Wait Until Next Year

The Week Ahead

February 26, 2018

The week ahead’s Canadian federal budget will be delivered with the usual pomp and circumstance, but the timing, both electoral and cyclical, suggests that financial market participants won’t be burning the midnight oil on Tuesday night. For content that will impact investors, both positively or negatively, this is likely to be relatively thin reading.

The Finance Minister has already ruled out an effort to respond directly to the challenge posed by US corporate tax cuts, asking for time to complete a careful analysis of their Canadian consequences. We’d like to at least see a line committing the government to such an analysis, perhaps also throwing in regulatory issues that impact competitiveness across the border.

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