|
 OSHAWA,
27 February, 2008 – Colin Carrie,
MP for Oshawa and the Parliamentary Secretary to the Minister of
Industry is pleased to see real results delivered for Oshawa
residents in yesterday’s Budget 2008. Building on the
Government’s 2007 Fiscal and Economic Update, the Conservative
government tabled a balanced, focused and prudent budget to
strengthen Canada and Ontario amidst global economic
uncertainty. Budget 2008 continues reducing debt and taxes,
focuses government spending, and provides additional support for
sectors of the economy that are struggling.
This year alone the federal government is
injecting $21 billion of
stimulus into the Canadian
economy as a result of all of our tax relief measures. As a
share of the economy this is significantly greater than the
stimulus package offered by the U.S.
“Our government is taking the path that
requires focus, prudence and discipline,” said Colin Carrie, M.P.
“This budget builds on our long-term economic plan Advantage
Canada, a plan that is a realistic and responsible way forward.”
Budget 2008 also provides Canadians with
the most important federally-driven personal finance innovation
since the introduction of the Registered Retirement Savings Plan
(RRSP): the
Tax-Free Savings Account
(calculator). This
flexible, registered, general-purpose account
will allow Canadians to watch their savings – including interest
income, dividend payments and capital gains – grow tax free.
“The Tax Free Savings Account is the first
of its kind in Canadian history,” said Carrie. “It will provide
all Canadians with a powerful incentive to save. An RRSP is
primarily intended for retirement, but the Tax-Free Savings
Account is like an RRSP for everything else in your life.”
Budget 2008 also demonstrates responsible
leadership by:
-
Strengthening Canada’s tax
advantage. Since taking
office, the Government has delivered almost $200 billion
in tax relief over this and the next five years. Budget
2008 extends accelerated capital cost allowance
treatment to the manufacturing and processing sector by
three years on a declining basis – providing Ontario
businesses with an additional $74.9 million in tax
relief.
-
Supporting the automotive
sector. We are supporting
the automotive sector with
over $1.6 billion in benefits over this and the next
five years. This includes $250 million for an Automotive
Innovation Fund and over $1 billion in tax relief for
the auto sector by 2012-13
-
Investing in
the future. We are
extending the federal gas tax fund to municipalities
permanently. This will provide an additional $2 billion
a year, every year, forever.
-
Targeting
support.
Ontario will receive $358
million over 3 years through the $1 billion Community
Development Trust to support efforts to help vulnerable
communities adjust to global economic uncertainty, $195
million over two years through the $500 million Public
Transit Capital Trust 2008, including the
re-establishment of the rail link between the City of
Peterborough and Toronto’s Union Station, and $515
million for infrastructure initiatives.
-
Providing leadership at home.
We are providing $156 million to Ontario to hire new
front line police officers over the next five years.
Budget 2008 also provides funding to preserve and
protect the environment, $110 million to support those
with mental health issues, including a pilot project in
Toronto to help address the needs of those who are
homeless and suffering from mental illness.
-
Providing leadership abroad.
We are providing the Canadian Forces with stable and
predictable funding to permit long-term planning and
delivering on our promises for international
assistance.
-
Supporting seniors and
families. To date our
government has taken actions that will provide nearly
$200 billion in tax relief over this and the next five
years, $140 billion of which will be for individuals,
families and seniors. Budget 2008 also provides $60
million to fully exempt the first $3,500, up from the
current maximum exemption of $500, of earned income from
the Guaranteed Income Supplement (GIS) calculation to
extend further benefits to seniors.
-
Delivering for Students.
Our Government will provide $350
million for this Canada Student Grant Program in
2009-2010, growing to $430 million in 2012-2013.
This funding will reach over
100,000 more students from low and middle income
families than the current system.
As a result of restoring fiscal balance
Ontario will receive $13.9 billion in 2008-09,
an increase of $1.4 billion from last year and almost $2.7
billion since 2005-06. These
transfers include $8.6 billion through the Canada Health
Transfer and $4.1 billion through the Canada Social Transfer.
“There are challenges on the horizon,”
said Carrie. “Some would have us go down the path to higher
spending, higher interest payments and higher taxes. That
approach is misguided. Our Government is taking the path that
requires focus, prudence and discipline.” |
