Government of Canada’s First Federal Budget 2016: “Growing the Middle Class”

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.”

canada-budget-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.

NEWS RELEASE

Minister Morneau’s First Budget Restores Hope for the Middle Class

March 22, 2016 – Ottawa, Ontario – Department of Finance

The Minister of Finance, Bill Morneau, today tabled the new Government of Canada’s first federal budget, Growing the Middle Class, a plan that takes important steps to revitalize the Canadian economy, and delivers real change for the middle class and those working hard to join it. Continue reading “Government of Canada’s First Federal Budget 2016: “Growing the Middle Class””

2014 Ontario Budget: Minister of Finance Wants Canadian Input to Develop the 2014 Budget

This video presents “Budget 101: What Is It?”

  • “Budget 101: What Is It? | Le Budget 101: En Quoi Consiste-t-il? |
  • Tell Us What Matters To You./ Dites-nous ce qui est important pour vous.”

 Ontario’s Financial Cycle
Ontario’s Financial Cycle

The Ontario government in Canada is reaching out to individuals and organizations across the province to hear as many ideas and priorities as possible in advance of the 2014 provincial Budget.

Ontario government’s financial cycle begins April 1 and ends March 31.

  1. The Budget marks the start of the cycle.
    Continue reading “2014 Ontario Budget: Minister of Finance Wants Canadian Input to Develop the 2014 Budget”

Ontario Trillium Benefit: More Canadians Get Lump-Sum Payments in July 2013

This video explains the Ontario Trillium Benefit (OTB):

  • OTB came into effect in July 2012:

Ontario Trillium Benefit
Ontario Trillium Benefit

Ontario has a long-term poverty reduction plan called “Ontario’s Poverty Reduction Strategy” which:

  • 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:

Continue reading “Ontario Trillium Benefit: More Canadians Get Lump-Sum Payments in July 2013”

Ontario’s Updated 2012 Budget: Proposed Changes Lead to a Faster Deficit Reduction by 2017-18

UPDATED 2011-12 INTERIM RESULTS: The interim results for 2011­-12 published in the 2012 Budget were based on information available as of early March 2012. Since that time, additional information has become available that projects a further improvement in the Province's expected 2011-12 fiscal results. The government now projects a deficit of $15.0 billion in 2011-12, an improvement of $0.3 billion compared to the 2012 Budget projection and $1.3 billion lower than the 2011 Budget forecast.

This is an update to my previous blogs:

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:

Continue reading “Ontario’s Updated 2012 Budget: Proposed Changes Lead to a Faster Deficit Reduction by 2017-18”

Better Tomorrow for Ontario Act Includes Measures of 2011 Ontario Budget

Please note that the following video was posted on March 30, 2011, before our recent Canadian federal election:

Today the Better Tomorrow for Ontario Act passed third reading.

Through the Better Tomorrow for Ontario Act (Budget Measures), which includes measures announced in the 2011 Budget – Turning the Corner, Ontario will carry out its commitment to:

  • eliminate the deficit,
  • protect key public services in education and health care,
  • reduce the number of government agencies, and
  • find savings of nearly $1.5 billion across government over the next three years.

Also, Ontario’s Tax Plan for Jobs and Growth will provide $12 billion in relief for families over three years.

The highlights of the 2011 Budget include:

  • Supporting more than 60,000 additional students in Ontario’s colleges and universities by 2015-16.
  • Providing about 90,000 additional breast cancer screening exams to help reach more women at high risk.
  • Introducing a comprehensive Mental Health and Addictions Strategy, starting with children and youth.
  • Helping cattle, hog, sheep and veal farmers by implementing a new Risk Management Program, and a Self-Directed Risk Management Program for the edible horticulture sector.
  • Establishing the Commission on the Reform of Ontario’s Public Services, which will provide advice on reforms that would help accelerate the government’s plan to eliminate the deficit.

Please click here for info on Ontario’s Economic Outlook and Fiscal Plan.

Better Tomorrow for Ontario Act Includes Measures of 2011 Ontario Budget
Better Tomorrow for Ontario Act Includes Measures of 2011 Ontario Budget

Continue reading “Better Tomorrow for Ontario Act Includes Measures of 2011 Ontario Budget”

Voice Your HST Suggestions in Provincewide Telephone-Town Halls Starting April 26

HST FAQ – BC HST CREDIT CHEQUE from HSTinBC on Vimeo.

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:

Continue reading “Voice Your HST Suggestions in Provincewide Telephone-Town Halls Starting April 26”

List of Companies Creating Jobs in Ontario

Good things grow in Ontario. And one of those things is job creation accompanied by support of existing jobs.

Here is the list of companies creating jobs:

  • 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.

The Ontario strategy for creating jobs is tax changes in Ontario: taxes on business investment were cut in half to make Ontario more competitive and encourage new business investments.

List of Companies Creating Jobs in Ontario
List of Companies Creating Jobs in Ontario

Continue reading “List of Companies Creating Jobs in Ontario”