Moncton, New Brunswick, June 7, 2011... The Honourable Gail Shea, Minister of National Revenue, today highlighted the Next Phase of Canada's Economic Action Plan's benefits to families and businesses in Atlantic Canada, a low-tax plan for jobs and growth, which keeps the Government on track to return to balanced budgets.
"Our Government is focused on the economy, supporting hardworking Canadians and their families and completing and securing the economic recovery," said Minister Shea. "Our plan will keep taxes low for families in Atlantic Canada, invest in jobs and growth, and control government spending to eliminate the deficit."
Building on the sustainable, low-tax environment and growth-friendly policies put in place since 2006, the Next Phase of Canada's Economic Action Plan will focus on supporting job creation, supporting families and communities, investing in innovation, education and training, and preserving Canada's fiscal advantage.
The Harper Government highlighted important initiatives in the Next Phase of Canada's Economic Action Plan that will support Canadian families and businesses, including:
- Providing a temporary Hiring Credit for Small Business to encourage additional hiring by this vital sector.
- Supporting the manufacturing and processing sector by extending the accelerated capital cost allowance rate for investment in manufacturing or processing machinery and equipment for two years.
- Enhancing the Guaranteed Income Supplement (GIS) for those seniors who rely almost exclusively on their Old Age Security and the GIS and may be at risk of experiencing financial difficulty. This measure will improve the financial security of more than 680,000 seniors across Canada.
- Introducing a new $2,000 Family Caregiver Tax Credit amount that will provide tax relief to caregivers of infirm dependent relatives including, for the first time, spouses, common‑law partners and minor children.
- Introducing a new Children's Arts Tax Credit on up to $500 per child of eligible fees associated with children's artistic, cultural, recreational and developmental activities.
- Enhancing and expanding Canada Student Loans and Grants for part-time and full‑time post‑secondary students.
- Providing nearly $870 million over two years to address climate change and air quality, including the extension of the ecoENERGY Retrofit – Homes program that will help homeowners make their homes more energy efficient and reduce the burden of high energy costs.
- Encouraging skills certification by making all occupational, trade and professional examination fees eligible for tax relief.
- Establishing 10 new Canada Excellence Research Chairs, some of which will be active in fields relevant to Canada's Digital Economy Strategy.
- Delivering more than $500 million in new, ongoing savings from the 2010 round of strategic reviews.
- Protecting the integrity and fairness of the Canadian tax system by closing tax loopholes.
- Phasing-out of quarterly allowances for political parties.
Canada's economy has now grown for seven straight quarters, with nearly 540,000 new jobs created since July 2009. While that's positive news, too many Canadians are still looking for work and the global economic recovery remains fragile. The Government is focused on securing Canada's economic recovery through the implementation of the Next Phase of Canada's Economic Action Plan.
"Our Plan is helping Canadian families and seniors during this fragile global economic recovery," said Minister Shea. "Canadians gave us a mandate to stay focused on the economy and pass measures aimed at strengthening both our economic recovery and our country, and we're following through on these commitments."
