Ottawa, September 30, 2009
2009-090
The Honourable Jim Flaherty, Minister of Finance, today introduced the Economic Recovery Act in the House of Commons. This legislation is pursuant to the adoption of a Ways and Means Motion by the House of Commons on September 18, 2009.
"Canada's Economic Action Plan is protecting and creating jobs. The Plan is achieving results. But the job is not done. We will complete the implementation of the Action Plan to secure a recovery," said Minister Flaherty. "The Economic Recovery Act is one way we're doing that."
The Economic Recovery Act will implement key measures in Canada's Economic Action Plan and other vital initiatives that will help to secure a strong recovery and protect jobs by:
Cutting taxes for individuals and businesses
- Implementing the temporary Home Renovation Tax Credit.
- Implementing the First-Time Home Buyers' Tax Credit.
- Enhancing the benefits provided under the Working Income Tax Benefit.
- Extending the existing tax deferral available to farmers in prescribed drought regions to farmers who dispose of breeding livestock because of flood or excessive moisture, and prescribing the regions as eligible flood or drought regions from 2007 to 2009.
- Amending the Customs Tariff to relax the conditions relating to temporarily imported shipping containers.
Strengthening pensions
- Allowing for increased flexibility in how Canadians live, work and retire by amending the Canada Pension Plan as agreed upon by federal, provincial and territorial Finance Ministers in their Triennial Review.
Promoting global growth and cooperation
- Giving small and low-income countries a bigger voice at the International Monetary Fund (IMF) and strengthening our commitment to debt relief by implementing amendments proposed by the Board of Governors of the IMF to the Bretton Woods and Related Agreements Act.
Creating the Economy of Tomorrow
- Strengthening Canada's knowledge advantage by expanding eligibility under the $1 billion provided through Bill C-10 for post-secondary infrastructure beyond repair and maintenance to allow for the funding of construction and expansion projects at post-secondary institutions.
Improving government transparency and accountability
- Requiring federal departments and Crown corporations to prepare and publish quarterly financial reports.
- Adding PPP Canada Inc. to Part I of Schedule I of the Public Service Superannuation Act.
The Economic Recovery Act will also make minor amendments to the Canada Pension Plan Investment Board Act and the Bankruptcy and Insolvency Act. It will also conclude the resolution to the Nova Scotia Crown share settlement and increase the CBC's borrowing authority to ensure dependability for public broadcasting.
"These measures will create jobs, provide tax relief for Canadians and their families, assist those who have weathered tough economic times, and help build a stronger future for all Canadians," said Minister Flaherty.
More information on these and other measures 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).
For further information, media may contact:
Chisholm Pothier
Press Secretary
Office of the Minister of Finance
613-996-7861
Jack Aubry
Media Relations
Department of Finance
613-996-8080
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