November 1978 Canadian federal budget

Jean Chrétien's second national spending plan as Finance Minister

November 1978 (November 1978) Budget of the Canadian Federal GovernmentPresented| 16 November 1978

|

Parliament| 30th
Party| Liberal
Finance minister| Jean Chrétien
Total revenue| 43.310 billion [1]
Total expenditures| 55.277 billion [1]
Deficit| $11.967 billion[1]

‹ April 1978

1979›

The Canadian federal budget for fiscal year 1979–80 was presented by Minister of Finance Jean Chrétien in the House of Commons of Canada on 16 November 1978.[2]

## Context

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### August 1978 spending cuts

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The budget follows the announcement by Prime Minister Pierre Trudeau of a $2-billion spending cuts package on 1 August 1978. Details for $1.5-billion of the cuts were released on 16 August 1978 and affected more than 100 federal programs and many organisms including the Department of National Defence ($150-million), the CBC ($71-million), the Canadian International Development Agency ($133-million) and many other federal institutions. Construction of a heavy water plant in La Prade (Quebec) was immediately suspended to generate $150-million in savings.[3]

## Aftermath

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### Execution

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Budgetary items in billions of dollars  Element  | 1977-1978  | 1978-1979

|
|

Actual[4] | April Budget | Nov. Budget  | Actual[4]
Tax revenues  | 28.96  | 31.62  | 30.73  | 30.65
Non-tax revenues  | 3.91  | 4.39  | 4.47  | 4.56
Program expenditures  | (37.35)  | (46.90)  | (47.30)  | (39.86)
Public debt charge  | (5.55)  | (7.06)
Extraordinary items[a] | –  | –  | –  | (4.48)
Deficit | (10.04) | (10.90) | (12.10) | (16.19)
Non-budgetary transactions | 1.77 | (0.60) | –  | 5.25
Financial requirements | (8.27) | (11.50) | (12.10) | (10.94)

## Notes and References

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### Notes

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1. ^ A provision was made in the 1978-1979 public accounts for the valuation of certain assets and liabilities, notably loans to other government entities and revolving funds.[4]

### References

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1. ^ a b c "Canada's deficits and surpluses, 1963-2014". CBC News. CBC/Radio-Canada. Retrieved 25 April 2015.
2. ^ "The Leader-Post". news.google.com. 17 November 1978. Retrieved 2020-06-17.
3. ^ Trueman, Mary (17 August 1978). "$1.5 billion in cuts Ottawa's first step under PM's pledge". The Globe and Mail. p. 1.
4. ^ a b c Receiver General of Canada (17 September 1979). Public accounts of Canada. Vol. I : Summary Report and Financial Statements. Ottawa: Supply and Services Canada. ISBN 0-660-10436-9. Retrieved 4 November 2024.

#### Budget documents

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* Budget Speech (PDF). Ottawa. 16 November 1978. Retrieved 4 November 2024.`{{cite book}}`: CS1 maint: location missing publisher (link)
* Budget Papers: Notices of Ways and Means Motions and supplementary information on the Budget (PDF). Ottawa. 16 November 1978. Retrieved 4 November 2024.`{{cite book}}`: CS1 maint: location missing publisher (link)
* Budget in brief (PDF). Ottawa. 16 November 1978. Retrieved 4 November 2024.`{{cite book}}`: CS1 maint: location missing publisher (link)

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