Finance Minister Jim Flaherty says it’s been a long road back from the Great Depression but it’s important to balance the books so Canada can weather future economic storms. He also says he knows the books could be balanced in fiscal 2014 but he thinks it’s important to keep back an emergency fund and have a “nice clean” surplus for the following year.
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The budget also said it would raise public awareness on high interest rates charged by payday lenders, even though the provinces have jurisdiction to regulate payday loans.
It also promised to protect borrowers who choose a collateral charge mortgage, such as one that includes a line-of-credit, instead of a standard mortgage, noting they may find it hard to switch between lenders.
“….In other words, it’s boosting excise taxes on tobacco that will increase the price of a carton of 200 cigarettes by four dollars.”
The Conservatives say they’ll also crack down on money laundering and terrorist financing, and assert Canada’s claim to the North Pole.
And it says interest rates aren’t expected to rise until the second half of next year. Flaherty says the forecast is based on an average of predictions made by private sector economists.
The government also says it will spend 631-million dollars over two years to advance the construction of a new bridge linking Detroit with Windsor, Ontario. he budget also proposes lowering credit card acceptance costs for merchants, but doesn’t say how.
And it promises unspecified measures to crack down on payday loan operators and to expand no-cost banking to the disabled and vulnerable seniors.
Among the new tools in the Conservatives’ skills-training arsenal is the creation of the Canada Apprentice Loan, an expansion of the Canada Student Loans Program. The fund will provide apprentices in so-called Red Seal trades with access to more than 100-million dollars in interest-free loans every year to help them pay for their training. At least 26-thousand apprentices per year are expected to apply. The federal government is starting from scratch in its attempts to get immigrants with money to invest in Canada.
As part of the federal budget, the government says it will eliminate the Immigrant Investor and Entrepreneur programs.
In their place, the Conservatives are proposing an Investor Venture Capital Fund pilot project that it hopes will encourage immigrants to make real and significant investments in the Canadian economy.
Applications received by the government before today that haven’t been processed are being returned, along with the fees paid by applicants.
Tuesday’s budget, the federal government promised to address the long-standing U.S.-Canadian price gap issue, but it isn’t ordering an immediate lowering of prices or the elimination of certain tariffs.
As well, the government says it will work with financial institutions to expand “no-cost” basic banking services, especially for youth, students and vulnerable groups, though it offered no specifics.
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