The Federal Budget
Highlights include:
- A Tax-Free Saving Account (TFSA) that lets Canadians age 18+ contribute up to $5,000 a year starting in 2009. Contributions are not tax-deductible; income earned is not taxable.
- $110 million to the Mental Health Commission of Canada to support homelessness projects. Vancouver, Winnipeg, Toronto, Montreal and Moncton will share this amount.
- $250 million over five years to the automotive sector to develop fuel-efficient vehicles. To help fund this initiative, the government cancelled its rebate program that offered $2,000 to buyers of energy-efficient vehicles.
- $500 million in support of capital investments to improve public transit.
- Making permanent the Gas Tax Fund, worth $2 billion in 2009/10, permanent, so municipalities can better plan and finance long-term infrastructure needs.
- Establishing a Crown corporation, PPP Canada Inc., to support public-private partnerships.