Economic Action Plan 2015
Finance Minister Joe Oliver recently tabled our Government’s budget – a low-tax plan that will help to create jobs, spur economic growth, and ensure long-term prosperity for all Canadians. It’s a budget that focuses on the priorities of hard-working Canadian families.
It’s also the budget that returns us to balance.
When the global economic recession hit in 2008-09 our Government took action to stave off the worst of the effects by investing in job-creating infrastructure projects and cutting taxes to put more money back in the pockets of Canadians. Unlike many other countries that continue to face challenges today, our Government made these investments with a clear plan to return to balance. Under the strong leadership of Prime Minister Stephen Harper, we have achieved this goal. We have balanced the budget while cutting taxes to record lows and without slashing transfers for important provincial services, like healthcare.
With a surplus comes the opportunity to invest in important priorities. Economic Action Plan 2015 introduces measures to lower the tax burden on families, seniors, and small businesses. We’re increasing the annual contribution limit for Tax-Free Savings Accounts (TFSAs) to allow Canadians to save more money – tax-free. We’re changing the rules for Registered Retirement Income Funds (RRIFs) to allow seniors the flexibility of how they use their money in their golden years. And we’re cutting the small business tax rate from 11 per cent to 9 per cent by 2019 – the largest tax rate cut in 25 years for the businesses that make up the backbone of the Canadian economy.
In addition to our plan to lower taxes, we are making an historic, innovative investment in the public transit fund to reduce gridlock in cities across Canada. This historic investment will reduce travel times so that Canadians can spend more time at home – not their car. We are also making historic investments and tax breaks for Canada’s manufacturing and innovation sectors that will allow them to grow and create more jobs for hard-working Canadians.
Going forward our Government remains committed to our low-tax plan. Economic Action Plan 2015 focuses on the priorities of hard-working families and delivers results for all Canadians.