Feds Deliver Balanced Budget
Ottawa, Ont. – After seven years of deficits, the federal government has finally tabled a balanced budget.
Finance Minister Joe Oliver says not only is it balanced, but there is a $1.4 billion surplus this year, which will be applied to the national debt.
Other highlights include:
Canada’s contingency fund, historically around $3 billion, is now down to $1 billion, where it will stay for the next couple of years.
The Tax Free Savings Account annual limit has been raised to $10,000.
The small business tax rate to be cut by 9%.
Income splitting for families and expanded universal child care benefits.
A new home accessibility tax credit so seniors and disabled people can stay in their homes. (to be used for such things as hand rails & ramps).
Canadians caring for very sick or dying family members (starting in 2016) will be able to claim Employment Insurance (EI) for 6 months rather than the current 6 weeks.
Starting in 2017 the Public Transit Fund will provide $750 million over 2 years, after that $1 billion.
The Department of Defence received the most money, $12 billion over the next decade (ie $360 million for the battle against ISIS, $7.1 million for training in Ukraine).
$10 million over the next five years to support policing costs in the nation’s capital.
250 News will have full analysis on the budget later this afternoon.