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1st Liberal Budget Gives Canada a $29 Billion Deficit this Year and $118.6 Billion Over 5 Years


DonLever

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4 minutes ago, Ryan Strome said:

I see small business is pissed off because the tax rate didn't change like Trudeau promised.

 

I guess that means small business now hates liberals, conservatives and the ndp...

All the major parties are crony capitalists basically.

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33 minutes ago, Ryan Strome said:

I see small business is pissed off because the tax rate didn't change like Trudeau promised.

 

I guess that means small business now hates liberals, conservatives and the ndp...

Actually, and it's funny to point out.

 

The NDP also promised to drop the small/mid business tax rate to 9%

 

But out of the 3, they're the only ones thus far to not break a campaign promise :bigblush:

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http://www.cbc.ca/news/politics/federal-budget-2016-highlights-1.3501803

 

  • Deficit: $29.4 billion this year, $29 billion the next before falling - but no surplus forecast before the next election.
  • Debt: Expected to grow by $113 billion by 2020-21, but debt-to-GDP ratio to stay mostly flat at around 32 per cent.
  • Growth: Deficit based on 0.4% annual growth - much lower than economists predict.
  • Canada Child Benefit: New monthly tax-free payments starts July 1 to replace UCCB and other tax measures: up to $6,400 a year per child under 6, and $5,400 those aged 6 to 18. But this amount begins to claw back for households with an income over $30,000 and is eliminated entirely for incomes over $190,000.
  • Tax credits: Children's arts and fitness tax credits phased out by end of 2017. But teachers get a $150 credit for teaching materials.
  • EI: Changes make it easier to qualify for benefits, and extends benefits for workers in 12 hard-hit regions. Plus: a bigger-than-expected cut in EI premiums next January.
  • Infrastructure: $120 billion over 10 years, focusing first on public transit, water, waste management and housing infrastructure.
  • Indigenous Peoples: $8.4 billion over five years, with $2.6 of that to improve primary and secondary education on reserves. Other funding for drinking water and housing, as well as family and child services.
  • Student grants: Increased 50%, to $3,000 for low-income and $1,200 for middle-income students.
  • Arts: $1.9 billion over five years for arts and culture organizations, including the Canada Council, Telefilm Canada and the National Arts Centre. $675 million to "modernize and revitalize CBC/Radio-Canada in the digital era."
  • Seniors: Guaranteed Income Supplement increased by up to $947 annually.
  • Veterans: Reopens nine service offices, increases amounts payable to injured veterans and indexes some benefits to inflation.
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I was listening to Michael Bloomberg last night and he was hailing JT's decision to borrow $ to reinforce/rebuild the infrastructure this country.  With the interest rates so low, he stated that it is the perfect time to invest in such a project.  He went on to talk about the decrepid state of the aging eastern cities right now and thinks that many of them are beyond repair. 

 

In the west, many of the cities require upgrades to the public transit, roads and bridges.

 

Seems like a good investment for the future.

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Post-Secondary Education

Parents understand that their children’s future depends on the education and skills they get and that post-secondary education has become an important factor in our children’s future success. But every parent knows that post-secondary education is becoming increasingly expensive. The government must do its part to make post-secondary education more accessible.

We will increase Canada Student Grant amounts by 50 per cent, from $2,000 to $3,000 per year for students from low-income families, and from $800 to $1,200 per year for students from middle-income families.

250,000 students across the country from low-income families, 100,000 students from middle-income families and 16,000 part-time students will get more help each year as a result of these measures.

That matters. It can be the difference between getting a degree and dropping out. And that can change a life.

To help these students gain experience, we will create up to 35,000 additional jobs for young Canadians in each of the next three years under the Canada Summer Jobs program.

And through the Youth Employment Strategy, we will make new investments to create clean jobs. We will also strengthen co-op and on-the-job learning opportunities that will help students land that all-important first job after graduation.

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2 minutes ago, higgyfan said:

I was listening to Michael Bloomberg last night and he was hailing JT's decision to borrow $ to reinforce/rebuild the infrastructure this country.  With the interest rates so low, he stated that it is the perfect time to invest in such a project.  He went on to talk about the decrepid state of the aging eastern cities right now and thinks that many of them are beyond repair. 

 

In the west, many of the cities require upgrades to the public transit, roads and bridges.

 

Seems like a good investment for the future.

When we speak of "the east" I think we speak specifically of Montreal and Toronto.

 

Personally I don't think Montreal deserves a dime until that corruption in construction issue is cleared up, and until Toronto figures out the dollar amount on their light rail/subway they don't deserve much either.

 

hell between the two they're still waiting on a decent rail line between them now for over 15 years.

 

Ya...until they get their acts together, build the west for the moment.

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1 hour ago, Warhippy said:

http://www.cbc.ca/news/politics/budget-day-coverage-liveblog-livestream-1.3501470

 

Lots of spending, new numbers dictate the current budget and cap.  Libs carrying through with majority mandate of ensuring some things get repealed, new funding in areas that were cut and the re-opening and reintroduction of offices/services/programs shuttered and closed by the prior government.

 

The most amazing and refreshing thing thus far is that this is a budget delivered in the house to the house and not via omnibus legislation, and not done in front of a room full of business elite.

 

As well, while I am not happy about the size of the potential deficit, it is predicated on a .04% growth rate which should it climb higher will bring that deficit number down.  Any upturn in the economy will change those numbers for the better.  

 

But the best thing is that, even though we will be running a deficit, they are being open, honest and transparent about it.  So while this sucks, while the numbers are huge.  At least they're not lying about it and are being upfront instead of hiding and lying about it

Well you are probably moonstruck with Justin now but how refreshing do you think it will be when the prime rate gets to to 10%, mortgage rates, go above 15%, the personal load you were going to take out for a new car hits 18% and you start paying higher income taxes during a recession like we did in the early eighties.  No pay raises to  help ease the situation.  What is that you say about being honest, transparent and open.  You mean like how the banks will be to you; honest about having to pay higher interest rates and being transparent and open about taking your house if you get behind on your mortgage payments.  Go ahead and cite all that economics terminology you learned in college about what you feel this government will do economically do for the future of Canada.  Four years from now, you will be cursing the colour of Liberal red like we did with the other Trudeau at the helm. We just will not learn by previous mistakes.

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20 minutes ago, Warhippy said:
21 minutes ago, Warhippy said:

When we speak of "the east" I think we speak specifically of Montreal and Toronto.

 

Personally I don't think Montreal deserves a dime until that corruption in construction issue is cleared up, and until Toronto figures out the dollar amount on their light rail/subway they don't deserve much either.

 

hell between the two they're still waiting on a decent rail line between them now for over 15 years.

 

Ya...until they get their acts together, build the west for the moment.

 

There are quite a few large cities in eastern Canada that require some upgrading, such as Halifax, Quebec City, Ottawa, Hamilton, London, Mississauga, Kitchener, Windsor, etc.

 

I agree with what you've said about the Montreal mafia involvement in the construction industry.  Sadly, that city probably has the worst infrastructure in Canada.  I don't even know where they would start.  My preferance is the sewage system.

 

There's no way the bulk of the money will go to the west, but I can see Vancouver (bridges, transportation), Victoria (sewage) and Calgary getting an appropriate amount.

 

 

 

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25 minutes ago, Benchsplinters said:

Well you are probably moonstruck with Justin now but how refreshing do you think it will be when the prime rate gets to to 10%, mortgage rates, go above 15%,

You're going to be a very old man with a long white beard down to your knees before that ever happens.

 

You might have had a point if interest rates were set on the open market. They are not. They are set/manipulated by central banks.

 

The damage done by the financial crisis has largely been forgotten because markets have come back up and unemployment is relatively tame as is inflation. It's come at the cost of massive amounts of debt. Central banks literally cannot raise interest rates anywhere close to the levels you've suggested. The landscape has actually changed and not by a little.

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I'm first of all grateful that Canada is returning to an honest and forthright entity, instead of The Harper Governments elite slush fund. Those Conservative pricks gave false hope and had the young people rushing to cash in on the slash and burn economy, then left them high and dry while the oil execs and shareholders feel no pain.

 

The climate is right to borrow, and JT and the Liberals are doing so. They've been ultra-conservative in growth forecasts which sets them up to look good in the future (very nice move)

 

I think that average families should be very pleased, and I'd like to remind everyone that we're being told MUCH MUCH more than the shady Conservatives ever dared.

 

I truly hope that the suffering families can diversify and overcome the shortsighted ideas that the Cons baited them into.

 

For the record, I voted NDP.

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52 minutes ago, Benchsplinters said:

Well you are probably moonstruck with Justin now but how refreshing do you think it will be when the prime rate gets to to 10%, mortgage rates, go above 15%, the personal load you were going to take out for a new car hits 18% and you start paying higher income taxes during a recession like we did in the early eighties.  No pay raises to  help ease the situation.  What is that you say about being honest, transparent and open.  You mean like how the banks will be to you; honest about having to pay higher interest rates and being transparent and open about taking your house if you get behind on your mortgage payments.  Go ahead and cite all that economics terminology you learned in college about what you feel this government will do economically do for the future of Canada.  Four years from now, you will be cursing the colour of Liberal red like we did with the other Trudeau at the helm. We just will not learn by previous mistakes.

So the solution is what?  Raitt Ambrose and the conservatives?

 

For the record I am not a Trudeau supporter

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