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2004 Budget of the Canadian Federal Government
New Agenda for Achievement

Presented	March 23, 2004
Passed	Not Passed
Parliament	37th
Party	Liberal
Finance minister	Ralph Goodale
Total revenue	C$211.9 billion[1]
Total expenditures	C$210.5 billion[1]
Program Spending	C$176.4 billion[1]
Debt payment	C$34.1 billion[1]
Surplus	C$1.5 billion[1]‡
Debt	C$494.7 billion[1]
Website	Budget Plan 2004
‡Surplus was used to pay down the federal debt. ‹ 2003 2005›

TheCanadian federal budget of 2004 was abudget for theGovernment of Canada. It was read in theHouse of Commons of Canada on March 23, 2004, byFinance MinisterRalph Goodale of the governingLiberal Party. It was prepared by Goodale with significant input from Prime MinisterPaul Martin, who had previously served as Minister of Finance in the government ofJean Chrétien.

The budget contained few surprises: most major initiatives had been announced long beforehand. These included $2 billion for health care, money for municipalities, and $1 billion to help livestock farmers harmed by theMad Cow crisis. Government spending was set to increase at the same rate as Gross domestic product (GDP) over the next few years with any surplus going to pay down the national debt.

• The Education Tax Credit is extended to individuals pursuing post-secondary education that is related to their current employment (if not already reimbursed by the employer);^{[plan 1]}
• The budget allows caregivers to claim the Medical Expense Tax Credit on expenses made on the behalf of dependent relatives.^{[plan 2]}
• Enhancement of theCanada Education Savings Grant: matching contribution rate is enhanced for the first $500 of contributions made by low-income families;^{[plan 3]}
• Creation of theCanada Learning Bond, effective 1 January 2004 for children born on or after that date. The grant of up to $2,000 (over the child's lifetime) is available for families entitled to theNational Child Benefit.^{[plan 4]}

• Increase in thesmall business deduction limit: the small business deduction (SBD) limit is increased to $300,000 in 2005 and subsequent years instead of $275,000. The SBD limit was gradually increased in the2003 Canadian federal budget and at the time was supposed to reach $300,000 in 2006;^{[plan 5]}
• Non-capital losses carry-forward extended to 10 years: the budget extends the loss carry-forward period from 7 to 10 years for non-capital losses.^{[plan 6]}
• Faster depreciation of computer equipment: for computer equipment acquired after 22 March 2004, theCCA rate is increased from 30% to 45%. The separate class election for computer is however terminated for equipment acquired on or after 1 January 2005;^{[plan 7]}
• Extension of the Mineral Exploration Tax Credit: the Mineral Exploration Tax Credit, a temporary tax credit created by the2000 Canadian federal budget and set to expire on 31 December 2004 per the2003 Canadian federal budget is extended through 31 December 2005.^{[plan 8]}

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The budget was criticized by theConservative Party for its lack oftax cuts and its increases in spending. TheNew Democratic Party criticized the policy of debt reduction, arguing that social spending, especially on health care, would be more beneficial.

Before the budget could be passed, parliament was dissolved for the2004 election. The budget legislation was appended to the2005 budget that was passed the next year.

• Budget Plan

• 2004 Budget documentation
• CBC.ca Federal Budget 2004

• Canadian budgets
• 2004 government budgets
• 2004 in Canadian politics
• 37th Canadian Parliament
• Premiership of Paul Martin

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