Will the March 22, 2011 Budget be Reintroduced?

We are fortunate to live in this great country, which allows us to participate freely in democracy.  All parties and their candidates are to be congratulated!  With a majority government, the people and government of Canada can put their focus on important things over the next four yearsñ families, jobs, health and security to name a few ñ without the distraction of an imminent election call.  One of the first items on the agenda may be a reintroduction of the federal budget, which died with the election call.

A review of key provisions follows, some of which will be discussed at the Knowledge Bureau's Post-Election Tax and Economic Review, to be held in Winnipeg on Friday, May 6, Calgary on Monday.

• We can expect to see the reintroduction of tax measures such as the Children's Arts Credit, Family Caregiver Credit and the Volunteer Firefighters Credit.

• New initiatives announced during the election to take effect when the deficit is eliminated will almost certainly be included ñ look for the doubling of the TFSA limit and the Children's Fitness Amount, as well as a tax credit for adult fitness.

• Also announced during the election, the Family Tax Cut will allow up to $50,000 of household income to be shared by a couple with children under the age of 18.

• Changes to curtail tax avoidance using RRSPs, charitable donations, Individual Pension Plans and Employee Stock Options were introduced in the 2011 budget ñ no doubt they will reappear.

• Pooled Retirement Pension Plans ñ first unveiled in December, 2010 ñ may well be included with other measures to assist those saving for retirement.

• Easing of rules for RESP beneficiaries who are siblings, and further access to student loans and loan forgiveness, tuition and education credits will benefit students and young workers.

• Small business may see the temporry Hiring Credit reintroduced along with the extention of accelerated CCA rates for equipment and machinery.

• Some seniors could see their Guaranteed Income Supplement boosted and RDSP owners with shortened life expectancy can look for relief to early withdrawal rules.

• Financial literacy and consumer protection measures were highlighted in the March, 2011 budget - we hope to see that and even more opportunities for Canadians to engage in financial education.