2011 Budget Overview:

Posted From 4myCanada!

As most of you will know, today was the day that the Minister of Finance, the Hon. Jim Flaherty, tabled the government's next budget. If voted down by the opposition parties (which is looking likely) it would trigger a national election. If this happens we could very well be in our 41st national election by the weekend.

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For your ease we have summarized the main points of the budget below. Beyond reading this however, we would like to invite you to join us in praying for our leaders. With the massive international developments (Japan, Libia, Egypt etc.) in the last weeks, the question of whether or not this is the best timing for an election is a good one. An election would greatly distract Parliament's focus from the needs of the global community for the next weeks - perhaps during a time when the international community needs us most. Though this is not the only consideration in whether or not this is the best time for an election, it definitely is one.

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Another consideration is that this election would cost Canadians an estimated $300,000 million (based on 2008's election costs). This money could be used for some of the very things that the opposition is wanting to be addressed in the budget: more assistance for seniors, students etc. So whether or not this is the best time for an election, is something that does need to be covered in prayer. Please join us in praying that God will give our leaders, especially from the opposition parties, great intuitive wisdom to know if this is best for Canada at this time and act accordingly (aka - not triggering an election if it is not the best time based on international and national financial needs). Thank you.

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SUMMARY POINTS FOR TODAY'S BUDGET AS OUTLINED BY MINISTER FLAHERTY IN THE HOUSE OF COMMONS:

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GENERAL COMMENTS ABOUT THE ECONOMY: Since July 2009, the Canadian economy has created more than 480,000 new jobs-more than were lost during the recession. #1 concern right now is for the number of Canadians looking for work. Therefore, supporting small businesses and Canadian industries is a priority in this budget.

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FORESTRY: The government would extend the current Forest Innovation and Market Development programs through this budget.

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EDUCATION: Under this budget there would be forgiveness for a portion of federal student loans for new doctors, nurses and nurse practitioners who agree to practice in under-served rural or remote areas. There would also be extended advanced research funding to students and researchers at Canada's colleges and polytechnics.

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COMMUNITIES: This budget would provide $52 million over the next two years to support programs for Aboriginal communities across the country, including those in the Territories.

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SENIORS: The budget focuses on topping up benefits to Seniors through the Guaranteed Income Supplement. This would provide up to $600 extra per year for single seniors and up to $840 per year for senior couples. It would also provide additional help to Canadians saving for retirement, including self-employed Canadians, through a new, low-cost pension option.

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TAXES: There would be cuts to the GST and personal income tax. With the budget changes, the average Canadian family of four would be saving more than $3,000 each year. (Wow!)

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FAMILIES/CHILDREN: For Canadians caring for infirm loved ones the government would establish a new Family Caregiver Tax Credit. This new tax credit would be an amount of $2,000 and would benefit more than 500,000 in this situation.

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The new Children's Arts Tax Credit would cover up to $500 per child in qualifying expenses for eligible arts or cultural activities.

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Under the budget the government would be extending, for one year, the ecoENERGY Retrofit - Homes program. This would help families lower their energy bills, and support jobs in home renovation.

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INTERNATIONAL AFFAIRS: There would be an emphasis in promoting new export opportunities for all Canadian businesses. To support these expanding trade relationships, Canada would modernize Canada's Customs Tariff legislation. This would cut red tape and make it easier for Canadian businesses to compete internationally. The government would extend Export Development Canada's powers to support Canadian businesses in the domestic financing market for an additional year.

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INFRASTRUCTURE: The federal government would work with provinces, territories, the Federation of Canadian Municipalities and other stakeholders to develop a new long-term plan for public infrastructure. They would also introduce legislation to confirm permanent funding for municipal infrastructure through the Gas Tax Fund. This would ensure a stable and predictable source of revenue for the renewal of local infrastructure, to improve the quality of life in our cities and towns.

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VETREN AFFAIRS: The budget would increase support of Canadians who have served our country in uniform. It would build on substantial support for Career Transition Services through Veterans Affairs Canada.

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OVERALL REMARKS ABOUT CANADA'S FINANCIAL SITUATION: Canada's deficit is much smaller than that of most other advanced countries. We are emerging from the global recession with the lowest net debt-to-GDP ratio of any G-7 economy, by far. To read a review of the speech, please click here.

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PRAYER POINTS:

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1. Pray for all of our leaders to be filled with God’s heart for our nation and especially for the opposition party leaders.

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2. Pray that the church in Canada will rise in prayer to cover our leaders and nation right now.

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3. Pray for grace on our leaders as they not only prepare for a likely election but also must stay abreast of important international affairs (Japan, Libia, Egypt etc.).