2018 Federal Budget: Highlights for the Life Sciences Sector
The budget presented today by federal Finance Minister Bill Morneau includes a series of items of interest for the life sciences sector. This includes most notably new investments to support scientific research, new announcements to address health challenges and tax measures concerning business taxation, particularly with respect to passive investments and access to refundable tax credits for larger Canadian-controlled private corporations.
• The budget includes $21.5 billion in new expenditures over six years.
• The budget projects a deficit of $18.1 billion for the 2018-19 fiscal year and $17.5 billion in 2019-20. The return to balanced budgets is not expected to happen in the medium term.
• The weight of the federal debt as a percentage of GDP is expected to decline somewhat to 30.1% this year and should reach 28.4% in 2022-23.
• Generally speaking, this budget shows that it is primarily focused on helping the middle class and on achieving gender equality.
The 2018 federal budget contains a series of items of interest for the life sciences sector, particularly in the second section, which focuses on progress and the fourth, geared towards advancement.
The following pages contain the most relevant Budget 2018 excerpts most relevant for the life sciences sector.