To help you with your tax planning and keep you informed on Canada’s financial health, our team of tax professionals will offer helpful commentary on issues related to this year’s federal and provincial budgets. As governments table their budgets, PwC will bring immediate detailed analysis to you below.
5:07 p.m. EST: Federal Government moves ahead to establish Canadian securities regulator for financial sector: As Canada’s strong financial sector is a key component of its ongoing economic recovery, new measures were introduced today in an effort by the Government to help support the nation’s competitive industry, these included:
5:05 p.m. EST: New ‘green’ initiatives help promote clean energy investments and technologies: Budget 2010 introduced certain measures today to drive Canada’s position as an energy leader through encouragement of investment in energy projects and clean energy generation. The budget also includes measures to preserve Canada’s natural heritage through environmental protection in the North and further protection of the Great Lakes.
Notable actions include:
4:50 p.m. EST: Measures to help Canada compete will aid the economic recovery: The Federal Budget announced today delivered new measures that are geared to improving Canada’s financial position and competitiveness globally. Notable actions include:
These measures are designed to encourage local and new foreign investments in Canada.
4:40 p.m. EST: Recalibration of government spending key to achieving a balanced budget Budget 2010 sets the stage for deficit reduction in the future while completing the Stimulus Program is the current focus. Budget 2010 includes savings measures of $17.6 billion over the next five years. These savings stem from restraining growth in National Defence Spending and International Assistance Envelope while containing the administrative cost of Government.
Cost containment will be achieved through a comprehensive review of government administrative functions and overhead costs in order to identify opportunities for additional savings and improve service delivery. The focus of which will be in three key areas: 1) increasing efficiency and effectiveness, 2) focusing on core roles and 3) meeting the priorities of Canadians.
Roxanne Anderson, Lead Partner of Federal Government of Canada Services states:
“Modernizing the manner in which the Government operates and delivers service will be critical to the Government being able to meet its savings objectives outlined in Budget 2010.
Debate will continue about the right mix of revenue enhancing actions versus spending reducing options – the end result should be a sustainable deficit reduction plan to restructure costs without sacrificing the quality of services that Canadians value.”
4:25 p.m. EST: Staying the course – continued stimulus, job creation and focus on a balanced budget The actions announced today by the Federal Government in Year 2 of Canada’s Economic Action Plan aim to stay the course of economic recovery with a budget geared towards the continuation of the stimulus package, job creation and balancing the budget. Improving Canada’s international competitive position will assist the economic recovery.
Notable actions include: