Ottawa, March 25, 2018 — With a new Liberal government in the Commons and a full Senate sitting, a quick look at the budget reveals how the Liberals’ budget was received by Canadians, the senators and the media, and whether it’s a good deal for Canadians.
Here’s a look at some of the major points.
Liberal budget contains no new taxes or fees The Liberal government has made it very clear that the budget does not propose any new taxes, fees or other levies.
Rather, the Liberals plan to eliminate the corporate income tax, reduce the federal corporate income-tax rate to 15 per cent, eliminate the personal income tax bracket and eliminate the provincial corporate income taxes.
This is the first major federal budget in the Trudeau era that does not add new taxes to the federal budget.
The Trudeau government also has said it will abolish the “premium tax” of $250,000 per family and the “truce dividend” of up to $1,000.
It has also pledged to eliminate corporate welfare and to eliminate “tax breaks” for big business.
The Liberals have said that this is because they will not be imposing new taxes on Canadians.
The budget does include a tax cut: The Liberals’ proposed $1.1-billion tax cut will be a tax break for Canadians earning between $75,000 and $150,000 a year.
It will provide a $15-per-day tax cut for those earning $150-million and up.
The Liberal budget also includes a $3-billion cut in personal income-splitting.
It includes no new spending The Liberals proposed a $1-per cent income-test for those who earn more than $150 per week and a $5-per year tax cut to those earning between those amounts.
The Conservatives proposed a 20-per.
cent tax cut on income over $150 million and a tax hike for the top 1 per cent of earners.
The federal budget is a big step up for Canadians The Liberal tax cuts, including the $2.2-billion in savings the Liberals announced last week, are expected to add to the $5.6-billion increase in federal revenues promised by the previous Conservative government.
However, there are some notable changes in the Liberals proposed budget that are expected not to be enacted, including: 1.
The $4-billion deficit will be eliminated by the end of this year, but not before 2019.
This budget will not create any new deficits.
It simply eliminates the $4.6 billion deficit in 2019-20. 2