Thursday, November 27th1.2°C
22246

Some highlights from Finance Minister Jim Flaherty's 2014 federal budget

OTTAWA - Some highlights of the federal budget delivered Tuesday by Finance Minister Jim Flaherty:

— The budget is close to balance, with a $2.9-billion deficit and a $3-billion contingency fund.

— Flaherty forecasts revenues of $276.3 billion and expenditures of $279.2 billion.

— The government makes clear it will balance the budget next year by cutting program spending and reining in public service compensation costs.

— The budget proposes to make retired federal public servants pay half the costs of their health-care plan, up from a quarter now. This would raise annual payments for a retired individual to $550 from $261.

— Adopting families will get a bigger tax break for expenses.

— Higher excise taxes on tobacco will raise the price of a carton of 200 cigarettes by $4 and essentially end the discount on smokes sold at duty-free stores, by raising taxes there by $6 a carton. The increase will reap government $685 million in 2014-15.

— Excise taxes on tobacco will be tied to the Consumer Price Index and automatically adjusted every five years.

— The government plans to bring in legislation to deal with unjustified cross-border price discrimination that sees Canadians pay more for goods.

— Charities will be allowed to use computers to run their lotteries, offering major administrative savings.

— World-class amateur athletes will get a break when it comes to calculating their available RRSP room.

— Search and rescue volunteers will get a tax credit similar to the one extended to volunteer firefighters in 2011.

— Taxpayers will no longer have to apply for a GST-HST credit on their tax return. The Canada Revenue Agency will make the calculation automatically.

The Canadian Press


Read more Business News

23967


Recent Trending




Today's Market
S&P TSX14922.44-115.97
S&P CDNX755.45-15.61
DJIA17827.7512.81
Nasdaq4787.317+29.065
S&P 5002072.83+5.80
CDN Dollar0.8810-0.0008
Gold1183.80-12.7999
Oil68.89-4.80
Lumber327.90-1.60
Natural Gas4.295+0.144

 
Okanagan Companies
Pacific Safety0.15-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.340.00
Cantex0.04-0.005
Anavex Life Sciences0.171-0.004
Metalex Ventures0.04+0.005
Russel Metals30.70-0.80
Copper Mountain Mining2.12-0.04
Colorado Resources0.13+0.01
ReliaBrand Inc0.0134-0.0001
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.32-0.02

 
23744




FEATURED Property
20759744556 Gallaghers Edgewood Place
5 bedrooms 3 baths
$695,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Second marriage issues

It is not unusual that one or both of the parties planning to marry are approaching marriage for the second time. There are pluses and minuses to this new situation. On the plus side, individuals ente...


The last great Canadian tax shelter

A guide to how flow-through fund limited partnerships can mightily aid your tax planning!The end of the year will raise concerns among many professionals, self-employed persons, business owners and ev...


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...

_



24220

24160


Member of BC Press Council


22842