This year, the Federal Budget date will be on March 29, 2012, as unveiled by the Federal Government this week. This budget is expected to be ‘belt-tightening’ as the Government tries to elimiate the deficit by 2016. You can expect the 2012 Budget to make some small changes to OAS and CPP. However, the media pundits do not expect a lot of tax measures in the 2012 Budget. This news comes as a relief to us all as the 2011 Budget seemed to see tax abuse in every closet, and changed laws to stomp out these percieved abuses. The tax changes have left businesses, taxpayers and even the Canada Revenue Agency confused over how to implement many of the tax changes.
For those of you wondering if this is the latest a Federal Government has delivered a budget, it isn’t. Don Mazankowski delivered the 1993 Budget on April 26 and Paul Martin delivered the 2001 budget on May 17 but in that was an “economic update”, not a “budget”. Check back for highlights from the 2012 Federal Budget shortly after its release on March 29.