Monday, March 19, 2007

A list of winners and losers from the federal budget By The Canadian Press

http://www.hfxnews.ca/index.cfm?sid=17868&sc=89
OTTAWA (CP) - Winners and losers from Monday's federal budget:
Winners:
* Families with children under age 18 get tax credit worth $310 per child.
* Seniors get two extra years to put money into RRSPs.
* Green drivers receive up to $2,000 for buying fuel efficient vehicles.
* Families/students: $4,000 annual RESP limit eliminated.
* Quebec gets almost $2.3-billion increase in transfer payments next fiscal year.

Losers:
* Aboriginals get just $21 million in new cash this fiscal year for job training, the Aboriginal Justice Strategy and to help First Nations join the East Coast fishery.
* The homeless. The budget does not include new commitments to social housing called for by NDP Leader Jack Layton.
* Early learning. The budget offers $250 million a year to provinces that agree to create child-care spaces. The per capita funding is well short of the $1.2 billion promised in each of the next three years by the former Liberal government.
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OTTAWA (CP) - Highlights of the federal budget:

* New child tax credit worth $310 per child for most families.
* Working Income Tax Benefit of up to $1,000 a year for low-income families, or $500 for individuals, to help get them off welfare.
* $1.5 billion for projects to cut air pollution and greenhouse gas emissions.
* Rebate of up to $2,000 for buying fuel-efficient vehicles; Green levy penalizing auto manufacturers up to $4,000 on inefficient vehicles.
* Billions in extra funding to the provinces (through equalization and other programs) for health, infrastructure, post-secondary education and other items to address the so-called fiscal imbalance.
* Tax Back Guarantee directs $1 billion a year in debt interest savings to personal income tax reductions.
* Eliminates the $4,000 RESP annual contribution limit, with a $50,000 lifetime cap.
* Raises to age 71 from 69 the age at which seniors must convert RRSPs to retirement income.
* Government spending projected to increase by $10 billion to $233 billion in 2007-2008, with program costs jumping by 5.7 per cent.
* Total revenue projected at $236.7 billion in 2007-2008, leaving a surplus of $3.3 billion with $3 billion of that going to debt reduction.
* Economic growth forecast to be 2.3 per cent in 2007 and 2.9 per cent in 2008.

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