Table of Contents
CHAIRMAN'S FOREWORD
CHAPTER 1. The Record Until Now
A. The Hard Realities of 1993-94
(a) The Debt-And-Deficit Crisis
(b) The Forecasting Record
B. The First Steps to Recovery
(a) Monetary Policy
(b) Confronting the Deficit Crisis
(i)The Contingency Reserve
(ii)Two-Year Deficit Targets
(iii)Building in a `Prudence Factor'
(c) Spending Cuts versus Tax Increases
C. A Record of Success
(a) Targets Met and Surpassed
(b) Inflation
(c) Interest Rates0
(d) Merchandise Trade and Current Account
(e) Productivity, Competitiveness and Investment
(f) Economic Growth
(g) Jobs
(i) The Job Creation Experience Since 1993
(ii) The Canada-U.S. Uemployment Gap
CHAPTER 2. Future Fiscal Targets
A. The 1996 Economic and Fiscal Update
B. Fiscal Actions Required
C. Foreign Borrowing Requirements
D. Financial Requirements0
E. Monetary Policy
(a) The Inflation Targets
(b) Bank of Canada Holdings of Government Debt
CHAPTER 3. Budget Recommendations
A. The $9 Billion Deficit Target
B. Two-Year Deficit Reduction Targets
C. The Prudence Factor
D. The Contingency Reserve
E. Scope for New Measures
F. Areas of Priority Concern
(a) Children in Poverty
(b) Canadians with Disabilities
(c) Literacy
(d) Students Educational Costs
(e) Research And Development
(i)Granting Councils
(ii)Networks of Centres of Excellence Program
(iii)Infrastructure Investment
(f) Charities and the Voluntary Sector
(i)The Need to Support Volunteers
(ii)Better Tax Incentives are Needed
(iii)Current Laws
(iv)Charitable Giving in the United States
(v)Appreciated Capital Property
(vi)Endowments0
(vii)Bequest0
(viii)Corporate Donations0
(ix)Stretch Proposal
(x)Withholding Taxes
(xi)Community Economic Development
(xii)Program Related Investment
(xiii)Taxpayer Awareness
(xiv)Conclusion
G. Other Fiscal Measures
(a) Tax Levels in General
(b) Payroll Taxes
(c) Tax Reductions
(i)Artists and Writers
(ii)Medical and Dental Benefits
(d) Tax Increases
(i)Tobacco Taxes
(ii)Lotteries
(e) Further Tax Considerations
(i)Excise Taxes
(ii)Mechanics' Tools0
(iii)Taxation of Woodlot Operators
(iv)Research and Development Re-assessments
(v)Heritage Properties
(vi)Taxation of Low-Income Canadians
(vii)Taxation of High-Income Canadians
A. Small Business and Self Employment
(a) The Role of Banks
(b) Labour Sponsored Venture Capital Funds
(c) Business Development Bank
(d) Micro Business
B. Exports
C. Foreign Direct Investment0
(a) Background0
(b) The Committee's Last Report0
(c) Measures Taken
(d) Canada's Investment Climate
D. Cost Recovery
(a) Pest Management Regulatory Agency (PMRA)
(b) Marine Services Fee
(c) Canadian Food Inspection Agency (CFIA)
(d) In General
E. Interprovincial Trade Barriers
F. A Major Earthquake
G. Learning Partnership
H. Friendship Centres
I. Community Action Program for Children
J. Transition From Dependence to Independence
K. The Canada Health and Social Transfer and Social Programs
L. Reducing the Paper Burden on Small Business
M. Consumer Debt
N. Partnerships
O. Business Taxation
(a) Tax Harmonization
(b) Harmonized Tax Administration
(c) Revenue Canada Resources
(d) Other Issues
P. International Development Assistance (ODA)
Q. Multiple-Employer Pension Plans (MEPPs)
R. Scientific Literacy
S. The Health Care System
T. Canada's Cultural Industries
(a) In General
(b) Publishing
(c) Film Industry
(d) CBC
(e) Conclusion
U. Premium Bonds
V. National Securities Commission0
W. Pensions0
X. Canada Scholarship Program
Appendix B: List of Submissions
Dissenting Opinion - Bloc Québécois
Dissenting Opinion - Reform Party