The following video (duration 46 min:01 sec) presents Budget 2016:
“Minister Morneau’s First Budget Restores Hope for the Middle Class, Ottawa, March 22, 2016.”
Minister of Finance, Bill Morneau, recently tabled the new Government of Canada’s first federal budget, Growing the Middle Class, which includes the following key highlights:
“Growing the Middle Class comes at a time when the Government of Canada has both the capacity and the willingness to act. Budget 2016 takes action to revitalize the economy and create opportunity for all Canadians, by focusing on the middle class and those working hard to join it.”
As of January 1st, the government’s Middle Class Tax Cut ensures roughly 9 million Canadians receive a bigger paycheque every payday.
New Canada Child Benefit: Starting in July of 2016, nine out of ten families will receive more money than they did under the previous government.
To create jobs, there will be new investments in infrastructure that total more than $120 billion over the next decade.
As an immediate first step, the government will invest $11.9 billion in modern and reliable public transit, water and wastewater systems, affordable housing, and in retrofits and repairs to protect existing projects from the effects of climate change.
Help Canada become a low carbon economy. Establish a $2 billion Low Carbon Economy Fund.
Support both students and post-secondary institutions.
Support clean technology to better position Canada in the rapidly shifting global economy. Clean technologies that address climate change, air quality, clean water, and clean soil.
Unprecedented investments in First Nations, Inuit Peoples, and the Métis Nation—totalling $8.4 billion over five years—in areas that include education, infrastructure, and skills training. The government will ensure access to clean drinking water for every child, including those who live on reserves.
Enhance the Canada Pension Plan; and fulfill our sacred obligation to Canada’s veterans.
Minister Morneau’s First Budget Restores Hope for the Middle Class
March 22, 2016 – Ottawa, Ontario – Department of Finance
focuses first on giving children and their families the support they need to achieve their full potential and to get ahead, because “an educated, healthy and employable workforce is critical to the economic future of this province”
has the target of reducing the number of children living in poverty by 25 per cent over 5 years
As a support of the “Ontario’s Poverty Reduction Strategy”, the Ontario Trillium Benefit (OTB) came into effect in July 2012.
The Ontario Trillium Benefit (OTB) combined, into one monthly payment, the following tax credits:
The recently updated 2012 Budget outlined the government’s plan to eliminate the deficit, and balance the budget by 2017-18 as follows:
Additional revenue from:
A temporary new Deficit-Fighting High-Income Tax Bracket for individuals earning more than $500,000 annually:
income tax rate on taxable incomes over $500,000 will increase by two percentage points (i.e. two per cent point surtax), from 11.16 per cent to 13.16 per cent
this change would generate additional revenue of:
$280 million in 2012-13
$470 million in 2013-14
and $495 million in 2014-15.
All of the additional revenue raised by this proposed measure would be used to reduce the Provincial deficit and accelerate Ontario’s plan to eliminate the deficit by 2017-18.
The new tax bracket would be eliminated once the budget is balanced by 2017-18.
and by not increasing overall spending
the Province’s deficits are now projected to be lower than the 2012 Budget each year between 2011-12 and 2016-17.
McGuinty Government aims to accelerate Ontario’s fiscal plan to balance the 2012 Budget in order to eliminate the deficit even faster by 2017-18 via the proposed measures above as well as redirect proposed new savings (from other measures) to support important social priorities with no net new provincial spending, which include:
You’re invited to participate in a series of regionally based telephone town halls around British Columbia, Canada, to offer suggestions on how the HST can be improved.
This is your opportunity, British Columbians, to talk directly with the government ministers – Minister of Finance Kevin Falcon and Minister of Transportation and Infrastructure Blair Lekstrom – hosting the HST engagement process.
Participating in the telephone town halls involve the following steps:
Pratt & Whitney Canada is creating 80 new jobs in Mississauga and investing in new technology, equipment and research and development. The company is a world leader in the design, manufacture and service of gas turbine engines for the aerospace industry.
Best Theratronics is creating 100 new jobs in Ottawa and improving existing product lines and developing new technologies. The company develops and manufactures medical equipment used to treat cancer and make blood supplies safer.
Sungrow Canada is creating 50 new jobs and establishing Vaughan as its North American headquarters. The company manufactures equipment for the clean solar power industry.
Kellogg Canada is creating 40 new jobs as it plans to add a new cereal production line in Belleville. This investment will make the plant among the most sophisticated in the company’s worldwide operations.
Eagle Feather Air Inc. is creating up to five new jobs. As a new helicopter service, the company will provide more flights in the Sault Ste. Marie region and surrounding rural First Nation communities.