MP Anthony Rota says there are a lot of highlights in the latest Trudeau budget for residents of Nipissing-Timiskaming

The list includes an increase in FedNor funding and stable funding for the next 5 years.

“$5-million every year which really gives it solid funding to do more, it was gutted under the Conservatives,” he says.

Rota also points out Ottawa is providing $11-Billion for a national housing strategy and $7-Billion for child care and people in the riding will benefit.

There’s been some criticism in the budget in a couple of areas.

One is the lack of spending.

Rota says other governments spend everything in one year, or do the opposite and wait for future budgets to spend.

He says the Trudeau Government is being gradual in its approach.

“This one actually lays out a road plan and builds toward an end, and that end is building a society where people will have a bright future,” he says.

When it comes to the other criticism, that being debt, Rota says they’re still ahead of other western nations.

He says there is room to grow their debt, but will have to keep an eye on things.

Kevin Nightingale is with the accounting firm MMP and speaks for the Chartered Professional Accountants of Canada.

He describes the budget as thin, although there are positives.

“There’s some money for skills and training and innovation and that’s good. There’s some money in it for CRA to combat tax evasion and that’s good. And there’s some more money for information gathering so we can make better decisions and that’s good, “ he says.

However, he says there wasn’t much substance in the budget.

Nightingale says he’s more concerned about the debt, that its going to increase, and that we’re not seeing a return to a balanced budget any time soon.

“In the next five years there’s going to be $140-Billion of new debt and in the election campaign, the maximum that we were led to believe is $30-Billion, so this is way beyond what they campaigned on,” he added.

Nightingale says while there’s spending on affordable housing, he would rather see the money spent on infrastructure because that will benefit the economy in the longer term.

Alcohol and tobacco taxes are going up effective today (Thursday).

 

Here are the highlights from the budget:

– Employment insurance premiums are going up five cents to $1.68 per every $100 of insurable earnings, up from $1.63, the maximum allowable increase under the Employment Insurance Act.

– The deficit is at $23 billion, down from $25.1 billion in the last fiscal update, and is projected to reach $28.5 billion for 2017-18, including a $3 billion contingency fund, before declining to $18.8 billion in 2021-22.

– The 71-year-old Canada Savings Bond program, first established in 1946, is no longer cost effective and is being phased out.

– Higher taxes on alcohol and tobacco products: the excise duty rate on cigarettes goes up to $21.56 per carton of smokes from $21.03, while the rates on alcohol are going up two per cent. Both will be adjusted every April 1 starting next year, based on the consumer price index.

– The public transit tax credit, which allows the cost of transit passes to be deducted, is being eliminated effective July 1.

– The budget dedicates $11.2 billion to cities and provinces for affordable housing over 10 years as part of the second wave of the government’s infrastructure program, $5 billion of which is to encourage housing providers to pool their resources with private partners to pay for new projects.

– An “innovation and skills plan” to foster high-tech growth in six sectors: advanced manufacturing, agri-food, clean technology, digital industries, health/bio-sciences and clean resources

– $523.9 million over five years to prevent tax evasion and improve tax compliance, including more auditors, a crackdown on high-risk avoidance cases and better investigative efforts.

– $7 billion in spending over 10 years for Canadian families, including 40,000 new subsidized daycare spaces across Canada by 2019, extended parental leave and allowing expectant mothers to claim maternity benefits 12 weeks before their due date.

– $2.7 billion over six years for labour market transfer agreements with the provinces and territories to modernize training and job supports, to help those looking for work to upgrade skills, gain experience, start a business or get employment counselling.

– A national database of all housing properties in Canada, known as the Housing Statistics Framework, to track details on purchases, sales, demographics and financing, as well as foreign ownership

– $400 million over three years through the Business Development Bank of Canada for a “venture capital catalyst initiative” to make more venture capital available to Canadian entrepreneurs.

– A comprehensive spending review of “at least three federal departments,” to be named later, to eliminate waste and inefficiencies, as well as a three-year review of federal assets and an audit of existing innovation and clean-tech programs.

– $59.8 million over four years, beginning in 2018-19, to make student loans and grants more readily available for part-time students, and $107.4 million over the same period for assist students with dependent children.

– $287.2 million over three years, starting in 2018-19, for a pilot project to facilitate adult-student access to student loans and grants.

– $225 million over four years, starting in 2018-19, for a new organization to support skills development and measurement.

– $395.5 million over three years for the youth employment strategy.

(With files from The Canadian Press)

Filed under: anthony-rota, budget-reaction, fednor, nipissing-timiskaming