November 1974 Canadian federal budget

The Canadian federal budget for fiscal year 1974-1975 was presented by Minister of Finance John Turner in the House of Commons of Canada on 18 November 1974. This was the first federal budget following the 1974 Canadian federal election, which saw the liberals go from a minority to a majority government.[2]

November 1974 (November 1974) Budget of the Canadian Federal Government
Presented18 November 1974
Parliament30th
PartyLiberal
Finance ministerJohn Turner
Total revenue29.965 billion [1]
Total expenditures32.190 billion [1]
Deficit$2.225 billion[1]
1975 ›

One of the most controversial provision of the budget was the end of the deduction of provincial natural resources royalties from federal tax. According to Roy Romanow, this move kicked off the "resource war", a confrontation between Pierre Trudeau's federal government and the prairie Provinces over the control and revenues from natural resources extraction and energy production. [3]

The budget re-affirmed the creation of the Registered Home Ownership Savings Plan.

See also

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 November 1974. Retrieved 2020-06-17.
  3. Back to Blakeney : revitalizing the democratic state. McGrane, David,, Romanow, Roy J.,, Whyte, John D.,, Isinger, Russell, 1965-. Regina, Saskatchewan, Canada. ISBN 978-0-88977-641-8. OCLC 1090178443.CS1 maint: others (link)
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