Parliament Hill in Ottawa.Fred Lum/The Globe and Mail
Highlights from Thursday's federal budget for 2010-11:
- Total spending of $280.5 billion, up $12.8 billion over last year.
- Deficit of $49.2 billion.
- Total debt rises to $566.7 billion.
- Basic personal income-tax exemption (the amount you can earn before paying any taxes) for 2010 rises to $10,382.
- $3.2 billion in personal income-tax relief, largely through raising the basic personal tax exemption and higher child benefits for parents.
- Plan to reduce the deficit to $1.8 billion by 2014-15, largely by ending stimulus funding next year and restraining program spending.
- $7.7 billion in stimulus money for infrastructure.
- $4 billion for extra EI benefits and training.
- Freeze on EI premium rate (paid by workers and employers) until the end of 2010. Rate will likely rise in 2011.
WINNERS
Forestry industry They'll be able to extract more value out of wood by tapping a government fund to produce renewable energy and chemicals
Manufacturers Tariff phase-out will save them $210 million next year, with that figure rising to $300 million annually once the levy is gone
Credit unions Budget makes it easier for them to compete nationally rather than provincially
Nuclear industry $253 million next year to finish ongoing repair and modernization projects
LOSERS
Bureaucrats Program reviews and frozen operating budgets could mean job cuts
Banks Nothing harmful in the budget, but no perks either
Plastic-surgery candidates Budget ends a tax credit for everything from dentures to Botox treatments