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

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 24, 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 Vancouver 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 Vancouver 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. 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 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 Vancouver 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 Vancouver and across the country."

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

"Fasken Martineau is proud to host members of The Indus Entrepreneurs, the Canada-India Business Council, and the South Asian business community at our offices. A balanced budget and cutting red tape foster confidence in investors, and support small and medium-sized businesses by reducing taxes and creating jobs. We would like to thank Minister Findlay for reaching out to the business community, and look forward to seeing how Economic Action Plan 2015 will benefit future commercial and trade relations between India and Canada."

Robin Dhir, Strategic Advisor, Fasken Martineau

Associated Links

Economic Action Plan 2015

Tax Free Savings Account

Registered Retirement Income Fund

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