Abstract:
Canada Budget 2007 allocated funds for strengthening the agricultural sector of the country, besides introducing various tax relief measures . The budget aimed at restoring fiscal balance and reducing national debt.
Canada Budget 2007 mainly emphasized on restoring Fiscal Balance. Besides, it introduced Tax Relief Measures and made budgetary allocations for improving the Healthcare System of the country.
The salient features of Canada Budget 2007 are the following:
Canada Budget 2007 allocated additional $39 billion funds for restoring the Fiscal Balance. The budget proposed that this additional funding would be used to provide better infrastructural facilities.
For Improving the Healthcare System of the country, Canada Budget 2007 made some special budgetary allocations. It proposed a $400 million investment in Canada Health Infoway for promoting the development of Electronic Health Records. The budget also allocated $300 million for development of a Vaccine for preventing the Cancer of Cervix.
- The Canada Budget 2007 made certain budgetary allocations for development of the agricultural sector. The budget allocated a fund worth $1 billion for National Farm Income Programs and also sanctioned $400 million for helping the agricultural producers in fighting high costs of production.
- The budget introduced some revolutionary tax relief programs for the working families. Canada Budget 2007 aimed at strengthening Registered Education Savings Plan in order to help parents in saving for their Children's Education.
- The budget supported senior citizens by increasing the age limit from 69 years to 71 years for certain plans like Registered Retirement Savings Plan and Registered Pension Plan.
- Canada Budget 2007aimed at reducing National Debt by $9.2 billion. The budget proposed that the interest savings, that the Canadian Government generated due to the debt repayment would be provided to the Canadian Citizens in form of Tax Cuts.