2016 Federal Budget Summary
Growing the middle class
The new Liberal government’s first federal budget focuses on growing the middle class and strengthening the economy through both tax measures and non-tax measures, such as infrastructure investments and in strategic investments in clean technology.
Highlights include:
- Forecasted deficits
- Teacher and Early Childhood Educator School Supply Tax Credit
- Nurturing innovation and growth through partnerships and increased financing
- Proposal to invest in over $120 billion infrastructure over 10 years
- Elimination of Family Tax Cut for 2016 and subsequent taxation years
- Elimination of the Universal Child Care Benefit (UCCB) and the Canada Child Tax Benefit (CCTB); replaced by the new Canada Child Benefit
Click here to view a summary of the tax measures that were announced in this budget.
We invite you to contact your Educators financial specialist to discuss any questions you have regarding any of the proposed measures.
Source: Grant Thornton
The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering of tax, legal, accounting or professional advice. Please ensure to consult your accountant and/or legal advisor for specific advice related to your circumstances. Educators Financial Group will not be held responsible or liable for any losses, costs, damages or expenses incurred by reason of reliance as a result of the aforementioned information. The information presented was obtained from sources that are believed to be reliable. However, Educators Financial Group cannot guarantee their completeness or accuracy.
