This will be Justin Trudeau’s first term as Prime Minister.LThe party’s election platform was fairly detailed, and with a majority government the Liberals have been given a mandate to implement those proposals.

A macro-economic perspective include: Ramping up spending more than revenues, and thereby allowing the budget to run a deficit peaking at roughly 0.5% of GDP for two years (just under $10 bn) with a balance by 2019/20, as opposed to the balanced budget plan of the outgoing Conservatives.

Additional spending focused on infrastructure, along with training, environment, CBC, native Canadians, veterans, etc.

Replacing the existing structure of personal income taxes and benefits in a manner that increases net taxes on upper income earners and provides lower taxes or more support to middle- and lower-income households. These include changes to family benefits and income splitting, tax-free savings account (TFSA) limits, and personal tax brackets.

A microeconomic perspective includes:

  • Let provinces design own approaches to carbon reduction

  • Supports pipelines other than Northern Gateway

  • Seem to lean towards supporting Trans Pacific trade deal

  • Enhanced CPP program

  • Lower cost alternative to F-35 fighter jet

Time will tell if this is good for Canadians and the Economy