at the same rate as Gross domestic product over the next few years with any surplus going to pay down the national debt.

Taxes

Personal income taxes

Opposition parties

The budget was criticized by the Conservative Party for its lack of tax cuts and its increases in spending. The New Democratic Party criticized the policy of debt reduction, arguing that social spending, especially on health care, would be more beneficial.

Legislative process

Before the budget could be passed, parliament was dissolved for the 2004 election. The budget legislation was appended to the 2005 budget that was passed the next year.