Financing requirements for 2004 rose from the budget estimate of $94 million to $163 million, but are expected to fall back to $136 million in 2005
Expects to raise $12 million in new revenues through raising gasoline tax by 3 cents per litre and the tobacco tax by $5 per carton, implementing various user fees and increasing the capital tax on deposit-taking institutions from 3% to 5% and charging provincial sales tax on golf course green fees
Quebec
Expects balanced books for 2004 before a $364 million loss on Société générale de financement
Balanced budget expected for 2005, but a $1.6 billion shortfall is projected for 2006
Debt service costs for 2005 will hit $6.9 billion, including $4.1 billion on direct debt and $2.8 billion interest ascribed to retirement plans
$1 billion in personal income tax relief for low-income families and workers
2005 program spending growth of 2.9%, with health and education initiatives, but virtually no increase across other programs
Saskatchewan
$62 million budget surplus for 2004, as predicted but with decreased reliance on Fiscal Stabilization Fund
2005 balanced budget projected
Financing requirements should come in under budget by $100 million for 2004 at $1.1 billion
Provincial sales tax will rise from 6% to 7%, effective immediately
Program spending growth of only 0.8% is currently planned for 2005
2004 deficit expected at $85 million, up from $11 million estimate
2005 deficit expected to be $33 million
Financing requirements for 2004 rose from the budget estimate of $94 million to $163 million, but are expected to fall back to $136 million in 2005
Expects to raise $12 million in new revenues through raising gasoline tax by 3 cents per litre and the tobacco tax by $5 per carton, implementing various user fees and increasing the capital tax on deposit-taking institutions from 3% to 5% and charging provincial sales tax on golf course green fees
Quebec
Expects balanced books for 2004 before a $364 million loss on Société générale de financement
Balanced budget expected for 2005, but a $1.6 billion shortfall is projected for 2006
Debt service costs for 2005 will hit $6.9 billion, including $4.1 billion on direct debt and $2.8 billion interest ascribed to retirement plans
$1 billion in personal income tax relief for low-income families and workers
2005 program spending growth of 2.9%, with health and education initiatives, but virtually no increase across other programs
Saskatchewan
$62 million budget surplus for 2004, as predicted but with decreased reliance on Fiscal Stabilization Fund
2005 balanced budget projected
Financing requirements should come in under budget by $100 million for 2004 at $1.1 billion
Provincial sales tax will rise from 6% to 7%, effective immediately
Program spending growth of only 0.8% is currently planned for 2005
2004 deficit expected at $85 million, up from $11 million estimate
2005 deficit expected to be $33 million
Financing requirements for 2004 rose from the budget estimate of $94 million to $163 million, but are expected to fall back to $136 million in 2005
Expects to raise $12 million in new revenues through raising gasoline tax by 3 cents per litre and the tobacco tax by $5 per carton, implementing various user fees and increasing the capital tax on deposit-taking institutions from 3% to 5% and charging provincial sales tax on golf course green fees
Quebec
Expects balanced books for 2004 before a $364 million loss on Société générale de financement
Balanced budget expected for 2005, but a $1.6 billion shortfall is projected for 2006
Debt service costs for 2005 will hit $6.9 billion, including $4.1 billion on direct debt and $2.8 billion interest ascribed to retirement plans
$1 billion in personal income tax relief for low-income families and workers
2005 program spending growth of 2.9%, with health and education initiatives, but virtually no increase across other programs
Saskatchewan
$62 million budget surplus for 2004, as predicted but with decreased reliance on Fiscal Stabilization Fund
2005 balanced budget projected
Financing requirements should come in under budget by $100 million for 2004 at $1.1 billion
Provincial sales tax will rise from 6% to 7%, effective immediately
Program spending growth of only 0.8% is currently planned for 2005
2004 deficit expected at $85 million, up from $11 million estimate
2005 deficit expected to be $33 million
Financing requirements for 2004 rose from the budget estimate of $94 million to $163 million, but are expected to fall back to $136 million in 2005
Expects to raise $12 million in new revenues through raising gasoline tax by 3 cents per litre and the tobacco tax by $5 per carton, implementing various user fees and increasing the capital tax on deposit-taking institutions from 3% to 5% and charging provincial sales tax on golf course green fees
Quebec
Expects balanced books for 2004 before a $364 million loss on Société générale de financement
Balanced budget expected for 2005, but a $1.6 billion shortfall is projected for 2006
Debt service costs for 2005 will hit $6.9 billion, including $4.1 billion on direct debt and $2.8 billion interest ascribed to retirement plans
$1 billion in personal income tax relief for low-income families and workers
2005 program spending growth of 2.9%, with health and education initiatives, but virtually no increase across other programs
Saskatchewan
$62 million budget surplus for 2004, as predicted but with decreased reliance on Fiscal Stabilization Fund
2005 balanced budget projected
Financing requirements should come in under budget by $100 million for 2004 at $1.1 billion
Provincial sales tax will rise from 6% to 7%, effective immediately
Program spending growth of only 0.8% is currently planned for 2005
$407 million deficit projected for 2004, $120 million more than originally projected
2005 deficit expected to fall to $362 million
Province expects to borrow $740 million in 2004 and $766 million in 2005
Prince Edward Island
2004 deficit expected at $85 million, up from $11 million estimate
2005 deficit expected to be $33 million
Financing requirements for 2004 rose from the budget estimate of $94 million to $163 million, but are expected to fall back to $136 million in 2005
Expects to raise $12 million in new revenues through raising gasoline tax by 3 cents per litre and the tobacco tax by $5 per carton, implementing various user fees and increasing the capital tax on deposit-taking institutions from 3% to 5% and charging provincial sales tax on golf course green fees
Quebec
Expects balanced books for 2004 before a $364 million loss on Société générale de financement
Balanced budget expected for 2005, but a $1.6 billion shortfall is projected for 2006
Debt service costs for 2005 will hit $6.9 billion, including $4.1 billion on direct debt and $2.8 billion interest ascribed to retirement plans
$1 billion in personal income tax relief for low-income families and workers
2005 program spending growth of 2.9%, with health and education initiatives, but virtually no increase across other programs
Saskatchewan
$62 million budget surplus for 2004, as predicted but with decreased reliance on Fiscal Stabilization Fund
2005 balanced budget projected
Financing requirements should come in under budget by $100 million for 2004 at $1.1 billion
Provincial sales tax will rise from 6% to 7%, effective immediately
Program spending growth of only 0.8% is currently planned for 2005
$407 million deficit projected for 2004, $120 million more than originally projected
2005 deficit expected to fall to $362 million
Province expects to borrow $740 million in 2004 and $766 million in 2005
Prince Edward Island
2004 deficit expected at $85 million, up from $11 million estimate
2005 deficit expected to be $33 million
Financing requirements for 2004 rose from the budget estimate of $94 million to $163 million, but are expected to fall back to $136 million in 2005
Expects to raise $12 million in new revenues through raising gasoline tax by 3 cents per litre and the tobacco tax by $5 per carton, implementing various user fees and increasing the capital tax on deposit-taking institutions from 3% to 5% and charging provincial sales tax on golf course green fees
Quebec
Expects balanced books for 2004 before a $364 million loss on Société générale de financement
Balanced budget expected for 2005, but a $1.6 billion shortfall is projected for 2006
Debt service costs for 2005 will hit $6.9 billion, including $4.1 billion on direct debt and $2.8 billion interest ascribed to retirement plans
$1 billion in personal income tax relief for low-income families and workers
2005 program spending growth of 2.9%, with health and education initiatives, but virtually no increase across other programs
Saskatchewan
$62 million budget surplus for 2004, as predicted but with decreased reliance on Fiscal Stabilization Fund
2005 balanced budget projected
Financing requirements should come in under budget by $100 million for 2004 at $1.1 billion
Provincial sales tax will rise from 6% to 7%, effective immediately
Program spending growth of only 0.8% is currently planned for 2005
$407 million deficit projected for 2004, $120 million more than originally projected
2005 deficit expected to fall to $362 million
Province expects to borrow $740 million in 2004 and $766 million in 2005
Prince Edward Island
2004 deficit expected at $85 million, up from $11 million estimate
2005 deficit expected to be $33 million
Financing requirements for 2004 rose from the budget estimate of $94 million to $163 million, but are expected to fall back to $136 million in 2005
Expects to raise $12 million in new revenues through raising gasoline tax by 3 cents per litre and the tobacco tax by $5 per carton, implementing various user fees and increasing the capital tax on deposit-taking institutions from 3% to 5% and charging provincial sales tax on golf course green fees
Quebec
Expects balanced books for 2004 before a $364 million loss on Société générale de financement
Balanced budget expected for 2005, but a $1.6 billion shortfall is projected for 2006
Debt service costs for 2005 will hit $6.9 billion, including $4.1 billion on direct debt and $2.8 billion interest ascribed to retirement plans
$1 billion in personal income tax relief for low-income families and workers
2005 program spending growth of 2.9%, with health and education initiatives, but virtually no increase across other programs
Saskatchewan
$62 million budget surplus for 2004, as predicted but with decreased reliance on Fiscal Stabilization Fund
2005 balanced budget projected
Financing requirements should come in under budget by $100 million for 2004 at $1.1 billion
Provincial sales tax will rise from 6% to 7%, effective immediately
Program spending growth of only 0.8% is currently planned for 2005
2005 debt service costs to absorb about 11% of revenues
Small-business corporate income tax (CIT) rate will drop from 3% to 2.5% on July 1, 2004. Income threshold will rise from $400,000 to $425,000.
Newfoundland and Labrador
$407 million deficit projected for 2004, $120 million more than originally projected
2005 deficit expected to fall to $362 million
Province expects to borrow $740 million in 2004 and $766 million in 2005
Prince Edward Island
2004 deficit expected at $85 million, up from $11 million estimate
2005 deficit expected to be $33 million
Financing requirements for 2004 rose from the budget estimate of $94 million to $163 million, but are expected to fall back to $136 million in 2005
Expects to raise $12 million in new revenues through raising gasoline tax by 3 cents per litre and the tobacco tax by $5 per carton, implementing various user fees and increasing the capital tax on deposit-taking institutions from 3% to 5% and charging provincial sales tax on golf course green fees
Quebec
Expects balanced books for 2004 before a $364 million loss on Société générale de financement
Balanced budget expected for 2005, but a $1.6 billion shortfall is projected for 2006
Debt service costs for 2005 will hit $6.9 billion, including $4.1 billion on direct debt and $2.8 billion interest ascribed to retirement plans
$1 billion in personal income tax relief for low-income families and workers
2005 program spending growth of 2.9%, with health and education initiatives, but virtually no increase across other programs
Saskatchewan
$62 million budget surplus for 2004, as predicted but with decreased reliance on Fiscal Stabilization Fund
2005 balanced budget projected
Financing requirements should come in under budget by $100 million for 2004 at $1.1 billion
Provincial sales tax will rise from 6% to 7%, effective immediately
Program spending growth of only 0.8% is currently planned for 2005
$21 million budget deficit is expected for 2004, rather than earlier projections of $8 million surplus
$2.4 million surplus projected for 2005
2005 debt service costs to absorb about 11% of revenues
Small-business corporate income tax (CIT) rate will drop from 3% to 2.5% on July 1, 2004. Income threshold will rise from $400,000 to $425,000.
Newfoundland and Labrador
$407 million deficit projected for 2004, $120 million more than originally projected
2005 deficit expected to fall to $362 million
Province expects to borrow $740 million in 2004 and $766 million in 2005
Prince Edward Island
2004 deficit expected at $85 million, up from $11 million estimate
2005 deficit expected to be $33 million
Financing requirements for 2004 rose from the budget estimate of $94 million to $163 million, but are expected to fall back to $136 million in 2005
Expects to raise $12 million in new revenues through raising gasoline tax by 3 cents per litre and the tobacco tax by $5 per carton, implementing various user fees and increasing the capital tax on deposit-taking institutions from 3% to 5% and charging provincial sales tax on golf course green fees
Quebec
Expects balanced books for 2004 before a $364 million loss on Société générale de financement
Balanced budget expected for 2005, but a $1.6 billion shortfall is projected for 2006
Debt service costs for 2005 will hit $6.9 billion, including $4.1 billion on direct debt and $2.8 billion interest ascribed to retirement plans
$1 billion in personal income tax relief for low-income families and workers
2005 program spending growth of 2.9%, with health and education initiatives, but virtually no increase across other programs
Saskatchewan
$62 million budget surplus for 2004, as predicted but with decreased reliance on Fiscal Stabilization Fund
2005 balanced budget projected
Financing requirements should come in under budget by $100 million for 2004 at $1.1 billion
Provincial sales tax will rise from 6% to 7%, effective immediately
Program spending growth of only 0.8% is currently planned for 2005
$21 million budget deficit is expected for 2004, rather than earlier projections of $8 million surplus
$2.4 million surplus projected for 2005
2005 debt service costs to absorb about 11% of revenues
Small-business corporate income tax (CIT) rate will drop from 3% to 2.5% on July 1, 2004. Income threshold will rise from $400,000 to $425,000.
Newfoundland and Labrador
$407 million deficit projected for 2004, $120 million more than originally projected
2005 deficit expected to fall to $362 million
Province expects to borrow $740 million in 2004 and $766 million in 2005
Prince Edward Island
2004 deficit expected at $85 million, up from $11 million estimate
2005 deficit expected to be $33 million
Financing requirements for 2004 rose from the budget estimate of $94 million to $163 million, but are expected to fall back to $136 million in 2005
Expects to raise $12 million in new revenues through raising gasoline tax by 3 cents per litre and the tobacco tax by $5 per carton, implementing various user fees and increasing the capital tax on deposit-taking institutions from 3% to 5% and charging provincial sales tax on golf course green fees
Quebec
Expects balanced books for 2004 before a $364 million loss on Société générale de financement
Balanced budget expected for 2005, but a $1.6 billion shortfall is projected for 2006
Debt service costs for 2005 will hit $6.9 billion, including $4.1 billion on direct debt and $2.8 billion interest ascribed to retirement plans
$1 billion in personal income tax relief for low-income families and workers
2005 program spending growth of 2.9%, with health and education initiatives, but virtually no increase across other programs
Saskatchewan
$62 million budget surplus for 2004, as predicted but with decreased reliance on Fiscal Stabilization Fund
2005 balanced budget projected
Financing requirements should come in under budget by $100 million for 2004 at $1.1 billion
Provincial sales tax will rise from 6% to 7%, effective immediately
Program spending growth of only 0.8% is currently planned for 2005
$21 million budget deficit is expected for 2004, rather than earlier projections of $8 million surplus
$2.4 million surplus projected for 2005
2005 debt service costs to absorb about 11% of revenues
Small-business corporate income tax (CIT) rate will drop from 3% to 2.5% on July 1, 2004. Income threshold will rise from $400,000 to $425,000.
Newfoundland and Labrador
$407 million deficit projected for 2004, $120 million more than originally projected
2005 deficit expected to fall to $362 million
Province expects to borrow $740 million in 2004 and $766 million in 2005
Prince Edward Island
2004 deficit expected at $85 million, up from $11 million estimate
2005 deficit expected to be $33 million
Financing requirements for 2004 rose from the budget estimate of $94 million to $163 million, but are expected to fall back to $136 million in 2005
Expects to raise $12 million in new revenues through raising gasoline tax by 3 cents per litre and the tobacco tax by $5 per carton, implementing various user fees and increasing the capital tax on deposit-taking institutions from 3% to 5% and charging provincial sales tax on golf course green fees
Quebec
Expects balanced books for 2004 before a $364 million loss on Société générale de financement
Balanced budget expected for 2005, but a $1.6 billion shortfall is projected for 2006
Debt service costs for 2005 will hit $6.9 billion, including $4.1 billion on direct debt and $2.8 billion interest ascribed to retirement plans
$1 billion in personal income tax relief for low-income families and workers
2005 program spending growth of 2.9%, with health and education initiatives, but virtually no increase across other programs
Saskatchewan
$62 million budget surplus for 2004, as predicted but with decreased reliance on Fiscal Stabilization Fund
2005 balanced budget projected
Financing requirements should come in under budget by $100 million for 2004 at $1.1 billion
Provincial sales tax will rise from 6% to 7%, effective immediately
Program spending growth of only 0.8% is currently planned for 2005
“All the provinces are undertaking some kind of expenditure restraint, outside of health,” says Mary Webb, senior economist with Scotia Economics. “Most are bending to the public priority of health.”
Eight of Canada’s 10 provinces are now receiving equalization payments, but she says the current deal with Ottawa is particularly disappointing to Saskatchewan and Newfoundland, because their significant resource royalty revenues result in a clawback of the payments. The federal government is suggesting this be addressed in 2009, when equalization negotiations are scheduled to be reopened.
“Those two provinces had a lot riding on the renegotiation of the equalization agreement,” says Webb. “At this point, their concerns were not addressed by the federal government last week.
That’s not the only source of intergovernmental friction.
“Saskatchewan made mention of income trusts and how they felt it was damaging a level playing field in the oil and gas industry,” says Webb. “They did not come down with any specific recommendations; they simply indicated that they would be.”
On the tax front, Saskatchewan raised its sales tax from 6% to 7%, while P.E.I. raised tobacco taxes by $5 per carton and slapped provincial sales tax on golf greens fees.
New Brunswick announced tax relief for small-business operators, with low income tax rates falling from 3% to 2.5%. The threshold for low income will rise as well, from $400,000 to $425,000.
Quebec offered income tax relief for lower income households, which is expected to total $1 billion.
The following are the highlights from each provincial budget:
New Brunswick
$21 million budget deficit is expected for 2004, rather than earlier projections of $8 million surplus
$2.4 million surplus projected for 2005
2005 debt service costs to absorb about 11% of revenues
Small-business corporate income tax (CIT) rate will drop from 3% to 2.5% on July 1, 2004. Income threshold will rise from $400,000 to $425,000.
Newfoundland and Labrador
$407 million deficit projected for 2004, $120 million more than originally projected
2005 deficit expected to fall to $362 million
Province expects to borrow $740 million in 2004 and $766 million in 2005
Prince Edward Island
2004 deficit expected at $85 million, up from $11 million estimate
2005 deficit expected to be $33 million
Financing requirements for 2004 rose from the budget estimate of $94 million to $163 million, but are expected to fall back to $136 million in 2005
Expects to raise $12 million in new revenues through raising gasoline tax by 3 cents per litre and the tobacco tax by $5 per carton, implementing various user fees and increasing the capital tax on deposit-taking institutions from 3% to 5% and charging provincial sales tax on golf course green fees
Quebec
Expects balanced books for 2004 before a $364 million loss on Société générale de financement
Balanced budget expected for 2005, but a $1.6 billion shortfall is projected for 2006
Debt service costs for 2005 will hit $6.9 billion, including $4.1 billion on direct debt and $2.8 billion interest ascribed to retirement plans
$1 billion in personal income tax relief for low-income families and workers
2005 program spending growth of 2.9%, with health and education initiatives, but virtually no increase across other programs
Saskatchewan
$62 million budget surplus for 2004, as predicted but with decreased reliance on Fiscal Stabilization Fund
2005 balanced budget projected
Financing requirements should come in under budget by $100 million for 2004 at $1.1 billion
Provincial sales tax will rise from 6% to 7%, effective immediately
Program spending growth of only 0.8% is currently planned for 2005
(April 1, 2004) The sound of belt-tightening could be heard across the country this week, as five provinces — New Brunswick, Newfoundland and Labrador, Prince Edward Island, Quebec and Saskatchewan — tabled budgets just a week after the federal budget.
“All the provinces are undertaking some kind of expenditure restraint, outside of health,” says Mary Webb, senior economist with Scotia Economics. “Most are bending to the public priority of health.”
Eight of Canada’s 10 provinces are now receiving equalization payments, but she says the current deal with Ottawa is particularly disappointing to Saskatchewan and Newfoundland, because their significant resource royalty revenues result in a clawback of the payments. The federal government is suggesting this be addressed in 2009, when equalization negotiations are scheduled to be reopened.
“Those two provinces had a lot riding on the renegotiation of the equalization agreement,” says Webb. “At this point, their concerns were not addressed by the federal government last week.
That’s not the only source of intergovernmental friction.
“Saskatchewan made mention of income trusts and how they felt it was damaging a level playing field in the oil and gas industry,” says Webb. “They did not come down with any specific recommendations; they simply indicated that they would be.”
On the tax front, Saskatchewan raised its sales tax from 6% to 7%, while P.E.I. raised tobacco taxes by $5 per carton and slapped provincial sales tax on golf greens fees.
New Brunswick announced tax relief for small-business operators, with low income tax rates falling from 3% to 2.5%. The threshold for low income will rise as well, from $400,000 to $425,000.
Quebec offered income tax relief for lower income households, which is expected to total $1 billion.
The following are the highlights from each provincial budget:
New Brunswick
$21 million budget deficit is expected for 2004, rather than earlier projections of $8 million surplus
$2.4 million surplus projected for 2005
2005 debt service costs to absorb about 11% of revenues
Small-business corporate income tax (CIT) rate will drop from 3% to 2.5% on July 1, 2004. Income threshold will rise from $400,000 to $425,000.
Newfoundland and Labrador
$407 million deficit projected for 2004, $120 million more than originally projected
2005 deficit expected to fall to $362 million
Province expects to borrow $740 million in 2004 and $766 million in 2005
Prince Edward Island
2004 deficit expected at $85 million, up from $11 million estimate
2005 deficit expected to be $33 million
Financing requirements for 2004 rose from the budget estimate of $94 million to $163 million, but are expected to fall back to $136 million in 2005
Expects to raise $12 million in new revenues through raising gasoline tax by 3 cents per litre and the tobacco tax by $5 per carton, implementing various user fees and increasing the capital tax on deposit-taking institutions from 3% to 5% and charging provincial sales tax on golf course green fees
Quebec
Expects balanced books for 2004 before a $364 million loss on Société générale de financement
Balanced budget expected for 2005, but a $1.6 billion shortfall is projected for 2006
Debt service costs for 2005 will hit $6.9 billion, including $4.1 billion on direct debt and $2.8 billion interest ascribed to retirement plans
$1 billion in personal income tax relief for low-income families and workers
2005 program spending growth of 2.9%, with health and education initiatives, but virtually no increase across other programs
Saskatchewan
$62 million budget surplus for 2004, as predicted but with decreased reliance on Fiscal Stabilization Fund
2005 balanced budget projected
Financing requirements should come in under budget by $100 million for 2004 at $1.1 billion
Provincial sales tax will rise from 6% to 7%, effective immediately
Program spending growth of only 0.8% is currently planned for 2005
(April 1, 2004) The sound of belt-tightening could be heard across the country this week, as five provinces — New Brunswick, Newfoundland and Labrador, Prince Edward Island, Quebec and Saskatchewan — tabled budgets just a week after the federal budget.
“All the provinces are undertaking some kind of expenditure restraint, outside of health,” says Mary Webb, senior economist with Scotia Economics. “Most are bending to the public priority of health.”
Eight of Canada’s 10 provinces are now receiving equalization payments, but she says the current deal with Ottawa is particularly disappointing to Saskatchewan and Newfoundland, because their significant resource royalty revenues result in a clawback of the payments. The federal government is suggesting this be addressed in 2009, when equalization negotiations are scheduled to be reopened.
“Those two provinces had a lot riding on the renegotiation of the equalization agreement,” says Webb. “At this point, their concerns were not addressed by the federal government last week.
That’s not the only source of intergovernmental friction.
“Saskatchewan made mention of income trusts and how they felt it was damaging a level playing field in the oil and gas industry,” says Webb. “They did not come down with any specific recommendations; they simply indicated that they would be.”
On the tax front, Saskatchewan raised its sales tax from 6% to 7%, while P.E.I. raised tobacco taxes by $5 per carton and slapped provincial sales tax on golf greens fees.
New Brunswick announced tax relief for small-business operators, with low income tax rates falling from 3% to 2.5%. The threshold for low income will rise as well, from $400,000 to $425,000.
Quebec offered income tax relief for lower income households, which is expected to total $1 billion.
The following are the highlights from each provincial budget:
New Brunswick
$21 million budget deficit is expected for 2004, rather than earlier projections of $8 million surplus
$2.4 million surplus projected for 2005
2005 debt service costs to absorb about 11% of revenues
Small-business corporate income tax (CIT) rate will drop from 3% to 2.5% on July 1, 2004. Income threshold will rise from $400,000 to $425,000.
Newfoundland and Labrador
$407 million deficit projected for 2004, $120 million more than originally projected
2005 deficit expected to fall to $362 million
Province expects to borrow $740 million in 2004 and $766 million in 2005
Prince Edward Island
2004 deficit expected at $85 million, up from $11 million estimate
2005 deficit expected to be $33 million
Financing requirements for 2004 rose from the budget estimate of $94 million to $163 million, but are expected to fall back to $136 million in 2005
Expects to raise $12 million in new revenues through raising gasoline tax by 3 cents per litre and the tobacco tax by $5 per carton, implementing various user fees and increasing the capital tax on deposit-taking institutions from 3% to 5% and charging provincial sales tax on golf course green fees
Quebec
Expects balanced books for 2004 before a $364 million loss on Société générale de financement
Balanced budget expected for 2005, but a $1.6 billion shortfall is projected for 2006
Debt service costs for 2005 will hit $6.9 billion, including $4.1 billion on direct debt and $2.8 billion interest ascribed to retirement plans
$1 billion in personal income tax relief for low-income families and workers
2005 program spending growth of 2.9%, with health and education initiatives, but virtually no increase across other programs
Saskatchewan
$62 million budget surplus for 2004, as predicted but with decreased reliance on Fiscal Stabilization Fund
2005 balanced budget projected
Financing requirements should come in under budget by $100 million for 2004 at $1.1 billion
Provincial sales tax will rise from 6% to 7%, effective immediately
Program spending growth of only 0.8% is currently planned for 2005
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
