Federal budget 2015: Highlights of Joe Oliver's fiscal plan
Finance Minister Joe Oliver has tabled his first federal budget in the House of Commons. Here's a look at the budget's key themes.
Finance Minister Joe Oliver has tabled his first federal budget in the House of Commons.
- Budget 2015: Conservatives dig into contingency to hit surplus
- Interactive: Canada's deficits and surpluses, 1963 to 2015
- How Joe Oliver balanced the books
- More coverage of the federal budget
Here's a look at the budget's key points:
- $1.4 billion surplus this year, down from $6.4 billion projected a year ago and $1.9 billion in November.
- Economy expected to grow by 2 per cent this year.
- Annual contingency fund cut by $6 billion over next three years.
- TFSA annual limit raised to $10,000 from $5,500.
- Small business tax rate cut to 9 per cent from 11 per cent by 2019.
- Accelerated capital cost allowance for industry extended 10 years.
- $360 million this year to pay for Canada's mission against ISIS.
- Annual hikes of 3 per cent for National Defence, which has let billions in funds lapse in recent years.
- $18 million this year to fight terrorism – rising to $91 million in five years.
- $94.4 million over five years for cyber security.
- SIRC, the CSIS watchdog, sees budget doubled to $5 million.
- Seniors at age 71 can leave more money in tax-sheltered Registered Retirement Income Funds.
- EI compassionate care benefits extended to 6 months from current 6 weeks.
- Home Accessibility Tax Credit for home renovations for seniors and people with disabilities.
- $210 million over four years to celebrate Canada's 150th birthday in 2017.
- Interns will be brought under the Canada Labour Code.
- $1.1 million a year to promote Canadian seal products.
- $75 million to implement the Species at Risk Act for next three years.