Vancouver, March 22, 2013
2013-042
Speaking to the Vancouver Board of Trade, the Honourable Jim Flaherty, Minister of Finance, set out some of the key elements in Canada’s Economic Action Plan 2013 that will benefit Canadians and their families throughout British Columbia and across Canada.
While the Harper Government remains squarely focused on balancing the budget by 2015, Minister Flaherty highlighted a bold and innovative skills training initiative, the largest and longest federal infrastructure plan in Canadian history, and significant new investments to support manufacturing and innovation in Canada.
“Together, the initiatives in Economic Action Plan 2013 build on previous actions by our Government to connect Canadians with new high-quality jobs, to provide long-term predictable funding to build roads, bridges and commuter rail, and to make significant investments in our manufacturers and small businesses,” said Minister Flaherty.
Economic Action Plan 2013 sets out the following initiatives:
The Canada Job Grant—Canadians could benefit from $15,000 or more per person to ensure they are getting the skills employers are seeking. Up to $5,000 will be provided by the federal government and that amount will be matched by the province or territory and the employer. For the first time, the Canada Job Grant will take skills-training choices out of the hands of government and put them where they belong in the hands of employers and Canadians who want to work.
The New Building Canada Plan—This is the largest and longest federal investment in provincial, territorial and municipal infrastructure projects in Canadian history—more than $53 billion over 10 years, starting in 2014–15.
Supporting Manufacturers and Small Businesses—The Government is providing $1.4 billion in tax relief for manufacturers and processors through a two-year extension of the temporary accelerated capital cost allowance. This proposed tax relief will allow businesses in the manufacturing and processing sector to invest more in machinery and equipment, making their operations more efficient. The Government is also investing $225 million and introducing legislation to expand and extend the temporary Hiring Credit for Small Business for one year.
“The Harper Government is committed to returning to balanced budgets by 2015 and will focus on what it can control in order to achieve this result. For example, direct program spending is projected to grow at the slowest rate in nearly 20 years,” said Minister Flaherty
Minister Flaherty reiterated that the Harper Government will not raise taxes or reduce transfers to individuals, including those for seniors, children and the unemployed, or transfers to other levels of government in support of health care and social services.
“By sticking to the long view, Canada has picked the right path and the right plan. By staying the course, our Government will continue to promote economic growth, job creation and long-term prosperity for all Canadians,” concluded Minister Flaherty.
