2014 Canadian federal budget
Website | budget.canada.ca |
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‹ 2013 2015› |
The Canadian federal budget for fiscal year 2014–2015 was presented to the
Programs
The budget cut CA$3,100,000,000 from the Department of National Defence budget allocated for procurement of equipment via the Canada First Defence Strategy.[6] Flaherty stated the funds would be restored in the future when "key purchases will be made".[6]
The government announced a plan to establish the National Disaster Mitigation Program, which it would begin funding in the 2015–2016 fiscal year under the 2015 budget.[7] The program "will invest in structural mitigation projects" and provide residential flood insurance in conjunction with provincial, territorial, and private insurance plans.[7]
The budget established the
Taxes and tariffs
The proposed budget increased
The budget included a reduction in
The small business hiring tax credit was eliminated by the budget,[9] as was a tariff for mobile offshore drilling systems.[7]
The tax credit for adopting children was increased to CA$15,000.[1][11] Search and rescue personnel with 200 hours of service per year received a tax credit similar to that received by volunteer fire fighters in the 2011 budget.[1][11]
"Immigration trusts" were eliminated by the budget.[12] These trusts were used by immigrants to shelter investment income from Canadian income tax.[12] Graduated tax rates for testamentary trusts were also eliminated.[12]
Business
The Automotive Innovation Fund was increased by $500 million over two years.[9] The budget also allocated $78 million per year for five years for the Canadian Food Inspection Agency to improve inspections and establish the Food Safety Information Network.[7]
The budget bill also included a proposal to update some regulations. The
The budget document also stated that Service Canada would operate the Canada Job Grant, which had been announced in the 2013 federal budget, in jurisdictions with which the federal government failed to secure agreements.[14]
Notes
- ^ a b c d e CablePulse24.
- ^ Finance, Government of Canada, Department of. "Archived - Annual Financial Report 2014-2015". www.fin.gc.ca. Retrieved 21 October 2018.
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: CS1 maint: multiple names: authors list (link) - ^ Finance, Government of Canada, Department of. "Archived - Annual Financial Report 2014-2015". www.fin.gc.ca. Retrieved 21 October 2018.
{{cite web}}
: CS1 maint: multiple names: authors list (link) - ^ a b c Finance, Government of Canada, Department of. "Annual Financial Report of the Government of Canada 2017-2018". www.fin.gc.ca. Retrieved 21 October 2018.
{{cite web}}
: CS1 maint: multiple names: authors list (link) - ^ "How to react to Canada's surprising budget surplus". Globe and Mail. 14 September 2015. Retrieved 28 September 2015.
- ^ a b Cudmore 2014.
- ^ a b c d e f g Wingrove, Blaze Carlson & Mackrael 2014.
- ^ a b c Fekete 2014.
- ^ a b c d Curry 2014.
- ^ a b May 2014.
- ^ a b c Janus 2014.
- ^ a b c Golombek 2014.
- ^ Payton 2014.
- ^ CBC News & March 2014.
References
- Cudmore, James (11 February 2014). "Budget 2014: Military wings clipped again". CBC News. Retrieved 11 February 2014.
- Curry, Bill (11 February 2014). "Federal budget takes aim at erasing deficit by 2015". The Globe and Mail. Retrieved 11 February 2014.
- Fekete, Jason (11 February 2014). "Federal budget unveils major tax hike for smokers that will see jump in cost of cigarettes, tobacco and cigars". National Post. Retrieved 11 February 2014.
- Golombek, Jamie (11 February 2014). "Federal Budget 2014 targets wealthy's tax breaks". Financial Post. Retrieved 12 February 2014.
- Janus, Andrea (11 February 2014). "Fun facts from Budget 2014: Good news for microbrews". CTV News. Retrieved 12 February 2014.
- May, Kathryn (11 February 2014). "Canada budget 2014 looks to slash public servants' benefits in effort to save billions". National Post. Postmedia Network. Retrieved 11 February 2014.
- Payton, Laura (11 February 2014). "Budget 2014: Flaherty comes close to surplus while keeping promises vague". CBC News. Retrieved 11 February 2014.
- Wingrove, Josh; Blaze Carlson, Kathryn; Mackrael, Kim (11 February 2014). "13 must-know items from the 2014 federal budget". The Globe and Mail. Retrieved 11 February 2014.
- "Highlights from Flaherty's 2014 federal budget". CP24. The Canadian Press. 11 February 2014. Retrieved 12 February 2014.
- "N.B. 1st Atlantic province to sign Canada Job Grant agreement". CBC News. 15 March 2014. Retrieved 22 January 2015.