News
2011 Federal Budget

Tuesday, June 28, 2011

On June 6, 2011, the Honorable Jim Flaherty, Minister of Finance, re-introduced the federal Budget which essentially contains all of the same tax measures as the Budget tabled on March 22, 2011. Although it completes the government’s tax relief and spending provisions announced in last January’s “Economic Action Plan” to help stimulate the economy, it is a more restrained Budget than the past few years. The Budget contains no major surprises or significant shifts in government economic or fiscal policy. Specifically, it does not propose to raise taxes or cut major transfers for health care, education or pensioners. Instead, the Budget relies on cuts to defense spending and foreign aid, along with future departmental spending freezes, to attempt to reduce the deficit by 2015.


While the Budget does not propose changes to corporate or personal tax rates, it does include proposals to offer targeted tax relief, and to close certain tax “loopholes,” that will affect both businesses and individuals.



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