MP Stanton proud of Government’s commitment to jobs and opportunities in Economic Action Plan 2015[Download not found]
For Immediate Release:
April 21, 2015
MP Stanton proud of Government’s commitment to jobs and opportunities in Economic Action Plan 2015
Bruce Stanton is enthusiastic about the balanced federal budget, Economic Action Plan 2015, and its focus on lowering taxes, creating jobs and economic growth, and providing security to Canadians.
“We have kept our promise to Canadians by balancing the budget in 2015, the first balanced budget since the recession,” said MP Stanton. “Under this 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 focus on creating more jobs and growing the economy in Simcoe North and across the country.”
Economic Action Plan 2015 includes key measures to support families and individuals in Simcoe North and to support the Ontario 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. Due to measures taken since we formed Government, 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 our government has introduced.
- 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.
- Supporting Job-Creating Businesses: Economic Action Plan 2015 proposes to support manufacturing jobs across Ontario by providing tax relief for manufacturers and funding the new Automotive Supplier Innovation Program. These initiatives will help create jobs and economic growth for Ontario.
- 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.
- Supporting Veterans: Economic Action Plan 2015 includes previously announced support for Veterans, including the new Retirement Income Security Benefit, expanded access to the Permanent Impairment Allowance, modifying the Earnings Loss Benefit to ensure part-time Reserve Force veterans have access to it, the new annual tax-free Family Caregiver Relief Benefit, and improving the ratio of Veterans to Case Managers.
- 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 to 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 Ontario will receive record high transfers payments to support health care, education, and social programs. Specifically, Ontario will receive $20.4 billion in federal transfers this year – an increase of $9.6 billion (or 88%) since we formed Government in 2006. .
“I am proud of this plan that is lowering taxes and providing benefits directly to families, seniors, veterans and small business owners in Simcoe North,” said MP Stanton.
For more information please contact:
Office of Bruce Stanton, MP