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Information may change rapidly as the event progresses. | The Canadian federal budget for fiscal year 2006-2007 was presented to the Canadian House of Commons by Finance Minister Jim Flaherty on May 2, 2006. Among the most-discussed elements of the federal budget were its reduction of the Goods and Services Tax by one percentage point, income tax cuts for middle-income earners, and $1,200-per-child childcare payment (the "Universal Child Care Benefit") for Canadian parents. Wikipedia does not have an article with this exact name. ...
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The House of Commons (French: Chambre des communes) is a component of the Parliament of Canada, along with the Sovereign (represented by the Governor General) and the Senate. ...
The Minister of Finance is one of the most important positions in the Cabinet of Canada. ...
Hon. ...
May 2 is the 122nd day of the year in the Gregorian calendar (123rd in leap years). ...
2006 (MMVI) is a common year starting on Sunday of the Gregorian calendar. ...
In Canada federal budgets are presented annually by the government and lay out government spending for the upcoming year. ...
The Canadian Goods and Services Tax or GST (Taxe sur les produits et services, TPS) is a multi-level sales tax introduced in Canada in 1991 by Prime Minister Brian Mulroney. ...
Income taxes in Canada constitute the majority of the annual revenues of the Government of Canada. ...
A tax cut is a reduction in the rate of tax charged by a government, for example on personal or corporate income. ...
Day care is the care of a child during the day by a person other than the childs parents or legal guardians, often someone outside the childs immediate family. ...
Prime Minister Stephen Harper called the bill a message of what Canadians should expect from his Conservative minority government. Many aspects of it were criticized by opposition parties. The Liberal Party and New Democratic Party indicated that they would not support the budget, while the Bloc Québécois indicated that it would vote in favor of it. Stephen Harper is the current Prime Minister of Canada. ...
Stephen Harper (born April 30, 1959) is the 22nd and current Prime Minister of Canada and leader of the Conservative Party of Canada. ...
The Conservative Party of Canada (French: Parti conservateur du Canada), colloquially known as the Tories, is a right-of-centre political party in Canada, formed by the merger of the Canadian Alliance and the Progressive Conservative Party of Canada in December 2003. ...
The House of Commons after the 2006 election, resulting in a Conservative minority government (in blue) During the history of Canadian politics there have been eleven previous minority governments on the federal level, and a number provincially. ...
The Liberal Party of Canada (French: Parti libéral du Canada), colloquially known as the Grits (originally Clear Grits), is a Canadian federal political party positioned around the centre of the political spectrum, combining a generally progressive social policy with moderate economics. ...
The New Democratic Party (NDP) is a political party in Canada with a social democratic philosophy and moderate democratic socialist tendencies that contests elections at both the federal and provincial levels. ...
The Bloc Québécois is a federal political party in Canada that is devoted to the promotion of sovereignty for Quebec. ...
Key components
Here are some of the most significant budget measures. These initiatives are to be delivered in periods that vary from one to five years: - $1.1 billion for the Canadian Armed Forces.
- $2 billion in general spending cuts.
- The creation of the Canada Employment Credit, a tax credit to be worth approximately $155 per employed Candian by 2007.
- $1 billion for emergency preparadness, specifically against a potential flu pandemic.
- An increase in the lowest income tax rate from 15% to 15.25% for 2006, and to 15.5% for subsequent years.
- Increases to the amount that an individual can earn before payoing personal income tax from about $83,00 to $10,000 by 2010.
- A reduction of the general corporate income tax rate from 21% in 2007 to 19% in 2010, and elimination of the 3% corporate income surtax after 2006.
- $160 million for hiring new police officers at the Royal Canadian Mounted Police.
- $3 billion dollars to reduce the government's debt.
The Canadian Forces (CF) (Fr: Forces canadiennes (FC)) are the combined branches of the military of Canada. ...
An influenza pandemic is a large scale epidemic of the influenza virus, such as the 1918 Spanish flu. ...
Royal Canadian Mounted Police heraldic badge. ...
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