The highlights of the 2009 budget include:
- The economy will be in deficit until 2013.
- At its worst, the federal debt is projected to be $542.4 billion in fiscal 2012-13.
- This budget will create or maintain 190,000 jobs.
- The federal government will spend $40 billion over the next two years to stimulate the economy.
- $200 billion to the financial markets to improve access to credit.
- $8.3 billion for the Canadian Skills and Transition Strategy for job retraining.
- Create a Home Renovation Tax Credit that will provide up to $1,350 in tax relief for home renovations between Jan. 27, 2009, and Feb. 1, 2010. Some 4.6 million families are expected to benefit.
- $12 billion for infrastructure projects over the next two years.
- $7.8 billion over two years for the housing, construction, renovations and energy retrofits.
- $7.5 billion for sectors and regions especially hard hit by the global slowdown, such as one-industry towns, the auto sector and forestry.
- Extending employment insurance benefits by five weeks.
- Freezing employment insurance premiums for two years.
- Protecting the severance pay for employees when companies go bankrupt.
- Increase the Working Income Tax Benefit for the working poor.
- Increase funding to existing regional development agencies and create two new agencies — for southern Ontario and the North.
- Enhance a program to encourage businesses to invest in machinery, equipment and computers systems.
- $500 million for hockey arenas, swimming pools and other community recreational facilities.
- $1 billion for social housing in the next two years, including more housing for seniors, the disabled and on reserves.
- $407 million to Via Rail to improve passenger service, between Montreal, Ottawa and Toronto.
- $175 million to shipyards to build 98 new small vessels, lifeboats and barges for the Coast Guard.
- $75 million to Parks Canada to upgrade historic sites connected with 200th anniversary of the War of 1812.
- $200 million over the next two years to the Canadian Television Fund.
- Work with willing provinces and territories to reform securities regulation into a single regulator as quickly as possible.
- Create a secretariat to explain financial concepts to Canadians with an aim to improve financial literacy.
- The personal exemption allowed before taxes are assessed will increase to $10,320 from $9,600.
- Streamlining the approval process for new construction.
- Spending freezes for public servants for travel, conferences and hospitality.
- Cabinet ministers and their staff can no longer fly business class for trips under two hours.
- Reduce the number of governor-in-council appointments.
- Cap public service wage increases to 1.5 per cent for this year and the next two. |
