Federal budget highlights
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.
Comments on this story are pre-moderated. Before they appear, comments are reviewed by moderators to ensure they meet our submission guidelines. Keep it clean, keep it civil, keep it truthful, stay on topic and be responsible. Comments are open and welcome for three days after the story is published. We reserve the right to close comments before then. Comments that appear on the site are not the opinion of Castanet, but only of the comment writer.
Read more Canada News
- Flights delayed at YLWKelowna - 10:10 am
- Hwy. 1 closed near RevelstokeBC - 9:46 am
- Hospital floors to be finished by fall 2015Vernon / N. Okanagan - 9:28 am
- Kelowna's most wantedCrime Stoppers - 10:00 am
Government of Canada
Canada Revenue Agency