Budget 2004, announced today by the Paul Martin government, is a focused plan of responsible financial management and fiscal prudence that gives tangible shape to the goals presented in the Speech from the Throne.

March 23, 2004
Ottawa, Ontario

Budget 2004, announced today by the Paul Martin government, is a focused plan of responsible financial management and fiscal prudence that gives tangible shape to the goals presented in the Speech from the Throne.

At the same time, Minister of Finance Ralph Goodale says today’s balanced budget sets the groundwork for future investments and initiatives.

“Throughout our history, Canadians have been animated by a single idea: that we have a responsibility to make sure that our children and grandchildren lead even better lives in an even better land,” said Mr. Goodale. “This budget honours that responsibility by laying the foundation for a better future.”

Called the New Agenda for Achievement, Budget 2004 makes important investments in the priorities of Canadians. The plan is to build a government that lives within its means by:

• balancing the books;
  
• controlling spending;
  
• continuing to reduce debt; and
  
• enhancing financial management and accountability.
  

• $1.25 billion for research and innovation, including efforts to bring Canada’s research discoveries to the marketplace;
  
• $665 million in new money, plus $400 million transferred from Health Canada, to improve Canada’s readiness to deal with public health emergencies;
  
• increased weekly student loan limits and a new ‘Learning Bond’ to help low-income families save for post-secondary education;
  
• further tax incentives for small business;
  
• another $250 million for Canada’s peacekeeping mission in Afghanistan and the ongoing international efforts to prevent terrorism, as well as another $50 million for our participation in Haiti; and
  
• $30 million for employment assistance programming for the disabled and new disability tax deductions to reduce barriers to education and employment; and
  
• exemption from income tax for Canadian Forces personnel and police serving on high-risk international missions.