Federal budget calls for massive cuts, other highlights
Posted March 4, 2010 4:53 pm.
This article is more than 5 years old.
OTTAWA, Ont. – Highlights from Thursday’s federal budget for 2010-11:
– Total spending of $280.5-billion, up $12.8-billion over last year.
– Deficit of $49.2-billion.
– Total debt rises to $566.7-billion.
– Basic personal income-tax exemption (the amount you can earn before paying any taxes) for 2010 rises to $10,382.
– $3.2-billion in personal income-tax relief, largely through raising the basic personal tax exemption and higher child benefits for parents.
– Plan to reduce the deficit to $1.8-billion by 2014-15, largely by ending stimulus funding next year and restraining program spending.
– $7.7-billion in stimulus money for infrastructure.
– $4-billion for extra EI benefits and training.
– Freeze on EI premium rate (paid by workers and employers) until the end of 2010. Rate will likely rise in 2011.
