March 4, 2010

Highlights from the federal budget for 2010-11

The just released federal budget for 2010-11 contains total spending of $280.5 billion, up $12.8 billion over last year.

Other highlights include:

• Deficit of $49.2 billion.
• Total debt rises to $566.7 billion.
• Basic personal income-tax exemption (the amount you can earn before paying any taxes) for 2010 rises to $10,382.
• $3.2 billion in personal income-tax relief, largely through raising the basic personal tax exemption and higher child benefits for parents.
• Plan to reduce the deficit to $1.8 billion by 2014-15, largely by ending stimulus funding next year and restraining program spending.
• $7.7 billion in stimulus money for infrastructure.
• $4 billion for extra EI benefits and training.
• Freeze on EI premium rate (paid by workers and employers) until the end of 2010. Rate will likely rise in 2011.
• $19 billion for second of Canada’s Economic Action Plan
• $7.7 billion in infrastructure stimulus
• $4 billion to assist unemployed Canadians
• $3.2 billion in personal income tax relief
• $15 million for the College and Community Innovation Program
• $50.5 million for Montreal area bridges
• $175 million to improve links between Newfoundland and mainland Canada

Check back at dailycommercialnews.com for more details on the budget.

-Vince Versace / Canadian Press

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