The minority Conservative government showered provinces, families and manufacturers with billions of dollars in tax relief and new money in its second budget Monday.
"For personal income tax relief, we chose to focus on helping families," Finance Minister Flaherty said in his budget address.
A single-earner family with two children and a $37,000 income will see its income tax bill cut by $620 or nearly a quarter, he noted.
"For corporate tax relief, we chose to help Canadian manufacturers ... ," he added The budget includes $4.4 billion in personal tax relief over this and the coming two fiscal years, including a tax credit to help people move off welfare and into the workforce and an increase in the deductions for spouses and dependent.
It also earmarks $940 million for businesses, including a two-year rapid writeoff of capital investments for the struggling manufacturing industry.
For the provinces, he said the budget delivers "a historic plan" to eliminate the so-called fiscal imbalance, with nearly $7 billion more in equalization and social, health and other payments over this and the coming two years, and $39 billion over seven years. Source...