The dust is starting to settle from the federal government's record-breaking national budget and people on the ground are looking at how it might affect them directly.

Aaron Ruston is a local financial advisor who has been watching the proceedings closely. He says there a few items that he expected in the budget that did not end up materializing.

"There's no wealth tax as of yet. There's been talk about those who make a certain amount of money or control a certain amount of assets would be hit with an extra tax. At this point that hasn't be brought about."

Another surprise for Ruston was the omission of an increase in the tax payable for farm or corporate succession within a family. It's a similar story with the capital gains tax.

Aaron Ruston is the owner of Purposed Financial Corp. on Athabasca St. W.

"Capital gains are where you sell and investment and it goes up in value and you have to pay tax on half of that gain. There was some anticipation that they would increase that but it didn't happen."

The nations' highest earners will be indirectly affected, however, if they're looking to increase their fleets of leisure craft.

"There's a new luxury tax coming in. So for instance, if you go out and buy a car that is $100,000 or over, you're going to be paying an extra 10 per cent. Same with boats over $250,000."

Tobacco users will also find an additional $4 slapped onto the price of cigarettes.

Some rebates and subsidized programs will also be directly affecting families and low-income workers. The budget includes plans to raise the minimum wage for workers in federally-regulated industries to $15 per hour. Employees working in provincially-regulated sectors will not benefit from this increase, however. Families will children could soon see the daily cost of childcare reduced to $10.

Seniors over the age of 75 will be seeing an increase in their old age security cheques beginning in the second quarter of 2021.

"As of June 22, the government will be providing a one-time payment of $500," explains Ruston, "and then they're looking to increase the regular old age security payments by 10 per cent starting July 22."

Finally, the Bank of Canada has also announced that they may increase interest rates earlier than expected."

"They are looking towards the possibility of the spring of 2022 instead of the 2023 or later benchmark that they had talked about before."

Ruston says that all residents would be wise to keep up with the changing regulations to see just how they might affect them directly.