Canada Revenue Agency

Canada Revenue Agency

April 23, 2015 13:55 ET

Minister Findlay: Economic Action Plan 2015 Demonstrates Commitment to Jobs, Growth, and Security in Surrey and Across British Columbia

SURREY, BRITISH COLUMBIA--(Marketwired - April 23, 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 Surrey and across British Columbia, help our families and communities prosper and ensure the security of all Canadians.

Economic Action Plan 2015 includes key measures to support Surrey families and to support the British Columbia 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. As a result of measures introduced by the government since 2006, we have reduced taxes for small businesses by almost 50%.
  • 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 tax relief to the LNG industry and new funding to the forestry sector to help diversify their markets to emerging economies. These initiatives will help create jobs and economic growth for British Columbia.
  • 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 British Columbia will receive record high transfer payments to support health care, education, and social programs. Specifically, British Columbia will receive $6.1B in federal transfers this year.

Quotes

"We are proud of our plan that is lowering taxes and providing benefits directly to families in Surrey 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 Surrey and across the country."

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

"Small businesses are an important driver of Canada's economic growth. The Government of Canada's actions to provide tax relief and cut red tape for businesses are having a real impact. We look forward to continuing to work with the Government to further support the competitiveness of our local businesses and continue to create jobs and growth in Surrey."

Anita Huberman, CEO, Surrey Board of Trade

Associated Links

Economic Action Plan 2015

Tax Free Savings Account

Registered Retirement Income Fund

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Contact Information

  • Carter Mann
    Press Secretary
    Office of the Minister of National Revenue
    613-995-2960

    Philippe Brideau
    Media Relations
    Canada Revenue Agency
    613-941-6269