Posted by & filed under Canadian Economy.

Federal Finance Minister Jim Flaherty tabled his 2013 budget Thursday. Here is a look at some of the highlights:

Click to view Video :  Federal Budget 

FlahertyFederal Finance Minister Mr. Jim Flaherty

 

 

 

 

Highlights

  • $900 million in new spending, no new taxes or tax cuts
  • $400 million in revenue from closed tax loopholes and enforcement
  • Creation of a new Canada Job Grant next year to train workers
  • New 10-year, $14.4 billion infrastructure fund starting in 2014
  • $241 million over five years for First Nations skills training
  • $1 billion over 5 years for aerospace industry and research
  • Snitch line and rewards to catch international tax cheats
  • Gas tax fund for cities to increase two per cent each year
  • Tariffs eliminated for most imported sports goods, kids’ clothing
  • For small business, extension of EI credit for new hires
  • $119 million over five years to transition homeless off the streets
  • “Super” tax credit to encourage young Canadians to donate

 Government takes aim at eliminating the Budget

The Federal Government has introduced a no frills budget that promises Canadian Jobs, reduce the deficit by 2015.

It also be more tight on new spending and more aggressive in collecting taxes, by reducing tax loopholes and creating a Snitch Line!

At the same time it will create new jobs, by improving skills training programs so that they are matched with jobs in the workplace.

Young Entrepreneurs

A total of $18,000,000 over two years for Canadian Youth Business Foundation to help young entrepreneurs grow their firms.

 

Discussion Questions:

1. We have discussed Tax Havens in the earlier sessions: Is this what Mr. Flaherty has in mind, when he wants to reduce tax loopholes and a Snitch hotline?

2. The job training program of $15,000 per new employee hire program is to stimulate job creation: Do you think  that $15,000 is enough of an incentive to hire and train new employees?

3. As you review some of the highlights: Discuss the most significant highlight that interests you!

Visit the following link for more information on the Federal Budget

Information taken from the Gazette article written by Mark Kennedy, on March 22, 2013 “Ottawa to help job seekers, clamp down on tax evaders”

 

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