What to expect from Budget 2011 - MoneySense

What to expect from Budget 2011

Tax credits, cash for seniors and increases to TFSA and RRSP contribution limits might be in the works.

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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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