Archived - Minister Oliver Tables Notice of Ways and Means Motion to Implement Tax Provisions in Economic Action Plan 2015 and Other Tax Measures
May 4, 2015 – Ottawa, Ontario – Department of Finance
Finance Minister Joe Oliver today tabled in the House of Commons a detailed Notice of Ways and Means Motion to implement certain tax provisions in Economic Action Plan 2015, as well as other tax measures.
The Notice of Ways and Means Motion includes the following measures, as well as certain measures from Bill C-57, the Support for Families Act, which was tabled in the House of Commons on March 27, 2015:
- Reducing the small business tax rate to 9 per cent by 2019—lowering taxes for job-creating small businesses and their owners by $2.7 billion between now and 2019–20.
- Providing manufacturers with a 10-year accelerated capital cost allowance to encourage productivity-enhancing investment in machinery and equipment.
- Increasing the Lifetime Capital Gains Exemption to $1 million for owners of farm and fishing businesses.
- Extending the Mineral Exploration Tax Credit until March 31, 2016.
- Increasing the Tax-Free Savings Account annual contribution limit to $10,000, effective for 2015 and subsequent years.
- Reducing the minimum withdrawal factors for Registered Retirement Income Funds to permit seniors to preserve more of their retirement savings to better support their retirement income needs.
- Supporting seniors and persons with disabilities by introducing the Home Accessibility Tax Credit to help with renovation costs to make their homes safer and more accessible, so that they can live independently and remain in their homes.
- Ensuring that extended benefits that veterans and their families receive under the new Critical Injury Benefit and Family Caregiver Relief Benefit are exempt from tax.
- The deficit has been reduced from $55.6 billion at the height of the Great Recession to a projected surplus of $1.4 billion for 2015–16.
- The Harper Government paid down $37 billion in debt before the Great Recession, an important reason why Canada’s total government net debt burden is the lowest of any Group of Seven (G-7) country and among the lowest of the advanced G-20 countries.
- A typical two-earner Canadian family of four will receive tax relief and increased benefits of up to $6,600 in 2015 as a result of actions taken by the Harper Government since 2006.
- The Government has lowered taxes every year since coming into office. In fact, the overall federal tax burden is now at its lowest level in more than 50 years.
- Over 1.2 million more Canadians are working now than at the end of the recession in June 2009. The majority of these net new jobs have been full-time positions in high-wage, private-sector industries.
- Canada has demonstrated one of the best economic performances among G-7 countries over the recovery.
- Real gross domestic product is significantly above pre-recession levels—the best performance in the G-7.
Director of Communications
Office of the Minister of Finance
Department of Finance
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