Section 2: Economic events
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Canada
Ontario released its $113.3 billion budget with a forecast deficit of $16.3 billion, increased spending for education and health, and no tax changes.
Quebec announced its $69 billion budget with a forecast $3.8 billion deficit, a 2.4% increase in spending, increased contributions to the QPP, a new voluntary savings plan, and financial and tax incentives to keep workers from retiring until 70.
Saskatchewan released its $10.8 billion budget with a forecast $115 million surplus, a 5.5% increase in spending, increases in basic personal, spousal and dependent children exemptions, cuts to the education portion of property taxes and a reduction in the small business tax rate to 2% from 4.5% beginning July 1.
New Brunswick tabled its $8 billion budget with a forecast $449 million deficit, a 1.6% decrease in spending, increased taxes on cigarettes and gas, and a hiring freeze in the civil service.
BC announced a rise in its hourly minimum wage from $8 to $8.75 in May, $9.50 in November and $10.25 in May 2012. The $6 per hour training wage for new workers will be eliminated May 1.
The Nova Scotia government announced a two percent increase in user fees for services, licensing and regulatory functions by departments, effective April 1.
EnCana agreed to buy a 30% stake in the $4.7 billion plan to build the Kitimat LNG export terminal and pipeline. South African-owned Sasol bought half of Talisman Energy's Montney shale gas play in BC for $1.05 billion.
Bombardier signed a $2.8 billion order to build 50 business jets for US-based Netjets.
Honda temporarily cut production at its Alliston, Ontario plant due to parts shortages following the Japanese earthquake, while Toyota announced overtime cutbacks.
World
An earthquake and tsunami hit northern Japan on March 11, causing large scale damage to housing and infrastructure and crippling a nuclear power station. Nationwide power shortages and damaged production facilities led to disruption in global markets and manufacturing, particularly autos due to parts shortages.
The UK government tabled a five-year budget plan that raises taxes by $45 billion, cuts spending by $125 billion (19% on average across most departments), eliminates half a million public sector jobs and raises the retirement age from 65 to 66.
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