Ottawa, March 19, 2007
2007-022
The Honourable Jim Flaherty, Minister of Finance, today tabled a balanced
budget that moves to restore fiscal balance in Canada, cuts taxes for
working families, reduces the national debt and invests in key priorities
like improving health care and environmental protection.
"Budget 2007 will strengthen the federation by restoring much-needed
fiscal balance," said Minister Flaherty. "And Canadians come out
ahead through real tax relief that benefits working families."
Budget 2007 builds a stronger, safer, better Canada by delivering the
following benefits for Canadians:
Restoring fiscal balance by providing $39 billion in additional
funding over seven years, which will allow provinces and territories to
better provide services and infrastructure that matter to Canadians–everything
from roads, bridges and public transit, to better-equipped universities
and colleges, improving health care, clean rivers, oceans and air, and job
training that helps Canadians compete with the best in the world.
Further tax relief for working families with the Working Families
Tax Plan, which includes a new $2,000-per-child tax credit. Budget 2007
also helps parents save for their children's education by strengthening
the registered education savings plan program, and supports seniors by
raising the age limit for registered pension plans and registered
retirement savings plans to 71 from 69 years.
Further debt reductions resulting in savings for Canadians. After
paying down $13.2 billion on Canada's national debt in September 2006,
Budget 2007 further reduces the debt by $9.2 billion. Thanks to the
government's Tax Back Guarantee, the interest savings on this year's
debt repayment will be returned to Canadians in the form of further tax
cuts.
Investing in Canadians by providing $550 million per year for the
Working Income Tax Benefit and $140 million over two years to establish a
Registered Disability Savings Plan.
Preserving the environment with a balanced action plan including
rebates on fuel-efficient vehicles and efficient alternative fuel
vehicles, an incentive to get older polluting cars off the road and a
Green Levy on fuel-inefficient vehicles; by developing a new National
Water Strategy; and by providing $1.5 billion to establish a Canada
ecoTrust for Clean Air and Climate Change.
Improving health care by investing $400 million for Canada
Health Infoway to support the development of electronic health records and
up to $612 million to support jurisdictions that have made commitments to
implement patient wait time guarantees, and by providing the provinces
with $300 million for a vaccine to prevent cancer of the cervix.
Supporting our troops by providing $60 million to increase the
field operations allowance, establishing five new trauma centres to help
veterans and their families deal with stress injuries related to their
military service, and creating the position of Veterans' Ombudsman.
Supporting our farmers by providing $1 billion in commitments for
improvements to national farm income programs, including $600 million to
kick-start contributory style producer savings accounts and a direct
payment of $400 million to producers to help address high production
costs.
A companion document, Creating a Canadian Advantage in Global
Capital Markets, outlines the Government's plan to strengthen our
capital markets, which will make Canadian businesses more competitive and
increase returns for investors.
Further information on Budget 2007 can be obtained by visiting the
Department of Finance website or by phoning 1 800 O-Canada
(1 800 622-6232) or 1 800 926-9105 (TTY for the speech
and hearing impaired/deaf).
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For further information, media may contact:
Chisholm Pothier
Press Secretary
Office of the Minister of Finance
613-996-7861
David Gamble
Media Relations
Department of Finance
613-996-8080
