The Canadian federal budget for fiscal year 1971-1972 was presented by

Minister of Finance A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's portfolio has a large variety of names around the world, such as "treasury", " ...

Edgar Benson Edgar John "Ben" Benson , (May 28, 1923 – September 2, 2011) was a Canadian politician, businessman, diplomat, and university professor. He held four cabinet posts, most notably that of Minister of Finance under Pierre Trudeau, where he wa ...

in the

House of Commons of Canada The House of Commons of Canada (french: Chambre des communes du Canada) is the lower house of the Parliament of Canada. Together with the Crown and the Senate of Canada, they comprise the bicameral legislature of Canada. The House of Common ...

on 18 June 1971. The budget lowered income taxes on individual and corporations, and sale taxes on a variety of commodities. A

Capital gains tax A capital gains tax (CGT) is the tax on profits realized on the sale of a non-inventory asset. The most common capital gains are realized from the sale of stocks, Bond (finance), bonds, precious metals, real estate, and property. Not all count ...

was also introduced to the Canadian tax code.

Reception

The budget initially received mixed reviews. Spokespersons for all three opposition parties were displeased by the budget and criticized the lack of measures to counter umemployment. However, Progressive Conservative MP

Robert Thompson Robert or Bob Thompson may refer to: Entertainment *Bobby Thompson (comedian) (1911–1988), English comedian *Bob Thompson (musician) (1924–2013), American orchestra leader, arranger, composer *Robert E. Thompson (screenwriter) (1924–2004), ...

responded especially favourably to the budget, praising its tax cuts. A July 1971

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opinion poll asked "Do you think the last federal budget, presented to parliament in mid-june will effect, in any direct way, the financial situation of yourself and your family?" 60% of respondents said "No" while 40% said "yes".

External links

Budget Speech

References

{{Canada federal budget Canadian budgets 1971 in Canadian law 1971 government budgets 1971 in Canadian politics