MP Erin O’Toole: Economic Action Plan 2014 Shows Canada On Track to Balanced Budget and Continued Job Growth
February 11, 2014 – Ottawa – Member of Parliament Erin O’Toole (Durham) is welcoming the federal budget and its focus on balancing the federal budget next year alongside strategic investments in industries and innovation strategies that will specifically help communities like those in the Durham Region.
“While Canada has the best job creation record among all G-7 countries it is important that we make strategic investments to ensure that the growth in our economy continues and key groups are assisted in securing meaningful employment in their community”, said MP Erin O’Toole. “I’m pleased to see a particular focus on job creation for young Canadians, loans for apprentices as well as support for our farmers, the automotive sector and veterans.”
Economic Action Plan 2014 contained no new taxes on families or businesses, while also ensured government spending remains as efficient and effective as possible. Economic Action Plan 2014 includes key measures to support Ontario families and strengthen our economy, while keeping taxes low and returning to balanced budgets in 2015, including:
- Securing a Competitive and Innovative Automotive Sector: Investing $500 million in the Automotive Innovation Fund to support new projects and long-term investments in Canada’s automotive sector.
- Creating the Canada Apprentice Loan: which will provide apprentices in Red Seal trades access to over $100 million in interest-free loans each year.
- Launching a Job Matching Service: this new service will automatically match Canadians looking for work with employers looking to hire them.
- Increasing Paid Internships for Young Canadians: investing $55 million to create paid internships for recent graduates in small and medium-sized businesses and in high-demand fields.
- Helping Older Workers Get Back to Work: investing $75 million in the Targeted Initiative for Older Workers to support older workers who want to participate in the job market.
- Cutting Red Tape for Small Business: cutting 800,000 payroll remittances for 50,000 small businesses.
- Supporting Farmers: Expanding the tax deferral for livestock to include bees and all horses over 12 months that are kept for breeding when sold due to drought or excess moisture.
- Making Landmark Investments in Research & Innovation: $1.5 billion over the next decade for research at universimilliliter the University of Ontario Institute of Technology through the Canada First Research Excellence Fund.
- Conserving Canada’s Natural Heritage: investing in Canada’s national parks and historic canals, conserving recreational fisheries, expanding tax relief for the environmental conservation of lands, encouraging clean energy generation with tax relief to new green technologies, and more.
- Supporting Families: enhancing tax relief for families adopting a child, expanding tax relief for health-related services, capping wholesale wireless rates to make service more affordable, cracking down on cross-border price discrimination, and more.
- Strengthening Communities: improving broadband in rural and remote communities, establishing a $200 million National Disaster Mitigation Program to help communities prepare for natural disasters, introducing a Search and Rescue Volunteers Tax Credit, and more.
- Standing Up for Victims of Crime: implementing the Victim’s Bill of Rights and proving funding for a DNA-based Missing Persons Index.
- Honouring our Veterans: providing over $100 million to expand the funeral and burial program to ensure that veterans of a modest means have access to a dignified funeral and burial. Further, an additional $2million to enable veterans and their family’s access to engage the Department of Veterans Affairs 24 hours a day, 7 days a week.
A key difference between the Harper Government and the previous Liberal government is that the federal budget is on track to balance as planned without major cuts to transfer payments to the provinces or massive cuts to the Canadians Forces. For Ontario, the federal budget confirmed that transfers will total $19.2 in 2014-15, which represents a 76% increase from levels under the previous government. Our Government continues to grow provincial transfers to record levels and has made strategic investments to help stimulate job creation and to help Canada weather the global economic crisis, all while steadily lowering the deficit year after year without resorting to increasing taxes on Canadian families, seniors or employers.
The budget can be viewed in its entirety by visiting: www.fin.gc.ca
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