2007 Canadian federal budget

2007 Canadian Federal Budget

Government Budget
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2007 Canadian federal budget

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The Canadian federal budget for the 2007-2008 fiscal year was presented to the Canadian House of Commons by Finance Minister Jim Flaherty on March 19, 2007. The federal budget included $14 billion in new spending and $5.7 billion in tax cuts. This was the second budget of the 39th Canadian Parliament.

Since the government held a minority, the budget needed support of at least one opposition party. On March 29, 2007, Bill C-52, the enabling legislation to implement the budget, received First Reading in the House of Commons with the support of the Bloc Québécois. The New Democratic Party and Liberal Party voted against it.

Many politicians believe that the changes to equalization disregard the Atlantic Accord. There was speculation that some Atlantic government members would vote against the Budget, but only Bill Casey did, and was subsequently removed from Caucus.

On June 22, 2007, the Senate passed the budget with a vote of 45-21, with only liberal senators from Atlantic Canada and Saskatchewan voting against it. Conservative senator Anne Cools voted against it too, which in turn led to her removal from the Conservative caucus. The bill was given royal assent by the Governor-General, Michaëlle Jean, about two hours after the vote.

Areas of direction

Some of the key items in the budget are:
  • $39 billion in transfers to provinces for public services and infrastructure
  • $2000/child tax credit
  • Increase age limit for RRSPs
  • $9.2......
  • ...

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