Canadian Budget Highlights:
Webposted Feb 28, 2000 4pm ET
HIGHLIGHTS
Tax Cuts
full indexation restored to personal income tax retroactive to Jan. 1, 2000
middle tax rate to reduced from 26 to 23 per cent over five years
middle tax rate reduced to 24 per cent effective July 1, 2000
tax free income rises to $8,000
middle and upper tax rates rise to $35,000 and $70,000 respectively
Canada Child Tax Benefit increased to $1,975 on July 1, 2000; $2,265 on July 1, 2001; and then to $2,400 over the next five years
Disability tax credit increased by $500 per year
Child care annual deduction raised from $7,000 to $10,000
surtax on earnings up to $85,000 eliminated
Employment Insurance rates expected to fall to $2.00 in 2004
foreign content rule in RRSPs increased to 25 per cent in 2000; 30 per cent in 2001
lower tax rate for higher taxed industries from 28 to 21 per cent over five years; 27 per cent as of Jan. 1, 2001
taxation of capital gains lowered from three-quarters to two-thirds
$500,000 tax free rollover for qualifying investments
corporate tax rate of 21 per cent applied to all small businesses on income between $200,000 and $300,000
Provinces
$2.5 billion to provinces over four years for post-secondary education and health care
equalization payments to provinces expected to be $500 million higher this year
$450 over next two years, $550 million over following four years for infrastructure projects
Fiscal Management
$3 billion Contingency Reserve
Education and Research
$900 million funding over five years for 2,000 new research chairs at Canadian universities
funding to enhance the presence of Canadian cultural material on the Internet
Tax exemption on scholarships and bursaries raised from $500 to $3,000
$900 million to Canada Foundation for Innovation
$160 million to create Genome Canada - a genetic research project
Environment
50% reduction of capital gains tax arising from donations of ecologically sensitive lands
creation of Sustainable Development Technology Fund
creation of Canadian Foundation for Climate and Atmospheric Sciences
$700 million total investment in environmental technologies and practices
CBC's Budget 2000 Coverage Schedule (all times eastern)
On-Air Coverage-- Television
Monday, Feb. 28, 2000
4:00 p.m. - 6:00 p.m. -- The Budget Speech. Live coverage from Parliament Hill with Peter Mansbridge and Don Newman. CBC Main Network & CBC Newsworld
6:30 p.m. - 9:00 p.m. -- Budget 2000. Live from Ottawa and across the country. Don Newman, Alison Smith, Avi Lewis, Fred Langan and Susan Reisler talk to the movers and shakers, and find out what Canadians think of the new budget.CBC Newsworld
11:00 p.m. - 12:00 p.m. -- The Budget: On The Line. Host Patrick Conlon takes your budget-related phone calls. CBC Newsworld
Wednesday, March 1, 2000
9:00 a.m. - 11:00 a.m.-- Budget 2000 Town Hall. Live from Parliament Hill with finance minister Paul Martin. CBC Newsworld
On-Air Coverage-- Radio
Hosts Barbara Smith and Jason Moscovitz will have budget coverage beginning at 3:55 pm ET on Radio One. Including: Extracts of Finance Minister Paul Martin's speech, analysis from a panel of experts, and comments from politicians and lobby groups.
As well, Rex Murphy and Finance Minister Paul Martin discuss the budget when Cross Country Checkup airs from Vancouver, March 5 on CBC Radio One.
On the Internet
Why not e-mail your comments on today's federal budget to us.
You can also send us your questions about the budget and we'll have Paul Martin answer them on-air during Wednesday's Budget 2000 Town Hall questions on CBC Newsworld.
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