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 Hey everyone! Courtesy of the Canadian Press here are some highlights from Canada’s 2014 budget announcement by Jim Flaherty! I bolded some areas of interest at the civilian level!
Not listed: Commitment to 5mbps internet speeds across Canada. Good news for all you members of rural Canada and people with lower end internet packages!

Some highlights from Finance Minister Jim Flaherty’s 2014 federal budget

OTTAWA – Some highlights of the federal budget delivered Tuesday by Finance Minister Jim Flaherty:

— The budget is close to balance, with a $2.9-billion deficit and a $3-billion contingency fund.

— Flaherty forecasts revenues of $276.3 billion and expenditures of $279.2 billion.

— The government makes clear it will balance the budget next year by cutting program spending and reining in public service compensation costs.

— The budget proposes to make retired federal public servants pay half the costs of their health-care plan, up from a quarter now. This would raise annual payments for a retired individual to $550 from $261.

— Adopting families will get a bigger tax break for expenses.

— Higher excise taxes on tobacco will raise the price of a carton of 200 cigarettes by $4 and essentially end the discount on smokes sold at duty-free stores, by raising taxes there by $6 a carton. The increase will reap government $685 million in 2014-15.

— Excise taxes on tobacco will be tied to the Consumer Price Index and automatically adjusted every five years.

— The government plans to bring in legislation to deal with unjustified cross-border price discrimination that sees Canadians pay more for goods.

— Charities will be allowed to use computers to run their lotteries, offering major administrative savings.

— World-class amateur athletes will get a break when it comes to calculating their available RRSP room.

— Search and rescue volunteers will get a tax credit similar to the one extended to volunteer firefighters in 2011.

— Taxpayers will no longer have to apply for a GST-HST credit on their tax return. The Canada Revenue Agency will make the calculation automatically.

Source: http://ca.finance.yahoo.com/news/highlights-finance-minister-jim-flaherty-39-2014-federal-211230055.html

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