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 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.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 favour of it.
On June 6, 2006, the budget was introduced for third reading in the House of Commons. Amid an apparent mix-up, and confusion, no MPs rose to speak. Thus, the budget was declared passed by unanimous consent, passing through the House a week earlier than had been scheduled.
These initiatives are to be delivered in periods that vary from one to five years:
- $1.1 billion for the Canadian Forces.
- $2 billion in general spending cuts.
- The creation of the Canada Employment Credit, a tax credit to be worth approximately $155 per employed Canadian by 2007.
- $1 billion for emergency preparedness, specifically against a potential flu pandemic.
- A decrease (in law) in the lowest income tax rate from 16% to......