The Honourable Jim Flaherty, Minister of Finance, today welcomed the passage of the Jobs and Growth Act, 2012, Bill C-45, by the House of Commons.
“This Act is an important step in securing jobs, growth and long-term prosperity for Canadians,” said Minister Flaherty. “It promotes innovation and trade, supports families and communities, and respects taxpayers’ dollars.”
The Jobs and Growth Act, 2012 will bolster Canada’s economy and help improve communities across Canada with initiatives that build a strong economy and create jobs; support families and communities; promote clean energy; enhance the neutrality of the tax system; and respect taxpayers’ dollars.
The Act will:
Build a strong economy and create jobs by:
- Extending for one year the job-creating Hiring Credit for Small Business, which benefitted nearly 534,000 employers last year;
- Promoting interprovincial trade;
- Improving the legislative framework governing Canada’s financial institutions;
- Facilitating cross-border travel;
- Removing red tape and reducing fees for Canada’s grain farmers; and
- Supporting Canada’s commercial aviation sector.
Support families and communities by:
- Improving Registered Disability Savings Plans;
- Helping Canadians save for retirement by implementing the tax framework for Pooled Registered Pension Plans;
- Improving the administration of the Canada Pension Plan; and
- Strengthening the Canadian Environmental Assessment Act, 2012.
Promote clean energy and enhance neutrality of the tax system by:
- Expanding tax relief for investment in clean energy generation equipment; and
- Phasing out tax preferences for the mining and oil and gas sectors.
Respect taxpayers’ dollars by:
- Taking landmark action to ensure the pension plans for federal public sector employees are sustainable, financially responsible, and broadly consistent with the pension products offered by other jurisdictions, as well as fair relative to those offered in the private sector;
- Closing tax loopholes; and
- Eliminating duplication.
The Jobs and Growth Act, 2012 now moves to the Senate for review and debate.
