Finance Minister Bill Morneau didn’t deliver any new major tax or spending measures in the 2018 Federal Budget, despite massive US corporate tax cuts and widespread fears of NAFTA’s potential demise. While we don’t think NAFTA’s end would torpedo Canada’s economy, we do expect economic growth to slow materially going forward due to the onset of a full-blown housing slump. Needless to say, some additional fiscal and monetary stimulus might be needed, perhaps even before next year’s budget.
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