FEDERAL Finance Minister Joe Oliver on Thursday announced that he will table a balanced budget – Economic Action Plan 2015 – on April 21 in the House of Commons. The plan will highlight how the government will fulfill its commitment to Canadians “to balance the budget, support small businesses and manufacturers, support Canadian families and reduce taxes for Canadians.”
Oliver said that the benefits of balancing the budget and reducing debt include:
* Ensuring that tax dollars are used to deliver direct benefits to Canadians.
* Instilling confidence in consumers and investors, whose dollars spur economic growth and job creation.
* Strengthening the country’s ability to respond to longer-term challenges, such as unexpected global economic shocks and global security threats.
The government is delivering close to $27 billion in new tax relief and increased benefits for families over 2014–15 and the following five years, by:
* Increasing and expanding the Universal Child Care Benefit.
* Introducing the Family Tax Cut.
* Increasing the Child Care Expense Deduction dollar limits.
Oliver claimed that Canada’s Economic Action Plan is working:
* Since the depths of the recession, over 1.2 million net new jobs have been created—overwhelmingly full-time, well-paying jobs in the private sector.
* The overall federal tax burden is at its lowest level in over 50 years.
* Bloomberg has ranked Canada as the second most attractive place in the world to do business.
Oliver said: “The overall effect of our government’s Economic Action Plan and the prudent choices we’ve made have secured economic opportunities now, and for future generations. Economic Action Plan 2015 will fulfill our government’s commitment to Canadians to balance the budget this year—a budget focused on jobs, growth, and long-term prosperity. We are committed to ensuring that Canadian families are able to keep more of their hard-earned dollars to focus on their families’ priorities.”