ABBOTSFORD ISSUES

Economic and Fiscal Update

Recently, Finance Minister Jim Flaherty delivered our government’s Next Phase of Canada’s Economic Action Plan – and the story remains positive. The economy continues to lead much of the developed world, but the recovery remains fragile. Our Conservative government has reduced your taxes over 100 times, so that you can make the financial decisions that make sense for you and your family. Indeed, since 2006, your federal government has reduced the tax burden on the average family of four by $3,100, and the value of tax reductions on Canadian individuals and businesses total $160 billion. We have also restrained spending to help return our finances to balanced budgets by 2014-15.

Today, Canada stands on the best economic footing of all Group of Seven (G7) economies, and our country is the envy of the world. But challenges, such as the higher Canadian dollar and the growth of exports from emerging economies overseas, remain.

We will continue to manage government finances carefully and have embarked upon a review of all government programs and expenditures. Our Conservative government will get results for Canadians and value for their money.

Job Creation

Since 2009, despite the worst recession since the Second World War, the Canadian economy has created close to 600,000 new jobs, more than replacing all of the jobs lost during the recession. The Canadian economy has grown for seven straight quarters! As we progress into the next phase of the Economic Action Plan, our Government will continue to focus on stability and financial security for hardworking Canadians and their families.

Some of the many ways we are supporting job creation include:

Providing a Temporary Hiring Credit for small businesses to encourage additional hiring in this vital sector;
Extending the work-sharing program and the Targeted Initiative for Older Workers;
Supporting the manufacturing and processing sector by extending the accelerated capital cost allowance treatment for investments in manufacturing and processing machinery and equipment for two years;
Renewing the Best 14 Weeks and Working While on Claim EI pilot projects for one year.

Unlike the opposition parties, our government promises Canadians not to make dangerous spending commitments which would lead to higher taxes, kill jobs and jeopardize our fragile economic growth. Canadians can rest assured that our Conservative Government’s priority is to protect the economic well-being of businesses and families.

Economic Action Plan

As we embark upon the second phase of Canada’s Economic Action Plan, our Conservative government pledges to continue creating jobs and restoring the economy through:

$3.2 billion in personal income tax relief: Putting more money in the pockets of Canadians by allowing citizens to earn more before paying higher tax rates.

Over $4 billion in actions to create and protect jobs, including Employment Insurance and training opportunities for unemployed Canadians to re-enter the workforce.

$7.7 billion in infrastructure stimulus to create jobs by modernizing infrastructure, supporting home ownership and improving social housing.

$1.9 billion to create the economy of tomorrow by attracting talented people for world-leading research and creating a more competitive business environment.

$2.2 billion to support industries and communities by providing job opportunities to those communities which have been hit the hardest by the economic recession.

Advantage Canada

Our government intends to reach higher and go farther for the benefit of families, students, workers and seniors from coast to coast to coast.

Advantage Canada is a bold new long-term economic plan that will create the right economic conditions and opportunities for families and businesses to succeed.

Advantage Canada builds on Canada’s strengths and will help Canadians gain a global competitive advantage in five key areas: