2014 budget announced
Shannon LeClair
Times Reporter
The federal government officially announced the 2014 budget on Feb. 11. Some of the highlights from the budget include no major tax cuts, a $2.9 billion deficit for 2014 and a $6.4 billion surplus predicted for 2015/2016.
“Ì think the highlight was that we continued our focus on job creation, on growing the economy and committed to moving to balanced in 2015,” said MP and Minister of State for Finance Kevin Sorenson.
Sorenson said the government is keeping taxes low and also wants to see an investment in people and skill development. There have been initiatives brought forward with job creation for young students and young apprentices coming out of universities and colleges.
“Apprentices have never been able to qualify for an interest-free loan on the student loan program,” said Sorenson.
Many will drop out after a year or two because they can’t afford to go to school or they have found a job. This now gives them access to an interest-free loan, which will hopefully help make the idea of going to school an easier one.
Another good thing, and one that will also directly impact Strathmore and Wheatland County, is the $305 million being invested over five years to expand rural high-speed Internet.
“I think this is good for the rural and I know that most of my constituents that I have talked to are pretty excited about it,” said Sorenson.
The project will see areas like Standard, Hussar and Gleichen given access to fast Internet and allow them to have the same operating capabilities as people in larger urban centres.
Sorenson and Minister of Finance Jim Flaherty are both looking ahead to 2015, and are optimistic about what it will hold.
“I think the outlook is optimism, a lot more opportunities for young people coming out of schools, I think we’re going to see growth in our economy,” said Sorenson.
“We have cut taxes 160 times since we have come into power in 2006, the average family of four has over $3,400 a year more in their pockets than before these tax cuts. We’re continuing on that plan. We will be balanced budget and we will have a very healthy surplus.”
This was the first time Sorenson has worked on a federal budget, having come into his new role only seven months ago.
“Working with Mr. Flaherty has just been a real privilege and to see the amount of work that is done for one of these and to sit at the table with Minister Flaherty and the Prime Minister, it’s a privilege and to be able to sit there and represent rural Canada and to push for some of these initiatives that are really going to be a help for rural,” said Sorenson.
Other budget highlights are: taxes on cigarettes will rise $4 to $21 a carton; legislation to stop suspended senators from accruing pension time; the creation of a DNA-based missing persons index; regulations to be brought to Bitcoin, a virtual currency company, to ensure it does not end up used for money laundering; legislation to cap domestic wireless roaming costs; legislation which promises to tackle cross-border price gaps, no details have been released yet; $391.5 million over five years for highways, bridges and dams in national parks and $10 million over two years for snowmobile and recreational trails.