Tories to deliver budget on May 2

Finance Minister Jim Flaherty will table his first federal budget on Tuesday, May 2. The minister confirmed the date on Monday in the House of Commons.

“With this budget we will be turning over a new leaf in Canada, building on the vision set out in the speech from the throne,” he said. “We intend to deliver real benefits for Canadian families and Canadian businesses from coast to coast to coast.”

Flaherty has identified five key priorities for this budget, including an immediate one-percentage point reduction to the GST. However, he’s been quiet on other tax issues, such as whether or not personal income tax cuts introduced by the Liberals last fall, will remain in place. During the election campaign, the Tories also promised to cut the capital gains tax, as long as the proceeds are reinvested within six months. But Flaherty has steered clear of the topic since taking office, promising only further consultation on the issue.

“I am approaching our government’s first budget much like a typical Canadian family: setting priorities, making realistic choices and finding ways to live within our means,” Flaherty added on Monday. “Canadians have chosen change. They want a government that treats their tax dollars with respect. That means making responsible choices, being accountable and delivering on the priorities we proposed to Canadians.”

Ottawa is expected to report a surplus of as much as $10 billion when the budget is released, due to sustained strength in commodity prices.

The department of finance also announced today that 5,600 Canadians took part in a Web-based budget consultation process, which ended on April 20. “These will be a great help in shaping the budget measures provide real insights into the hopes and concerns of Canadians from all provinces and territories,” said Diane Ablonczy, parliamentary secretary to the minister of finance.

(04/24/06)

Staff

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