2020 FEDERAL BUDGET – What could be in it?
- Liberals have a minority government and will need the support of another party.
- Increased basic exemptions from $12,298 to $13,229 in 2020 and gradually increase to $15,000 by 2023. However, if your income is over $150,473, it will start decreasing and be eliminated by 2023. For the very top tax bracket in 2020 ($214,368), it will be eliminated immediately.
- Estimated to save lower-middle income earners: $189 for single person family; $573 for couple with 2 children; $467 for couple with no children; $336 for single parent family.
- Make maternal and parental employment insurance benefits tax free.
- Review unfair tax breaks for the wealthy.
- Luxury goods sales tax on purchase of personal automobiles, boats and aircrafts valued at $100,000 or more.
CAPP (CANADIAN ASSOCIATION OF PETROLEUM PRODUCERS)
- Forecast $2 billion rise in oil and gas spending in 2020.
- Spending has declined in 4 of past 5 years in Alberta and Saskatchewan.
- Total spending estimate this year is $37 billion, up $2 billion from 2019 and 50% of 2014 which reached $81 billion.
- “Main driver”: improved economic environment due to provincial government policies, along with growing optimism that new export pipeline capacity will be built.
- Saskatchewan is looking to increase oil production 25% by 2030.
- Alberta rural municipalities reported about $173 million in property taxes is owed by oil and gas companies, up 114% versus 2018.
- Oil sands spending estimate $11.6 billion for 2020, up 8% ($10.7 billion) from 2019. The first increase in 5 years.
- Estimate 4,800 wells to be drilled in 2020 versus 4,500 in 2019.
- CAPP estimates that the extra $2 billion in capital spending will create or sustain 11,800 direct and indirect jobs across Canada (8,100 in Alberta).
- Virus, first discovered in Wuhan, has now spread to at least 18 countries.
- Scientists in Hong Kong used modelling research to estimate that up to 75,000 people in Wuhan may have been infected as of January 25th.
- China has confirmed over 9,800 cases.
- Singapore has banned entry to all Chinese visitors.
- Italy’s government is poised to declare a state of emergency and closed air traffic to and from China.
- Air Canada, Air France, British Airways, Air Seoul, Egyptair, Lion Air, Lufthansa, Swiss Airline, Austrian Airlines, Delta, American Airlines and United Airlines have all suspended all flights to and from China.
- 4 cases have been confirmed in Canada, 3 of these in Ontario, with the first patient already released from hospital.
- Michael Bloomberg’s presidential campaign spent over $180 million in the last five weeks of 2019.
- Ontario appeal court has ruled that the widow of a former terrorist is not entitled to her dead husband’s $75,000 life insurance policy as “the man didn’t disclose his past as a member of the Liberation of Palestine”, or for his conviction of manslaughter.
- University of Colorado is using bacteria as a binder to create a new living biological brick.