May 2, 2006
2006 Federal Budget
Minister of Finance Jim Flaherty presented the 2006 federal budget, the first by a Conservative government in thirteen years, that proposes tax cuts and pays down debt.
The budget purports to deliver $20 billion in tax relief over two years. Some of the highlights include:
- a one-point reduction to the GST, effective July 1, 2006
- targeted tax measures to help Canadians with the cost of tools, textbooks, transit passes, and childrens' sports.
- $3.7 billion over two years for the new $1,200 Universal Child Care Benefit
- $1.5 billion more this year for agriculture.
- $1.4 billion more this year for policing, border security and public safety.
- $1.1 billion more over two years to rebuild the Armed Forces.
For all Budget 2006 information, see the Department of Finance Canada website at:
http://www.fin.gc.ca/budtoce/2006/budliste.htm
Posted by Taxes.ca Editorial Team [permalink]
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