Politics

Federal budget 2015: Highlights of Joe Oliver's fiscal plan

Finance Minister Joe Oliver has tabled his first federal budget in the House of Commons. Here's a look at the budget's key themes.

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Finance Minister Joe Oliver has tabled his first federal budget in the House of Commons.

Here's a look at the budget's key points:

  • $1.4 billion surplus this year, down from $6.4 billion projected a year ago and $1.9 billion in November.
  • Economy expected to grow by 2 per cent this year.
  • Annual contingency fund cut by $6 billion over next three years.
  • TFSA annual limit raised to $10,000 from $5,500.
  • Small business tax rate cut to 9 per cent from 11 per cent by 2019.
  • Accelerated capital cost allowance for industry extended 10 years.
  • $360 million this year to pay for Canada's mission against ISIS.
  • Annual hikes of 3 per cent for National Defence, which has let billions in funds lapse in recent years.
  • $18 million this year to fight terrorism – rising to $91 million in five years.
  • $94.4 million over five years for cyber security.
  • SIRC, the CSIS watchdog, sees budget doubled to $5 million.
  • Seniors at age 71 can leave more money in tax-sheltered Registered Retirement Income Funds.
  • EI compassionate care benefits extended to 6 months from current 6 weeks.
  • Home Accessibility Tax Credit for home renovations for seniors and people with disabilities.
  • $210 million over four years to celebrate Canada's 150th birthday in 2017.
  • Interns will be brought under the Canada Labour Code.
  • $1.1 million a year to promote Canadian seal products.
  • $75 million to implement the Species at Risk Act for next three years.

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