2006 Canadian federal budget

2006 Canadian Federal Budget

Government Budget
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2006 Canadian federal budget

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Description:
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.

Highlights

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......
  • ...

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