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I’ve been posting Canada Revenue Agency etc under the category “Government and Big Brother” … but .. this takes the cake!

Big Brother Is Watching You

* at least in Long Beach that is ..

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The following News Release or Speech has just been posted on the Finance Canada Site

Ottawa, March 23, 2007
2007-025

The Honourable Jim Flaherty, Minister of Finance, and the Honourable Peter MacKay, Minister of Foreign Affairs and Minister of the Atlantic Canada Opportunities Agency, today announced that Canada’s New Government will fully respect Nova Scotia’s Offshore Accords, and has offered increased flexibility in making the transition to the new Equalization system.

Budget 2007 fully delivers on Canada’s New Government’s commitment to respect Nova Scotia’s Offshore Accord by ensuring that the province keeps 100 per cent of its offshore revenues.

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Line 363: Canada Employment Amount

Under proposed legislation, employees are eligible to claim an employment amount.

Claim the lesser of:
¦ $250; and
¦ the total of the employment income you reported on line 101 and line 104 of your return.

SOURCE: CRA: T1 Guide

Did You Know …

That if you have a child or children under the age of six you can receive the Universal Child Care Benefit (UCCB)? This benefit is designed to help Canadian families, as they try to balance work and family life, by supporting their child care choices through direct financial support. The UCCB is paid for children under the age of six years in instalments of $100 per month per child. To receive UCCB, complete the Canada Child Tax Benefit application.

For more information about UCCB, visit www.cra.gc.ca/uccb or www.universalchildcare.ca

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The following News Release or Speech has just been posted on the Finance Canada Site

Ottawa, March 21, 2007
2007-024

The Honourable Jim Flaherty, Minister of Finance, the Honourable John Baird, Minister of the Environment, and the Honourable Lawrence Cannon, Minister of Transport, Infrastructure and Communities, today highlighted the benefits of the Government’s new green transportation initiatives.

In Budget 2007, Canada’s New Government announced several new measures designed to encourage consumers to purchase or lease fuel-efficient vehicles and get older vehicles off the road. While visiting a Transport Canada facility where vehicles are tested under the recently announced ecoTechnology for Vehicles Program, the Ministers re-emphasized the Government’s commitment to preserve and protect our environment.

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WHAT THE BUDGET MEANS …

Here’s a little recap from the Globe and Mail ..

If you are a parent: You will receive a child-tax credit worth $310 per child for most families.

If you are a low-income earner: You will receive a Working Income Tax Benefit of $500 to help get off welfare.

If you are saving for your child’s education: Your $4,000 RESP annual contribution limit is eliminated, but there’s now a $50,000 lifetime cap.

If you are a senior: You can convert RRSPs to retirement income up to age 71, an increase of two years.

If you’re buying a car: You can receive a rebate of up to $2,000 for buying fuel-efficient vehicles. A green levy penalizes auto manufacturers up to $4,000 on inefficient vehicles.

If you are a student: The budget includes $35-million over two years — then $27-million a year — for scholarships for graduate students.

THE BIG PICTURE

Billions in extra funding to the provinces for health, infrastructure, post-secondary education and other items to address the so-called fiscal imbalance.

Tax Back Guarantee directs $1-billion a year in debt interest savings to personal income tax reductions.

Government spending projected to increase by $10-billion to $233-billion in 2007-2008, with program costs jumping by 5.7 per cent.

Total revenue projected at $236.7-billion in 2007-2008, leaving a surplus of $3.3-billion with $3-billion of that going to debt reduction.

Here’s the text of Finance Minister Jim Flaherty’s budget speech in the House of Commons March 19, 2007

Read it in the Canoe pages by clicking the above link, or in the Department of Finance site itself!

Deloitte also reminds us in their Daily Tax Highlights measures that concern BOTH individuals AND Businesses

FOR EXAMPLE:

The rate of capital cost allowance (CCA) for certain assets acquired on or after March 19, 2007, will be changed as follows:

o Buildings used for manufacturing or processing, to 10% from 4%.

o Other non-residential buildings, to 6% from 4%.

o Computer equipment, to 55% from 45%.

o Natural gas distribution pipelines, to 6% from 4%.

o Liquefied natural gas facilities, to 8% from 4%.

o Manufacturing and processing machinery and equipment, to 50% from 30% for equipment acquired prior to 2009 (straight-line depreciation).

The following News Release or Speech has just been posted on the Finance Canada Site.

Budget 2007: A Stronger, Safer, Better Canada

Ottawa, March 19, 2007
2007-022

The Honourable Jim Flaherty, Minister of Finance, today tabled a balanced budget that moves to restore fiscal balance in Canada, cuts taxes for working families, reduces the national debt and invests in key priorities like improving health care and environmental protection.

“Budget 2007 will strengthen the federation by restoring much-needed fiscal balance,” said Minister Flaherty. “And Canadians come out ahead through real tax relief that benefits working families.”

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The following Fiscal Monitor has just been posted on the Finance Canada Site.

Highlights

January 2007: budgetary surplus of $2.3 billion
There was a budgetary surplus of $2.3 billion in January 2007, up $0.7 billion from the $1.5-billion surplus in January 2006. Budgetary revenues rose $0.8 billion, or 3.9 per cent, due to strong growth in corporate income tax and non-resident withholding tax revenues, dampened by declines in other revenue streams. Program expenses decreased by $0.1 billion, or 0.3 per cent, reflecting a decrease in departmental operating expenses. Public debt charges were up $0.2 billion.

April 2006 to January 2007: budgetary surplus of $9.5 billion
The budgetary surplus is estimated at $9.5 billion for the first 10 months of the 2006–07 fiscal year, up from the $9.0-billion surplus posted in the same period of 2005–06. Budgetary revenues rose $8.6 billion, or 4.8 per cent, reflecting strong growth in income tax revenues, partially offset by declines in excise taxes and employment insurance (EI) premium revenues. Program expenses were up $7.8 billion, or 5.5 per cent, due to both higher transfers and other program expenses. Public debt charges were up $0.3 billion.

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The following News Release or Speech has just been posted on the Finance Canada Site:

The Goal of Budget 2007 Is to Make a Stronger, Safer, Better Canada

Ottawa, March 18, 2007
2007-021

Whitby – The Honourable Jim Flaherty, Minister of Finance, will deliver the second budget of Canada’s New Government tomorrow in the House of Commons. Budget 2007 will restore fiscal balance within the Canadian federation, outline a series of initiatives to protect the environment and further reduce the tax burden on working families and businesses.

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The following News Release or Speech has just been posted on the Finance Canada Site.

Ottawa, March 16, 2007
2007-020

Website

Shortly after the 2007 budget is tabled on March 19, 2007, at approximately 4:00 p.m. Eastern Daylight Time (EDT), all budget documents will be available free of charge on the Department of Finance website at www.fin.gc.ca.

Internet users will also be able to view multimedia budget presentations, including a live video broadcast of Minister of Finance Jim Flaherty delivering the budget speech in the House of Commons.

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