Conservative Majority Government Reintroduces March 22, 2011 Budget Measures

Author:Osler's Tax Group
Profession:Osler, Hoskin & Harcourt LLP
 
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The Honourable Jim Flaherty, Minister of Finance, tabled the first federal budget of the Conservative majority government today.  The Budget includes all of the measures that were introduced in the March 22, 2011 budget.  The March 22, 2011 budget was not adopted by Parliament before its dissolution on March 26, 2011.

The Budget provides an update of the government's projected budgetary deficits.  The government now projects that the deficit in 2010-11 will be $36.2 billion (as compared to $40.5 projected in the March 22, 2011 budget) and that the deficit in 2011-12 will be $32.3 billion (as compared to $29.6 billion projected in the March 22, 2011 budget).  The government now projects that by reducing expenses, a surplus will be achieved in 2014-15, one year earlier than was projected in the March 22, 2011 budget.

The Budget includes a provision in 2011-12 for $2.2 billion in support of a satisfactory agreement between Canada and Quebec on sales tax harmonization.  It...

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