The federal government has finally released its budget. Finance Minister Joe Oliver tabled the budget in the House of Commons yesterday afternoon. With various announcements and leaks for the last few months there were no big surprises.

Here's Kenora MP Greg Rickford with some of the details.

"This is a balanced budget, in fact it forecasts a $1.4 billion surplus. But it's main focuses are on small businesses. Reducing small business tax to nine per cent. Obviously a host of tax benefits and cuts for families which include a significant increase in the Universal Childcare Benefit," he said.

The federal government also almost doubled the amount that Canadians can contribute to tax-free savings account from $5,500 to $10,000. Another group to benefit from this budget is seniors.

"Fifteen per cent tax credit on home modifications. This is designed to keep seniors in their home longer. It's something I heard loud and clear particularly in smaller towns and cities across northern Ontario where folks were concerned that an inability to stay in their home meant moving to bigger cities," said Rickford.

Seniors at age 71 can also leave more money in tax-sheltered Registered Retirement Income Funds.

Rickford is highlighting the forestry and mining announcements.

"We've announced $86 million over two years for the Forestry Innovation Program. This has been a terrifically successful program across the country help smaller mills to use technologies to diversify products and increase production of those products...In mining very pleased to announce $23 million over five years for chromite and rare earth element separation. We'll be embarking on a research and technology process to make chromite separation more cost effective and environmentally friendly," he said.

Rickford is also happy to announce that FedNor will see not cuts to its funding.

"FedNor continues to be an important economic program in the region and it's funding remains unchanged. But it will increase when the details of Canada's 150 Community Infrastructure Program are announced. We'll be announcing a significant program for the renovation, expansion and improvement of existing community infrastructure," he said.

However, there is no mention of a replacement for the Strategic Investment in Northern Economic Development. The fund ends this year and paid out nearly $40 million in targeted investments in the past two years.

Aboriginals were also not promised much in the new budget. The government committed $200 million over five years to improve First Nations education. However, this is a controversial issue after the First Nations Education Act fell on its head last year. They've also committed $2 million to support aboriginal mental health and wellness.

Other key points include:

- $360 million this year to pay for Canada's mission against ISIS.

- $18 million to fight terrorism – rising to $91 million in five years.

- $94.4 million over five years for cyber security.

- SIRC -- the CSIS watchdog -- budget doubled to $5 million.

- $13.4 million over five years to hand out more Orders of Canada at events across the country.

- Government has committed to "modernizing" the public sector

For more information:
Federal budget will be released today