[6][7], The budget was met with dissent by the Liberal and New Democratic parties and mostly positive reception from the Bloc. In contrast, the TSX Capped REIT Index, which is exempt from the "Tax Fairness Plan," gained 3.2% in market value. $3 billion to reduce the government's debt. Why are foreign investors allowed more favorable tax treatment than Canadian retail investors?

[5], The proceedings from June 6th included some confused comments by MPs and clarifications by Deputy Speaker Bill Blaikie confirming that the Bill C13 had been passed: "Order, please. 0000005007 00000 n The Ontario Alternative Budget for 2006–7 serves as a direct counterpoint on all of these issues. 0000216738 00000 n Find the difference; How a bill becomes law; Levels of government game; Matching game: level one; Accessibility. The Canadian federal budget for the fiscal year 2006–2007, was presented to the House of Commons of Canada by Finance Minister Jim Flaherty on May 2, 2006. FAQs 3690 0 obj<>stream 0000081925 00000 n It is my understanding that the bill to which the hon. "[13] The Canadian Press voted the Harper Government and Jim Flaherty "Business Newsmaker of 2006" for the announcement to tax Income Trusts on Halloween. 0000006281 00000 n A decrease (in law) in the lowest income tax rate from 16% to 15.25% for 2006, and then to 15.5% for subsequent years. [9] In a February 8, 2007 news release, John McCallum is quoted as saying, "essentially they released close to a thousand pages of public documents, not one of which brings Canadians any closer to understanding what type of information or calculations led the Minister to break his election promise and tax income trusts, either the Minister is in contempt of the committee’s motion or he had absolutely no data from his own department before shutting down the sector and destroying tens of thousands of Canadians’ life savings. �蓩�0��R�V~���w����>@�ԛ� This new component of the Social Programs Grant will provide $56 million in support to municipalities with high social program costs relative to the household incomes of their residents. "The Speaker did call for debate when the question was put on third reading and no one rose. 0000009402 00000 n [4] Stephen Harper specifically promised "not to raid Senior's nest eggs" during the 2006 Federal Election. 0000002274 00000 n 253 27 The Budget did not contain any significant tax initiatives and focused primarily on investing in Ontario’s transportation infrastructure and education and health care initiatives. for areas with limited property assessment; addresses challenges faced $800 million of that to be spent in the Greater Toronto Area.

•    Question Period. ----- ----- 2006 Ontario Budget Backgrounder ----- March 23, 2006 RESPONSIBLE FISCAL MANAGEMENT 2005-06 Deficit Cut To $1.4 Billion - Down 75 Per Cent From $5.5 Billion Inherited In 2003-04 Eliminating the Deficit The McGuinty government is on track to eliminate the inherited fiscal deficit - no later than 2008-09. Highlights of 2006-2007 Ontario budget: $1.2 billion for public transit and local road and bridge repair. "It may have been the intention of some members [to debate a third reading] but before I took the Chair I observed what I thought to be the passage of Bill C-13 without any dissent, or division for that matter. The budget received widespread support among the business community and polling indicated that a clear majority of Canadians approved of the budget. 0000003682 00000 n 0000216077 00000 n 0000051147 00000 n 0000059899 00000 n i�%���|�Nhs5o��Q3���Љ��t�2V�l�$9�09 ���c�5!G�u&�'�ۍ0D,�x���Q��%h{�$��pL~��{H� �4��������`Q�A�/����j:�?�:� [P,�zO�!�}f];�{2|]9�M��J8�r�S�Sa���f�Lܼ2��g?������v{�;�������/ieچ"����¦&�m�� 1> }T"�WW���!E�q��+�� #�8ρ=)J�| �J6T�V�a��� 2006 ONTARIO BUDGET: Backgrounder March 23, 2006 STRENGTHENING ASSISTANCE FOR ONTARIO'S MOST VULNERABLE Providing Opportunity For Those Who Need It Most The McGuinty government recognizes that in order for every Ontarian to participate in the Province's prosperity, it must ensure that effective supports and opportunities are available for 0000001212 00000 n There seems to be some confusion in the House. By addressing clear priorities in accountability, opportunity, families and communities, and security—while laying the foundation for budgets to come—Budget 2006 charts a new course for building "� �l f �(`K� Q,. 0000005145 00000 n 9G�������OR��������g��Y~i��U\/�hf[ǐ1{8F[�3����bu�Eg��F�� �]��Y�gswN3>5�2((^T�G5c�sV����]��#��F�[^�!�q�8��傆�FtUu��F���R�\��� �i��Hw�c������T�"�Wl�ci��Ǎd�PL�ꂁ@���B[3P����I��C�ӹ����f9��N}�'�A>%�yWY)�yq� J�{? The capital cities; Ontario's symbols; Ontario's population distribution; Games. 0000004324 00000 n Many aspects of the bill were criticized by opposition parties. The Conservatives argued that the GST cuts would benefit all Canadians, including low-income earners and those outside the workforce who do not pay income tax. %%EOF ", "Flaherty imposes new tax on income trusts", "Flaherty named business newsmaker of 2006 for trust tax", "Sudden taxation of income trusts named CP-BN Business Story of the Year", Transcript of Parliamentary proceedings surrounding confusion during third reading and passage of C-13, Leader of the Conservative Party of Canada, 2004 Conservative Party leadership election, https://en.wikipedia.org/w/index.php?title=2006_Canadian_federal_budget&oldid=977997191, Articles with dead external links from September 2017, Articles with permanently dead external links, Articles with unsourced statements from July 2020, Creative Commons Attribution-ShareAlike License. 3688 59 •    Introduction of Visitors  The Liberals and NDP voiced disapproval over the Conservatives following through on their election promise to replace the Liberals' child care policy with their own, and for replacing Canada's $4 billion environmental policy with a $2 billion "made in Canada" plan of their design.

This new component of the Social Programs Grant will provide $56 million in support to municipalities with high social program costs relative to the household incomes of their residents. Among the most notable 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. "[10][11] The Conservatives had the support of the Jack Layton and the NDP on this issue. *��O~�+x�?�Zޣ):ǂ� An optional survey will open in a new tab. The Liberals claimed that the GST cut would effectively result in a tax increase for those in the lower-middle-income bracket. Analyst Cameron Renkas refuted the Department of Finance's assertion that the United States and Australia took action to shut down flow-through structures. %PDF-1.6 %���� 0000000868 00000 n overall commitment to support municipalities. 0000004700 00000 n In his October 31, 2006 policy statement, Finance Minister Jim Flaherty said, "If left unchecked, these corporate decisions would result in billions of dollars in less tax revenue for the federal government to invest in the priorities of Canadians, including more personal income tax relief" [1] but Minister Flaherty did not document his allegation or cite any research to back up his claim.