Welcome to some long Easter Weekend Reading folks – thanks for visiting. Earlier this week, the new Liberal government rolled out their spending plans for the next year (and more) and announced they would run a budget deficit of $29 billion to do it. Just like the books of many Canadian households it appears balanced budgets are a thing of the past. Here are some budget highlights:
- Students – education and textbook tax credits will be eliminated in January 2017. Education credits are currently worth 15% of $400 for each month a student is enrolled in full-time school. If that’s the bad news, the upside is graduates won’t have to repay a nickel of borrowed money under the Canada Student Loan program until they are earning at least $25,000 per year.
- Seniors – payments associated with Guaranteed Income Supplement (GIS) will rise by as much as $947 this year; this is great news to support seniors living around the poverty line.
- Families in between – the Liberals kept their promises to help “the middle class”: the new Canada Child Benefit (CCB) program will pay up to $6,400 per child under age six and up to $5,400 per child aged six through 17 for families earning less than $30,000 in net income. The benefits will be scaled back depending upon family net income. The new CCB program will replace the current complexities associated with the Canada Child Tax Benefit, the National Child Benefit and the Universal Child Benefit programs.
Good budget? Bad budget? Overall, I think a fair budget although I am concerned about our growing deficit and how our federal contingency fund / emergency fund has also dropped from about $3 billion to $1 billion. Emergencies can and do happen…
Any big plans for the long Easter weekend? Ours will be with family. I hope you have a great weekend and enjoy these articles from the week that was. See you here next week for more articles and believe it not, more giveaways!
Power Financial increased their dividend this week by 6%.
I shared some Canadians stocks to buy and hold along with some advice to index invest everything else.
Dividend Growth Investor highlighted 24 companies further research.
Don’t forget about this giveaway on my site – your chance to win a copy of The Essential Retirement Guide.
Did you read about Kawhi Leonard of NBA’s San Antonio Spurs? He’s going to make $90-million over the next few years alone but still drives a 1997 Chevy Tahoe. Crazy. I have a post coming up about my 16-year-old car, stay tuned for that.
I provided an update on our 2016 financial goals here. How are your 2016 goals coming along?
Michael James on Money had a good post about his re-balancing spreadsheet.
Big Cajun Man said food prices are on the rise.
John Heinzl’s article was excellent – wrapping your head around the return of capital for your ETFs.
My friend Million Dollar Journey shared an update about his financial freedom journey. Inspiring to me as usual.