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Compare Canadian Fed Budget highlights
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22/03/2011 22:06:02
 
 
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Politics
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Budgets
Titre:
Compare Canadian Fed Budget highlights
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01504617
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01504617
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From http://www.cbcnews.ca

On the economy:

- No tax hikes or cuts, no major new spending programs and no substantial spending cuts.

- Keeps government on track for a balanced budget within six years through the combination of economic growth and spending restraints. The end of the federal stimulus program, by itself, will cut the 2011-12 deficit to $27.6 billion from a revised $40.5 billion in 2010-11.

- Economic growth (real gross domestic product) of 2.9 per cent, based on the average outlook of private sector economists.

- Government acknowledging risk of global uncertainty by downgrading predicted growth in nominal GDP to $10 billion over previous year, from economists' projection of $20 billion.

For families and seniors:

- A family caregiver tax credit of up to $300 for people caring for infirm spouses, common-law partners and children.

- A tax credit on children's art programs, amounting to $75 on $500 spent

- A top-up for the lowest third of seniors receiving the Guaranteed Income Supplement, up to $50 a month for singles and $70 a month for couples

For communities and cities:

- Tax credit equal to $450 a year for volunteer firefighters in rural areas

- Forgiveness of student loans of up to $40,000 for new doctors and $20,000 for nurses in remote and rural areas

- Legislation to enshrine as permanent the annual $2 billion Gas Tax transfer for municipal infrastructure

For business and workers:

- A hiring credit that provides a one-year EI break of up to $1,000 for 525,000 small businesses.

- Continuation of the temporary accelerated capital cost allowance on machinery and equipment

- A "Helmets to Hardhats" program to help ex-military members to find work in the construction industry.

- Elimination of mandatory retirement for federally regulated employees

- Creation of 10 new Canada Excellence Research Chairs at universities and 30 industrial research chairs at colleges and polytechniques

- No change in plan to cut corporate taxes to 15 per cent by 2012.

Other initiatives:

- Return — for one year — of the ecoEnergy Home Retrofit program to encourage residential energy efficiency

- Renewal of the $22-million Own the Podium program to support elite Olympic athletes.

- $100 million over five years for the Canadian Food Inspection Agency to improve food inspection capacity.
I ain't skeert of nuttin eh?
Yikes! What was that?
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