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Budget Plan
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Table of Contents
Chapter 1: Introduction- Supporting Entrepreneurs, Innovators and World-Class Research
- Responsible Resource Development
- Expanding Trade and Opening New Markets for Canadian Businesses
- Investing in Training, Infrastructure and Opportunity
- Expanding Opportunities for Aboriginal Peoples to Fully Participate in the Economy
- Building a Fast and Flexible Economic Immigration System
- Sustainable Social Programs and a Secure Retirement
- Responsible Expenditure Management
- The Plan to Return to Balanced Budgets
- Conclusion
- Highlights
- Introduction
- Global Economic Developments and Outlook
- Canada’s Recent Economic Performance
- Financial Market Developments
- Commodity Prices
- Canadian Economic Outlook—Private Sector Forecasts
- Highlights
- Creating Value-Added Jobs Through Innovation
- Helping High-Growth Firms Access Risk Capital
- Increasing Direct Support for Business Innovation
- Doubling the Industrial Research Assistance Program
- Supporting Innovative Businesses in Western Canada
- Supporting Private and Public Sector Research Collaboration
- Integrating High-Quality Researchers Into the Labour Market
- Strengthening Knowledge Transfer and Commercialization
- Forestry Innovation and Market Development Support
- Supporting Innovation Through Procurement
- Refocusing the National Research Council
- Scientific Research and Experimental Development Tax Incentive Program
- Support for Research, Education and Training
- Supporting Advanced Research
- Promoting Post-Secondary and Private Sector Research Collaborations
- Investing in Genomics Research
- Investing in Mental Health Research
- Promoting Cost-Effective Health Care
- Advancing Knowledge and Treatment of Spinal Cord Injury
- Diversifying Canada’s Medical Isotope Supply
- Supporting Leading-Edge Researchers
- Investing in Leading-Edge Research Infrastructure
- Canada Foundation for Innovation
- Supporting Canada’s Ultra-High Speed Research Network
- The Canadian High Arctic Research Station
- Extending Canada’s Participation in the International Space Station Mission
- Revitalizing Natural Resources Canada’s Satellite Station Facilities
- Supporting Atomic Energy of Canada Limited
- International Education Strategy
- Highlights
- Responsible Resource Development
- Investing in Our Natural Resources
- Expanding Trade and Opening New Markets for Canadian Businesses
- Keeping Taxes Low for Job-Creating Businesses
- Improving Economic Conditions for Farmers and Fishermen
- Strengthening Business Competitiveness
- Further Developing Canada’s Financial Sector Advantage
- Improving Conditions for Business Investment
- Responsible Resource Development
- Major Projects Management Office Initiative
- Consultation Under the Canadian Environmental Assessment Act
- Supporting Responsible Energy Development
- Strengthening Pipeline Safety
- The Northern Pipeline Agency
- Amending Mining Regulations
- Investing in Our Natural Resources
- Supporting Junior Mineral Exploration
- Supporting Offshore Oil & Gas Exploration
- Assessing Diamonds in the North
- Expanding Trade and Opening New Markets for Canadian Businesses
- Canada’s Leadership on Trade
- Canada’s Trade Plan for Jobs and Growth
- Canada-U. S. Border and Regulatory Action Plans
- Deeper Canada-China Ties
- Canada-EU Trade Agreement
- Canada-India Trade Agreement
- Trans-Pacific Partnership
- Active and Ongoing Engagement in the Asia-Pacific Region
- Canada in the Americas
- Deeper Canada-Africa Ties
- Deepening Canada’s Trade and Investment Ties in Priority Markets: A Refreshed Global Commerce Strategy
- Trade Measures to Support the Energy Industry
- Export Development Canada
- Streamlining Canada’s Trade Remedy System
- Foreign Trade Zone Programming
- Increasing Travellers’ Exemptions
- Tax Relief for Foreign-Based Rental Vehicles
- International Taxation
- Fostering Sustainable Global Growth
- Keeping Taxes Low for Job-Creating Businesses
- Improving Economic Conditions for Farmers and Fishermen
- Strengthening Business Competitiveness
- Reducing the Tax Compliance Burden for Businesses
- A Doubling of the Goods and Services Tax/Harmonized Sales Tax (GST/HST) Streamlined Accounting Thresholds
- Simplified Administration for Partnerships
- Improvements to the Rules for Paying Eligible Dividends
- Administrative Improvements That Enhance the Predictability of the Scientific Research and Experimental Development (SR&ED) Tax Incentive Program
- Written Responses to Business Enquiries
- Expansion of Web Forms for Information Returns
- Enhancements to the CRA’s Secure My Business Account Portal
- An Improved Business Section on the CRA’s Website
- Graduated Penalties for Late Filing
- Continued CRA Progress on Tax Fairness
- Taxation of Corporate Groups
- Further Developing Canada’s Financial Sector Advantage
- Fostering Stable, Competitive, Fair and Efficient Capital Markets
- Preserving the Stability and Strength of Canada’s Financial Sector
- Enhancing the Governance and Oversight Framework for Canada Mortgage and Housing Corporation
- Improving Access to Capital for Canadian Financial Institutions
- Clarifying Federal Jurisdiction Over Banking
- Clarifying the Separation of Insurance and Banking
- Continuing to Fight Counterfeit Bank Notes
- Highlights
- Supporting Job Creation, Small Business and Skills Training
- Improving the Employment Insurance Program
- Expanding Opportunities for Aboriginal Peoples to Fully Participate in the Economy
- Building a Fast and Flexible Economic Immigration System
- Strengthening Canada’s Public Infrastructure
- Supporting Job Creation
- Supporting Job Creation, Small Business and Skills Training
- Extending the Hiring Credit for Small Business
- Enhancing the Youth Employment Strategy
- ThirdQuarter Project
- Improving Labour Market Opportunities for Canadians With Disabilities
- Women on Corporate Boards
- Promoting Widespread Opportunities from Federal Shipbuilding
- Improving the Employment Insurance Program
- Stable and Predictable EI Premium Rates
- Connecting Canadians With Available Jobs
- Removing Disincentives to Work
- Expanding Opportunities for Aboriginal Peoples to Fully Participate in the Economy
- Investments to Improve First Nations Education
- Helping First Nations on Reserve Access the Labour Force
- Supporting First Nations Fishing Enterprises
- Urban Aboriginal Strategy
- Building a Fast and Flexible Economic Immigration System
- Strengthening Canada’s Immigration System
- Temporary Foreign Worker Program
- Pan-Canadian Framework for the Assessment and Recognition of Foreign Qualifications
- 2010 Target Occupations
- 2012 Target Occupations
- Federal Skilled Worker Fee Refund
- Strengthening Canada’s Public Infrastructure
- Highlights
- Protecting the Health and Safety of Canadians
- Investing in Communities
- Supporting Families
- Protecting Canada’s Natural Environment and Wildlife
- Supporting Families and Communities
- Protecting the Health and Safety of Canadians
- Health-Related Tax Measures
- Strengthening Food Safety
- Fair Compensation for Employers of Canada’s Reservists
- Enhancing the Victims Fund
- Canadian Nuclear Safety Commission
- Investing in Communities
- Improving Economic Potential on First Nations Lands
- Investments to Improve First Nations Water Infrastructure
- Addressing Family Violence on Reserve
- Aboriginal Mental Health Programs
- Supporting Effective Government-Community Partnerships
- Investments in Arts and Culture
- Official Languages
- Encouraging Participation and Healthy Communities
- Strengthening Health Care in Rural and Remote Communities
- Strengthening Access to Broadband in Rural Areas
- Support to Provinces and Territories for the Floods of 2011
- Supporting Families
- Highlights
- Sustainable Management of Public Finances
- Putting Transfers on a Long-Term, Sustainable Growth Track
- A Strong Retirement Income System for Canadians
- Old Age Security Age of Eligibility
- Option to Defer the OAS Pension
- Proactive Enrolment for OAS and GIS Benefits
- Canada Pension Plan
- Federally Regulated Pension Plans
- Improving Tax Fairness and Integrity
- Enhancing Transparency and Accountability for Charities
- Highlights
- Responsible Management of Public Finances
- The Plan to Return to Balance
- Reductions in Departmental Spending
- Refocusing Government and Programs
- Making It Easier for Canadians and Businesses to Deal With Their Government
- Modernizing and Reducing the Back Office
- Workforce Impact
- Responsible Expenditure Management
- Updating Defence Capital Funding
- Modernizing the Government’s Information Technology: Shared Services Canada
- Administrative Services Review—Moving Forward
- Parliamentary Expenses
- Public Sector Compensation
- Pensions of Public Servants and Parliamentarians
- Corporate Asset Management Review
- Greater Use of Telepresence Technology
- Next Steps
- Highlights
- Introduction
- Fiscal Planning Framework
- Approach to Budget Planning
- Fiscal Outlook Before the Measures Announced in Budget 2012
- Fiscal Impact of Measures Announced in Budget 2012
- Summary of Statement of Transactions
- Outlook for Budgetary Revenues
- Outlook for Program Expenses
- Financial Source/Requirement
- Risks to the Fiscal Projections
- Sensitivity of the Budgetary Balance to Economic Shocks
Annex
Annex 1: Responsible Spending- Planned Reductions in Departmental Spending
- Aboriginal Affairs and Northern Development Portfolio
- Agents of Parliament
- Agriculture and Agri-Food Portfolio
- Canada Revenue Agency
- Citizenship and Immigration Portfolio
- Environment Portfolio
- Finance Portfolio
- Fisheries and Oceans Canada
- Foreign Affairs and International Trade Portfolio
- Health Portfolio
- Heritage Portfolio
- Human Resources and Skills Development Portfolio
- Industry Portfolio
- International Development Assistance Portfolio
- Justice Portfolio
- National Defence Portfolio
- Natural Resources Portfolio
- Privy Council Office Portfolio
- Public Safety Portfolio
- Public Service Commission of Canada
- Public Works and Government Services Canada
- Regional Development Agencies
- Shared Services Canada
- Transport Portfolio
- Treasury Board Portfolio
- Veterans Affairs Canada
- Highlights
- The Stimulus Phase of Canada’s Economic Action Plan
- Results Achieved
- Job Impact of the Stimulus Phase of the Economic Action Plan
- Conclusion
- Purpose
- Highlights of the Federal Debt Management Strategy
- Debt Management Strategy for 2012–13
- Bond Program
- Overview
- Personal Income Tax Measures
- Medical Expense Tax Credit
- Registered Disability Savings Plans
- Mineral Exploration Tax Credit for Flow-Through Share Investors
- Eligible Dividends – Split-Dividend Designation and Late Designation
- Group Sickness or Accident Insurance Plans
- Retirement Compensation Arrangements
- Employees Profit Sharing Plans
- Salary of the Governor General of Canada
- Life Insurance Policy Exemption Test
- Business Income Tax Measures
- Clean Energy Generation Equipment: Accelerated Capital Cost Allowance
- Corporate Mineral Exploration and Development Tax Credit
- Atlantic Investment Tax Credit
- Scientific Research and Experimental Development Program
- Tax Avoidance Through the Use of Partnerships
- Partnership Waivers
- International Taxation
- Transfer Pricing Secondary Adjustments
- Thin Capitalization Rules
- Foreign Affiliate Dumping
- Base Erosion Rules – Canadian Banks
- Overseas Employment Tax Credit
- Sales and Excise Tax Measures
- GST/HST Health Measures
- GST Rebate for Books to be Given Away for Free by Prescribed Literacy Organizations
- Doubling GST/HST Streamlined Accounting Thresholds
- Tax Relief for Foreign-Based Rental Vehicles Temporarily Imported by Canadian Residents
- Consistent Application of the Green Levy on Fuel-Inefficient Vehicles
- Other Tax Measures
- Gifts to Foreign Charitable Organizations
- Charities – Enhancing Transparency and Accountability
- Tax Shelter Administrative Changes
- Aboriginal Tax Policy
- Customs Tariff Measures
- Previously Announced Measures