The 2007 Canadian budget allocated funds for strengthening the agricultural sector of the country, and introduced various tax relief measures. The budget aimed at restoring fiscal balance and reducing national debt.
Canada’s budget emphasized restoration of fiscal balance. Additionally, it introduced tax relief measures and made budgetary allocations for improving the health care system of the country.
The salient features of the 2007 budget for Canada include:
$39 billion in funds were given to restore fiscal balance. The budget proposed that this additional funding would be used to provide better infrastructural facilities.
There were special budgetary allocations for improving the health care system of the country. A proposed $400 million investment in “Canada Health Infoway” was offered for developing a health care records system. The budget also allocated $300 million for development of a cervical cancer vaccine.
For development of agriculture, the budget allocated a fund worth $1 billion for national farm income programs and sanctioned $400 million for aiding agricultural producers in fighting the high costs of production.
The budget introduced some revolutionary tax relief programs for working families. Canada’s budget aimed at strengthening registered education savings plan in order to help parents save for their children’s education.
The budget supported senior citizens by increasing the age limit from 69 years to 71 years for some plans, including the registered retirement savings and registered pension plans.
In order to reduce national debt by $9.2 billion, the budget proposed that government generated interest savings would be provided to Canadian citizens in form of Tax Cuts.