April 25, 2015 - Winnipeg, Manitoba - Canada Revenue Agency
The Honourable Kerry Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, is welcoming the Harper Government’s Economic Action Plan 2015. It will support jobs and growth in Winnipeg and across Manitoba, help our families and communities prosper and ensure the security of all Canadians.
Economic Action Plan 2015 includes key measures to support Winnipeg families and to support the Manitoba economy, including:
- Cutting Tax for Small Business: Economic Action Plan 2015 proposes to further reduce the small business tax rate down to 9% by 2019. For example, for a small business with taxable income of $500,000, this tax cut and other tax relief since 2006 will result in a federal tax reduction of 46%.
- Supporting Families: Economic Action Plan 2015 benefits 100% of families with children by lowering taxes and increasing benefits. An average family will receive $6,600 in support per year due to measures introduced by the government.
- Tax Free Savings Account: Economic Action Plan 2015 proposes to increase the Tax-Free Savings Account annual contribution limit to $10,000, effective for the 2015 taxation year. There are now 11 million Canadians who have opened accounts to save money for their priorities.
- Supporting Job-Creating Businesses: Economic Action Plan 2015 proposes to provide funding to responsibly develop our resources, to support our aerospace industry, and to increase the Lifetime Capital Gains Exemption to $1 million for our farmers and fishermen.
- Supporting Seniors: Economic Action Plan 2015 proposes to provide more flexibility for seniors by reducing the minimum withdrawal factors for Registered Retirement Income Funds to permit seniors to preserve more of their retirement savings. Economic Action Plan 2015 also proposes to introduce a new, permanent, non-refundable Home Accessibility Tax Credit for seniors and persons with disabilities.
- National Security: To ensure that our Armed Forces continue to have what they need to accomplish the dangerous tasks Canadians ask of them, Economic Action Plan 2015 proposes increase National Defence’s budget by $11.8 billion over 10 years. We are also providing new funding to help counter violent extremism and terrorism.
The Province of Manitoba will receive record high transfer payments to support health care, education, and social programs. Specifically, Manitoba will receive $3.4B in federal transfers this year – a $717M increase (or 26%).
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Rebecca Rogers
Director of Communications
Office of the Minister of National Revenue
613-995-2960
Philippe Brideau
Media Relations
Canada Revenue Agency
613-941-6269
