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The COVID-19 pandemic had forced the Justin Trudeau government to introduce a large number of federal aid programs to deal with the economic impact of the crisis. As a result, Canada's debt-to-GDP ratio increased in 2020 and 2021. [4] In March 2022, the New Democratic Party agreed to a confidence and supply deal with Justin Trudeau's Liberal ...
It suggested several welfare programs, including a family allowance program. Prime Minister William Lyon Mackenzie King's government selected just family allowance to implement. [5] The proposed benefits of the program were predicted to help the declining post-war economy, and in general, was aimed to aid families in Canada during that time.
Under the CESG program, the government will contribute an amount to a Registered Education Savings Plan (RESP) according to a formula which is dependent on the amount contributed and the income level of the family making the contributions. As of 1 July 2005, the CESG is legislated by the Canada Education Savings Act.
A formal system of equalization payments was first introduced in 1957. [7] [ Notes 1]. The original program had the goal of giving each province the same per-capita revenue as the two wealthiest provinces, Ontario and British Columbia, in three tax bases: personal income taxes, corporate income taxes and succession duties (inheritance taxes).
The budget is announced in the House of Commons by the Minister of Finance, who traditionally wears new shoes while doing so. [1] The Budget is then voted on by the House of Commons. Budgets are a confidence measure, and if the House votes against it the government can fall, as happened to Prime Minister Joe Clark's government in
The federal finance minister, Don Mazankowski, announced in the 1992 Canadian federal budget the introduction in January 1993 of a renewed and enriched Child Tax Benefit (CTB) that consolidates the family allowance, the child credit and refundable child tax credit into a unified benefit of $1,020 per child (with a supplementary benefit of $75 for the third child and following children).
However, this was delayed due to the COVID-19 outbreak in Canada. [7] On 17 June 2020, Justin Trudeau announced that the finance minister would table a fiscal and economic snapshot on 8 July 2020. This document was shorter than a budget or even a regular Fall Economic Statement as it did not incorporate medium or long-term projections.
The government grants introduced in 2005, entitled Additional CESG, allowed an additional 10% or 20% for a total of an extra 30 or 40 cents on each dollar of the first $500 contributed to an RESP, depending on the family income of the beneficiary's primary caregiver. An application is made through the promoter of the RESP, which is often a bank ...