(March 2010) This year’s federal budget was expected to be one of restraint, and Finance Minister Jim Flaherty certainly delivered.
With a focus on restraining government spending to the tune of $17.6 billion over the next five years, the federal Conservative government is offering little in terms of amendments to retirement savings plans or human resources legislation. However, there are some issues employers should know about.
BenefitsCanada.com, along with our sister websites, had a reporting team both in the lockup and standing by in our Toronto offices to produce the following special budget report specifically for plan sponsors and those in the pension, benefit and investment industry. This online package includes:
• Budget opts for austerity plan by Matt McClearn
• A quiet budget by Jody White and April Scott-Clarke
• For retirees, the cupboard is bare by Steven Lamb
• Public sector pension plans escape budget by April Scott-Clarke
• Flaherty confirms funding for Infoway by Simon Hally
More from…
Advisor.ca: Full coverage
• Tax tinkering and closing loopholes
• Prudent budget misses growth opportunities
• For retirees, the cupboard is bare
• Budget a mixed bag for the wealthy
• Budget leaves families perplexed
• New mortgage rules pile onto HST
Flaherty re-announces $3.2 billion in personal income tax relief billion : RDSP revamped and tweaks to the Universal Child Care Benefit also included in budget.
FROM MONEYSENSE.CA
The government delivers an empty, almost flippant budget: Andrew Coyne: “One is surprised, by how unconcerned the Conservatives are about the state of the country’s finances”
FROM MACLEAN’S MAGAZINE
Budget 2010: Peering into tomorrow, blind as a bat : On debt and deficit reduction, Flaherty is the guy who swiped one-third of his bragging rights from the Liberals. Watch him.
FROM MACLEAN’S MAGAZINE
Tories cut back on growing aid to the world’s poor: And — after Afghanistan — to the military spending.
FROM MACLEAN’S MAGAZINE
Tory deficit: Slashing plan needs some luck to meet targets: Finance Minister Jim Flaherty’s plan to largely get rid of the deficit in five years depends on uninterrupted economic growth and lays out targets for spending restraint without detailing how to hit them.
FROM CANADIAN PRESS
Ottawa goes after stock option loophole that allows double deduction: Ottawa is closing a lucrative tax loop hole for companies and executives who receive stock options that will bring in an extra $270 million for government coffers in the upcoming fiscal year.
FROM CANADIAN PRESS
Budget sets new bank rules for cheques and disputes : New regulations will set a maximum four-day hold period on cheques.
FROM CANADIAN PRESS
Full budget text: Read the entire budget from the Department of Finance.
FROM DEPARTMENT OF FINANCE
Expect red, says Flaherty: Finance Minister Jim Flaherty’s “stay the course” budget offered little in the way of big tax cuts or major incentives. However the budget did have a few incentives that could lead to business building and a stable economy—at least that’s what the feds hope.
FROM CANADIAN INSURANCE
Federal budget prompts brokers to follow the food: Commercial brokers with clients in the food and agriculture sectors were given a boost in the 2010 Federal Budget with a portion of $1.3 billion in funds going to Canada’s food industry.
FROM CANADIAN INSURANCE
Manufacturing left to its own devices in Budget 2010: Canada’s embattled manufacturers have been left to fend for themselves.
FROM CANADIAN MANUFACTURING