Highlights of federal budget tabled Wednesday by Finance Minister Bill Morneau
OTTAWA — Highlights from the 2017 federal budget tabled Wednesday by Finance Minister Bill Morneau:
— Employment insurance premiums are going up five cents to $1.68 per every $100 of insurable earnings, up from $1.63 — the maximum allowable increase under the Employment Insurance Act.
— The deficit is at $23 billion, down from $25.1 billion in the last fiscal update, and is projected to reach $28.5 billion for 2017-18 — including a $3 billion contingency fund — before declining to $18.8 billion in 2021-22.
— The 71-year-old Canada Savings Bond program, first established in 1946, is no longer cost effective and is being phased out.