Highlights of the federal budget:
— New child tax credit worth $310 per child for most families.
— Working Income Tax Benefit of up to $1,000 a year for low-income families, or $500 for individuals, to help get them off welfare.
— $1.5 billion for projects to cut air pollution and greenhouse gas emissions.
— Rebate of up to $2,000 for buying fuel-efficient vehicles; Green levy penalizing auto manufacturers up to $4,000 on inefficient vehicles.
— Billions in extra funding to the provinces (through equalization and other programs) for health, infrastructure, post-secondary education and other items to address the so-called fiscal imbalance.
— Tax Back Guarantee directs $1 billion a year in debt interest savings to personal income tax reductions.
— Eliminates the $4,000 RESP annual contribution limit, with a $50,000 lifetime cap.
— Raises to age 71 from 69 the age at which seniors must convert RRSPs to retirement income.
— Government spending projected to increase by $10 billion to $233 billion in 2007-2008, with program costs jumping by 5.7 per cent.
— Total revenue projected at $236.7 billion in 2007-2008, leaving a surplus of $3.3 billion with $3 billion of that going to debt reduction.
— Economic growth forecast to be 2.3 per cent in 2007 and 2.9 per cent in 2008.
