FEDERAL BUDGET 2015
April 21 2015
A balanced-budget, low-tax plan for 2015
The Conservative Government has announced that it has fulfilled its promises and that the budget is now balanced in their Economic Action Plan 2015. With the culmination of several years of strong fiscal management, Minister of Finance, Joe Oliver, announced on April 21, 2015 that the Government’s priorities have succeeded in balancing the budget. The deficit has been reduced from $55.6 billion at the height of the global economic and financial crisis to a projected surplus of $1.4 billion for 2015–16.
| || ||Key points |
- Increase in the annual contribution limit for TFSAs to $10,000 beginning in 2015
- Lower RRIF minimum annual withdrawals creates more flexibility of retirement income for seniors
- Reduced tax rates for corporations on active business income below the Small Business Limit
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