Federal Budget 2007

Exceeding all expectations, the federal surplus reached $14.1 billion in 2006–07. Of this, $9.2 billion went to debt repayment and the remainder to new spending measures.

The federal government asserted that the “fiscal balance” is restored through generous increases in the health and social transfers and a revamping of the equalization formula.

Funding for transportation infrastructure and targeted business tax measures should help bolster productivity.

Personal income tax measures are aimed at low-income families and the working poor.

Source.