Liberal 2016 Budget
Mar 23rd 2016, 12:15 am
#1
Nuther day in paradise.ca
Thread Starter
Joined: Aug 2008
Location: Ajax, Ontario
Posts: 7,263
Liberal 2016 Budget
highlights of Bill Morneau's first budget:
Deficit: $29.4 billion this year, $29 billion the next before falling - but no surplus forecast before the next election.
Debt: Expected to grow by $113 billion by 2020-21, but debt-to-GDP ratio to stay mostly flat at around 32 per cent.
Growth: Deficit based on 0.4% annual growth - much lower than economists predict.
Canada Child Benefit: New monthly tax-free payments starts July 1 to replace UCCB and other tax measures: up to $6,400 a year per child under 6, and $5,400 those aged 6 to 18. But this amount begins to claw back for households with an income over $30,000 and is eliminated entirely for incomes over $190,000.
Tax credits: Children's arts and fitness tax credits phased out by end of 2017. But teachers get a $150 credit for teaching materials.
EI: Changes make it easier to qualify for benefits, and extends benefits for workers in 12 hard-hit regions. Plus: a bigger-than-expected cut in EI premiums next January.
Infrastructure: $120 billion over 10 years, focusing first on public transit, water, waste management and housing infrastructure.
Indigenous Peoples: $8.4 billion over five years, with $2.6 of that to improve primary and secondary education on reserves. Other funding for drinking water and housing, as well as family and child services.
Student grants: Increased 50%, to $3,000 for low-income and $1,200 for middle-income students.
Arts: $1.9 billion over five years for arts and culture organizations, including the Canada Council, Telefilm Canada and the National Arts Centre. $675 million to "modernize and revitalize CBC/Radio-Canada in the digital era."
Seniors: Guaranteed Income Supplement increased by up to $947 annually.
Veterans: Reopens nine service offices, increases amounts payable to injured veterans and indexes some benefits to inflation.
And Child fitness benefits scrapped !!
Deficit: $29.4 billion this year, $29 billion the next before falling - but no surplus forecast before the next election.
Debt: Expected to grow by $113 billion by 2020-21, but debt-to-GDP ratio to stay mostly flat at around 32 per cent.
Growth: Deficit based on 0.4% annual growth - much lower than economists predict.
Canada Child Benefit: New monthly tax-free payments starts July 1 to replace UCCB and other tax measures: up to $6,400 a year per child under 6, and $5,400 those aged 6 to 18. But this amount begins to claw back for households with an income over $30,000 and is eliminated entirely for incomes over $190,000.
Tax credits: Children's arts and fitness tax credits phased out by end of 2017. But teachers get a $150 credit for teaching materials.
EI: Changes make it easier to qualify for benefits, and extends benefits for workers in 12 hard-hit regions. Plus: a bigger-than-expected cut in EI premiums next January.
Infrastructure: $120 billion over 10 years, focusing first on public transit, water, waste management and housing infrastructure.
Indigenous Peoples: $8.4 billion over five years, with $2.6 of that to improve primary and secondary education on reserves. Other funding for drinking water and housing, as well as family and child services.
Student grants: Increased 50%, to $3,000 for low-income and $1,200 for middle-income students.
Arts: $1.9 billion over five years for arts and culture organizations, including the Canada Council, Telefilm Canada and the National Arts Centre. $675 million to "modernize and revitalize CBC/Radio-Canada in the digital era."
Seniors: Guaranteed Income Supplement increased by up to $947 annually.
Veterans: Reopens nine service offices, increases amounts payable to injured veterans and indexes some benefits to inflation.
And Child fitness benefits scrapped !!
Mar 23rd 2016, 2:12 am
#2
Account Closed
Joined: Jan 2006
Posts: 0
Re: Liberal 2016 Budget
Doesnt look any direct benefit or loss of anything for us.
Its those provincial budgets we gotta worry abouts....
Its those provincial budgets we gotta worry abouts....
Mar 23rd 2016, 10:43 am
#3
BE Enthusiast
Joined: Mar 2012
Location: Calgary
Posts: 962
Re: Liberal 2016 Budget
Cheers for the post, good information.
Mar 23rd 2016, 3:05 pm
#4
BE Forum Addict
Joined: May 2009
Posts: 3,363
Re: Liberal 2016 Budget
highlights of Bill Morneau's first budget:
Deficit: $29.4 billion this year, $29 billion the next before falling - but no surplus forecast before the next election.
Debt: Expected to grow by $113 billion by 2020-21, but debt-to-GDP ratio to stay mostly flat at around 32 per cent.
Growth: Deficit based on 0.4% annual growth - much lower than economists predict.
Canada Child Benefit: New monthly tax-free payments starts July 1 to replace UCCB and other tax measures: up to $6,400 a year per child under 6, and $5,400 those aged 6 to 18. But this amount begins to claw back for households with an income over $30,000 and is eliminated entirely for incomes over $190,000.
Tax credits: Children's arts and fitness tax credits phased out by end of 2017. But teachers get a $150 credit for teaching materials.
EI: Changes make it easier to qualify for benefits, and extends benefits for workers in 12 hard-hit regions. Plus: a bigger-than-expected cut in EI premiums next January.
Infrastructure: $120 billion over 10 years, focusing first on public transit, water, waste management and housing infrastructure.
Indigenous Peoples: $8.4 billion over five years, with $2.6 of that to improve primary and secondary education on reserves. Other funding for drinking water and housing, as well as family and child services.
Student grants: Increased 50%, to $3,000 for low-income and $1,200 for middle-income students.
Arts: $1.9 billion over five years for arts and culture organizations, including the Canada Council, Telefilm Canada and the National Arts Centre. $675 million to "modernize and revitalize CBC/Radio-Canada in the digital era."
Seniors: Guaranteed Income Supplement increased by up to $947 annually.
Veterans: Reopens nine service offices, increases amounts payable to injured veterans and indexes some benefits to inflation.
And Child fitness benefits scrapped !!
Deficit: $29.4 billion this year, $29 billion the next before falling - but no surplus forecast before the next election.
Debt: Expected to grow by $113 billion by 2020-21, but debt-to-GDP ratio to stay mostly flat at around 32 per cent.
Growth: Deficit based on 0.4% annual growth - much lower than economists predict.
Canada Child Benefit: New monthly tax-free payments starts July 1 to replace UCCB and other tax measures: up to $6,400 a year per child under 6, and $5,400 those aged 6 to 18. But this amount begins to claw back for households with an income over $30,000 and is eliminated entirely for incomes over $190,000.
Tax credits: Children's arts and fitness tax credits phased out by end of 2017. But teachers get a $150 credit for teaching materials.
EI: Changes make it easier to qualify for benefits, and extends benefits for workers in 12 hard-hit regions. Plus: a bigger-than-expected cut in EI premiums next January.
Infrastructure: $120 billion over 10 years, focusing first on public transit, water, waste management and housing infrastructure.
Indigenous Peoples: $8.4 billion over five years, with $2.6 of that to improve primary and secondary education on reserves. Other funding for drinking water and housing, as well as family and child services.
Student grants: Increased 50%, to $3,000 for low-income and $1,200 for middle-income students.
Arts: $1.9 billion over five years for arts and culture organizations, including the Canada Council, Telefilm Canada and the National Arts Centre. $675 million to "modernize and revitalize CBC/Radio-Canada in the digital era."
Seniors: Guaranteed Income Supplement increased by up to $947 annually.
Veterans: Reopens nine service offices, increases amounts payable to injured veterans and indexes some benefits to inflation.
And Child fitness benefits scrapped !!
Reevely: Trudeau takes Ontario Liberalism national | Ottawa Citizen
and this quote from the article is rather telling:
In short, there is no problem this government sees for which its solution is not more government, which is the “activist centrism” of the Ontario government under the past 13 years of Liberalism in a nutshell.
To be honest, I haven't followed the inner workings of this budget closely but I wasn't aware of the child fitness benefits being scrapped. That won't be popular with their voter base although in the grand scheme of things it wasn't a deal clincher for most people to enroll their kids in a sport. It would have been a good idea to extend that to adults. In my day to day life I see so many people who could do with a bit of a tuneup fitness wise.
Mar 23rd 2016, 3:54 pm
#5
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: Liberal 2016 Budget
...
To be honest, I haven't followed the inner workings of this budget closely but I wasn't aware of the child fitness benefits being scrapped. That won't be popular with their voter base although in the grand scheme of things it wasn't a deal clincher for most people to enroll their kids in a sport. It would have been a good idea to extend that to adults. In my day to day life I see so many people who could do with a bit of a tuneup fitness wise.
To be honest, I haven't followed the inner workings of this budget closely but I wasn't aware of the child fitness benefits being scrapped. That won't be popular with their voter base although in the grand scheme of things it wasn't a deal clincher for most people to enroll their kids in a sport. It would have been a good idea to extend that to adults. In my day to day life I see so many people who could do with a bit of a tuneup fitness wise.
Simplifying the tax and benefit system is a laudable public policy objective.
Mar 23rd 2016, 4:39 pm
#6
BE Forum Addict
Joined: Feb 2008
Posts: 2,113
Re: Liberal 2016 Budget
I cant get past the proposed $30 billion deficit.....during these uncertain times, I find that pretty depressing news.
Its a huge gamble.
Its a huge gamble.
