Harper Government Passes Part 1 of Economic Action Plan 2013
On March 21st, Jim Flaherty, Minister of Finance, delivered our Conservative Government’s latest Budget, Economic Action Plan 2013. Included in the Budget are a number of measures to help create jobs and economic growth. All the while, our Government will keep taxes low and stay on track to balance the books by 2015. It’s a plan that has supported Canada in creating over one million net new jobs since the depths of the global economic recession.
Recently, our Government passed the first portion of Economic Action Plan 2013 – Bill C-60, the Budget Implementation Act. Included in the Act was action to build a stronger economy and promote job growth, action to support Canadian families and communities, and action to respect taxpayer dollars. Here’s just a few of the initiatives that were included.
Through the Budget Implementation Act, our Conservative Government has extended, for two years, the temporary accelerated capital cost allowance for new investments in machinery and equipment by Canadian manufacturers, helping to deliver $1.4 billion in tax relief. We also indexed Gas Tax Fund payments to better-support job-creating infrastructure in municipalities across Canada.
We passed reforms to the Temporary Foreign Worker Program to ensure that Canadians are always given the first chance at available jobs. And we modernized the Investment Canada Act to better-clarify the rules surrounding proposed takeovers of Canadian companies by foreign, state-owned businesses. These are just a few of the ways we’re helping build a stronger economy and promote job growth.
Meanwhile, through the Budget Implementation Act, we’ve also enhanced the Adoption Expense Tax Credit to better recognize the costs of adopting a child. We delivered the new First-Time Donor’s Tax Credit to help encourage all first-time charity donors, especially young Canadians, to donate and support our communities. We removed tariffs on imports of baby clothing and eligible sports and athletic equipment to ensure the prices that Canadians pay are in-line with those in the United States. And we’ve improved benefits for Canada’s Veterans, ensuring their disability benefits are no longer deducted when calculating other select benefits. These are just a few of the ways we’re helping support Canadian families and our communities.
Finally, we’ve taken steps to improve the fairness of the tax system through the Budget Implementation Act. We’ve implemented measures to close tax loopholes to ensure everyone pays their fair share. And we’ve taken steps to align employee compensation offered by Crown corporations with what is available to federal employees. These are just a few of the way we’re helping respect hard-earned taxpayer dollars.
Economic Action Plan 2013 builds on the previous action taken by our Conservative Government that has a proven track record. It’s clear we’re staying focused on our number one priority – jobs, growth and long-term economic prosperity for Canada.
Haldimand-Norfolk MP Diane Finley welcomes the new federal budget – Economic Action Plan 2013 – and its continued focus on job creation, economic growth, and long-term prosperity as good news for Haldimand-Norfolk. The Plan keeps federal taxes at their lowest level in 50 years and will see Canada return to balanced budgets in 2015.
“While Canada has the best job creation record among all G-7 countries since the worst of the global recession with over 950,000 net new jobs, we recognize that the global economy remains very challenging,” said MP Finley. “In Economic Action Plan 2013, our Conservative government remains squarely focused on the number one priority of Canadians, with a plan to help create jobs and grow the economy across Canada.”
Finley outlined that Economic Action Plan 2013 includes key measures to strengthen Canada’s economy, including:
- Increased skills and training support, including the new $15,000 Canada Job Grant, to help more Canadians find high-quality, well-paying jobs;
- Tax breaks for manufacturers who buy new machinery and equipment to stay competitive, and an extended ‘hiring credit’ for small businesses who create jobs;
- A record $70 billion federal investment in infrastructure across Canada, including roads, bridges and ports;
- New tax relief for Canadians who give to charity, adopt a child, or rely on homecare services;
- Providing $920 million to renew the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). Since its creation in 2009, FedDev Ontario has supported over 340 projects and has played an important role in building a stronger economy in Southern Ontario;
- Providing Haldimand-Norfolk with over $6.5 million in indexed Gas Tax funding to support community infrastructure projects;
- Elimination of ‘import tax’ tariffs on everyday items Canadian families buy, like baby clothing, sports gear, and exercise equipment.
Economic Action Plan 2013 also confirmed the Conservative government’s continued all-time record support for hospitals, schools, and other important health and social services in Ontario.
“We all remember the former Liberal government slashed transfers for health care and education. Our Conservative government rejects that shameful practice, and is protecting and growing transfers to help support the services that Ontario families depend on,” said Finley.