Minister Findlay: Economic Action Plan 2015 Demonstrates Commitment to Jobs, Growth, and Security in Winnipeg and Across Manitoba

WINNIPEG, MANITOBA--(Marketwired - April 25, 2015) - 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%).

Quotes

"We are proud of our plan that is lowering taxes and providing benefits directly to families in Winnipeg for them to reinvest in the Canadian economy."

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue

"We have balanced the budget in 2015, the first balanced budget since the Great Recession."

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue

"Under the Government's leadership, Canada has created over 1.2 million new jobs since the recession, but we live in uncertain times and the global economy remains fragile. That's why Economic Action Plan 2015 will continue our Government's focus on creating more jobs and growing the economy in Winnipeg and across the country."

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue

"Economic Action Plan 2015 demonstrates the Federal Government's commitment to create jobs, generate growth, and foster long-term prosperity for Canadians in our community and across the country. Businesses in this region have already seen the real and positive impact of the Government's actions to cut red tape and keep taxes low. I'm confident that the Economic Action plan proposed by the Government this week will continue on this progress to make our local businesses even more competitive."

Joyce Bateman, Member of Parliament for Winnipeg South Centre

Associated Links

Economic Action Plan 2015

Tax Free Savings Account

Registered Retirement Income Fund

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