1971 Canadian federal budget

The Canadian federal budget for fiscal year 1971-1972 was presented by Minister of Finance Edgar Benson in the House of Commons of Canada on 18 June 1971. The budget lowered income taxes on individual and corporations, and sale taxes on a variety of commodities. A Capital gains tax was also introduced to the Canadian tax code. [2]

1971 (1971) Budget of the Canadian Federal Government
Presented18 June 1971
Parliament28th
PartyLiberal
Finance ministerEdgar Benson
Total revenue17.119 billion [1]
Total expenditures18.905 billion [1]
Deficit$1.786 billion[1]
‹ 1970
1972 ›

Reception

The budget initially received mixed reviews. Spokespersons for all three opposition parties were displeased by the budget and criticized the lack of measures to counter umemployment. However, Progressive Conservative MP Robert Thompson responded especially favorably to the budget, praising its tax cuts.[2]

A July 1971 Gallup opinion poll asked "Do you think the last federal budget, presented to parliament in mid-june will effect, in any direct way, the financial situation of yourself and your family?" 60% of respondents said "No" while 40% said "yes".[3]

Do you think the last federal budget, presented to parliament in mid-june will effect, in any direct way, the financial situation of yourself and your family?

  Yes will (40%)
  No will not (60%)


References
  1. "Canada's deficits and surpluses, 1963-2014". CBC News. CBC/Radio-Canada. Retrieved 25 April 2015.
  2. "The Leader-Post". news.google.com. 19 June 1971. Retrieved 2020-06-17.
  3. "Gallup Canada | MacOdrum Library". library.carleton.ca. July 1971. Retrieved 2020-07-01.
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