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Tax credits, cash for seniors and increases to TFSA and RRSP contribution limits might be in the works.
The Federal Budget is scheduled to be released Tuesday afternoon, and various media and private sector organizations are weighing in on what Canadians can expect. (Note: the following items have been leaked and are not confirmed.)
• Rural doctors and nurses may see their student loans forgiven;
• $400 million may be provided to renew the ecoEnergy Retrofit Grants program that was set to expire on March 31, 2011;
• Transfer payments (likely the Guaranteed Income Supplement) to senior citizens may be boosted by $700 million;
• A tax credit may be created for parents whose children enrol in arts programs; and
• The Government may consider increasing the thresholds at which the two highest tax rates apply, boost TFSA and RRSP contribution limits, raise the age of converting a RRSP to a RRIF and reduce the minimum annual RRIF withdrawal amounts.
Check in with us on Tuesday evening for complete coverage of Budget 2011 and what it will mean to your pocketbook.
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