Canada 2011 Federal Budget Highlights
March 22nd, 2011 Posted in Canadian and Global Economy
Canada 2011 Budget
Is Canada Going To Be A Future Global Business Centre?
Canadian Finance Minister James M. Flaherty released the 2011 Federal Budget today. The Canadian government plans to spend $278.7 billion in the fiscal year 2011-2012 starting April 1st, up 1% from year.
Canadian economy expects to grow 2.9% in 2011, up from 2.5% projection made in 2010. Canada’s employment growth is the strongest among G-7 nations since mid-2009. Canada’s Economic Action Plan delivers $60 billion stimulus package to support economic growth and job creations.
Now, let’s look at some important highlights that will affect you directly:
- There will not be new taxes for families. An average family of four can expect to save $1500 annually via tax cuts.
- Improved pension benefits for senior citizens. Lowest earning single seniors will be receiving $600 a year and couples will get $800 a year starting July.
- New caregiver amount up to $300 for those caring for spouses, partners, and minors.
- Medical professionals will get a break on loans up to $40,000 for servicing in remote and rural areas.
- To encourage hiring more Canadians, small business will receive up to $1000 one-time hiring credit to offset 2011 EI premiums.
- Part-time students will higher family income will be eligible for student loans with reduced in-study interest rates. Full-time students will be able to earn more by higher in-study income exemption from $50 to $100 per week.
- Volunteer firefighters will receive up to $450 a year for providing at least 200 hours of service.
These are just some highlights I have picked. For more information about this budget, visit Canada Budget 2011.
More A Dawn Canada Articles:
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