The federal government tabled a balanced budget on April 21 in the House of Commons, and included in the 518-page plan were a number of new promises focusing on students, seniors and families.
The 2015 budget projects a $1.4 billion surplus, but does cut back in other areas, including a cut by $6 billion over the next three years to the annual contingency fund.
Airdrie Deputy Mayor Candice Kolson said she is happy to see the inclusion of a new fund of $750 million over two years and $1 billion a year thereafter in a new public transit fund.
“Moving forward we do need more support on the transit side of things. We have the GreenTRIP dollars, but that’s up in the air,” she said. “(Transit) is a priority. It would be nice to see the governments align with that versus everyone doing their own thing and hoping for grant funding, as that’s not always reliable.”
Wild Rose MP Blake Richards said balancing the budget was an election promise fulfilled by the Conservative government.
“That was a key promise to get that done,” he said. “We’ve accomplished that. We’ve balanced the federal budget, and we’ve created new benefits. I’m quite pleased and proud of it.”
Seniors, who are required to withdraw from their tax-sheltered Registered Retirement Income Funds (RRIF) each year, will see the yearly minimum withdrawal amounts reduced.
A new tax credit was also introduced to benefit seniors needing renovation on homes to make them more accessible.
“This is the great thing about having a balanced budget,” said outgoing Airdrie MLA Rob Anderson. “When you have that, you can do responsible things like this. We have the ability to do things like this for our seniors, who are hardest hit by cost of living.”
Small business owners will also see a benefit in the form of a tax cut, lowered from 11 per cent to 9 per cent by 2019.
“That should help out small businesses,” Kolson said. “And actually, (the City) doesn’t tax small business. So Airdrie is a great place to do business and the federal government is making it easier for us.”
Also included in the budget were a number of initiatives focused on benefiting families, including a universal child care benefit, providing $60 per month for children between six and 17, and $160 per month for children under six.
Further initiatives meant to benefit families include an increase to the annual contribution limit to Tax Free Savings Accounts, increased to $10,000. For those caring for dying relatives, the new budget would allow caregivers to take six months away from work instead of the current six weeks.
“When you look around our community, there are a lot of young families around, and when you look at the (action plan) and what the government has done previously, between lowering takes and increasing benefits the average family will (benefit),” Richards said. “I think (those initiatives) are of key importance to families that are working hard and getting by.”
Other initiatives promised in the budget included a government contribution of $119 million to the Canada Student Loans Program, meant to reduce expected parental contribution, by 2016. Infrastructure funding under the New Building Canada Plan will continue to be funded at an average of $5.35 billion per year.
“I hope they continue to focus now on turning to a debt repayment plan,” Anderson said. “We need to start paying that down now. We need to have a 20- to 30-year plan.”
For more information on the 2015 federal budget, visit budget.gc.ca
