MP ERIN O’TOOLE: ECONOMIC ACTION PLAN 2015 PROMISE DELIVERED: BALANCED BUDGET
BOWMANVILLE – Member of Parliament Erin O’Toole welcomes the government’s Economic Action Plan 2015. It will support jobs and growth in Durham, help our families and communities prosper, and ensure the security of all Canadians.
“We have kept our promise to Canadians by balancing the budget in 2015. This is the first balanced budget since the Great recession,” said MP O’Toole. ““Under our leadership, Canada has created over 1.2 million new jobs since the recession, but we live in uncertain times and the global economy remains fragile. That’s why Economic Action Plan 2105 will continue our Government’s focus on creating more jobs and growing the economy in Durham and across the country.”
Economic Action Plan 2015 includes key measures to support Durham families and support the Ontario economy, including:
- Cutting Tax for Small Businesses: Economic Action Plan 2015 proposes to further reduce the small business tax rate down to 9% from 11% by 2019. Since taking government in 2006, we have reduced taxes for small businesses by almost 50%.
- Supporting Families through lowering taxes and increasing benefits. 100% of families with children will benefit from our programs such as the expanded Universal Child Care Benefit. An average family will receive $6,600 in support per year due to measures taken by our government.
- Doubling the annual contribution for the Tax Free Savings Account (TFSA) to $10,000. This will benefit the more than 11 million Canadians who have opened these accounts. Close to 2.7 Million seniors had a TFSA as of the end of 2013. Nearly 60% of seniors with a TFSA had an annual income of less than $40,000.
- Reducing the minimum withdrawal factors for Registered Retirement Income (RRIF) to allow seniors the choice to preserve more of their retirement savings, which will better support their retirement income needs.
- Increasing the Lifetime Capital Gains Exemption to $1.0 Million for farmers which will allow them to maintain more of their capital for retirement. This is a doubling from $500,000 since taking government in 2006.
- Creating the Automotive Supplier Program to provide $100 million worth of support over 5 years to help product development and technology demonstration for automotive parts suppliers.
- Introducing a nine-year investment incentive for Canada’s manufacturers and processors which will provide manufacturers with an accelerated capital cost allowance in order to spur continued investment in required machinery and equipment. The Durham region is home to one of Canada’s largest manufacturing sectors, and we are committed to providing the manufacturing sector with the tools to be competitive around the world.
- Supporting the Renovation, Expansion, and Improvement of Existing Community Infrastructure in all regions of the country as part of the Canada 150 celebrations.
- Supporting Advanced Research Infrastructure at Universities and Colleges through new funding to the Canada Foundation for Innovation.
The province of Ontario will receive record high transfer payments to support health care, education, and social programs. Overall the province of Ontario will receive $20.4 billion in federal transfers this year – an increase of $9.6 billion from previous governments.
“I am proud of our plan that is lowering taxes and providing benefits directly to families in Durham, allowing them to reinvest in the Canadian Economy” says MP O’Toole.
The budget can be viewed in its entirety by visiting: www.fin.gc.ca
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