Here are six points of interest in the recently released federal budget.
1. Public transit projects will get plenty of new funding
A new Public Transit Fund will earmark $750B for transit projects in cash-strapped cities looking to improve infrastructure.
2. Industry and post secondaries will work together to improve training
Business and industry associations will get $65M to help improve the programs at some post secondary institutions, to make them more in line with industry requirements
3. Public infrastructure projects well-funded for the long-term
The government confirmed it will continue to provide $5.35 billion per year on average for provincial, territorial and municipal infrastructure under the plan.
4. Are you a small incorporated construction supplier? Your tax rate will be cut… eventually
The plan is to reduce the small business tax amount from 11% to 9% by 2019. So you’re not saving yet, but you will. Still, it’s the biggest tax cut for small businesses in 25 years
5. New funds to develop journeypersons’ business skills
The feds unveiled $1 million over five years to promote Blue Seal Certification, designed to encourage journeypersons to improve business skills, start companies and create new jobs.
6. There are new rules for how you write off your machinery
The new equipment write-off rules for machinery and equipment in Canada apply to machines used for the processing or manufacturing of goods for sale or lease.
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