The Federal Budget - some good news for home owners

Federal Finance Minister Jim Flaherty tabled the 2012 Federal Budget on March 29, 2012. Eliminating the deficit by 2015 is a key goal and the government plans to do this by cutting spending by $1.4 billion in 2012/13 and by $3.9 billion in 2013/14 for a total of $5.3 billion. With unemployment steady at 7.5% and record household debt, property buyers and owners were looking for any glimmer of good news. The government did offer some hope. 

Spending
 
• $205 million to extend the Hiring Credit for Small Business program to encourage hiring. A small-business employer can receive credit of up to $1,000 to help offset employment insurance premiums.
• $165 million over 2 years for responsible resource development which creates jobs and protects the  environment.
• $150 million over two years on the Community Infrastructure Improvement Fund for repairs and improvements to community facilities.$99.2 million over three years to help provinces develop permanent  flood mitigation measures.
• $67 million through the National Research Council on business-led, industry-relevant research.
• $60 million over two years to protect wildlife at risk.
• $35.7 million over two years for inspections and emergency preparedness to improve oil tanker safety.
 
Spending on innovation

• $500 million over five years, (to begin in 2014) to the Canada Foundation to support innovation in advanced research infrastructure.
• $105 million over two years to support forestry innovation and market development.
• $100 million to the Business Development Bank of Canada to support its venture capital activities.
• $37 million annually to granting councils to enhance support for industry-academic research partnerships.
 
Cutting red tape

• Streamline the multiple-step regulatory process to a single-step review known as “one project, one review.” This will include amending the Canadian Environmental Protection Act.
• Streamline the process for approving major economic projects.
• Introduce a legislative amendment clarifying the prohibition against banks selling life insurance.
 
There will be no new personal or corporate taxes or tax increases.
 
Excerpt from April 20, 2012 Realtor Link Article
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.