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

Ottawa, March 29, 2007
2007-028

The Honourable Jim Flaherty, Minister of Finance, today introduced a bill in the House of Commons to implement tax measures proposed in Budget 2007 and detailed in the Notice of Ways and Means Motion tabled on March 27, 2007.

“The legislation tabled today will implement important measures in Budget 2007 and help us realize the vision set out in Advantage Canada, the long-term economic plan of Canada’s New Government,” said Minister Flaherty. “It contains much-needed tax relief for families and businesses and will help to create the economic advantages the country needs to be stronger and more internationally competitive.”

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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 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 Federal Budget has just been posted on the Finance Canada Site

The Federal Budget will be available Monday, March 19th at approximately 4:00 p.m. (DST)

There are a variety of ways for you to access Budget 2007 information:

No-fuss Approach - View the information in straightforward HTML using your browser.

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