Positive Steps for all Canadians and the Economy
OTTAWA – Ted Menzies, Member of Parliament for Macleod and Parliamentary Secretary to the Minister of Finance is pleased to announce that the Government of Canada has tabled Budget 2009 - Canada’s Economic Action Plan - a bold multi-year approach to stimulate the economy and protect the country during the current global recession.
The plan will provide almost $30 billion in support, equivalent to 1.9% of our GDP, to the Canadian economy this year. Alberta will especially benefit from the plan through various means such as:
Action to Build Infrastructure by providing Alberta with its share of $4.5 billion over two years for infrastructure projects such as road, water and sewer system upgrades across the province. It also accelerates payments up to $75 million over two years for additional infrastructure projects;
Action to Reduce Taxes and Freeze EI Rates by providing the people and businesses of Alberta with tax relief of $2.8 billion over the next five years and providing billions to keep EI rates low for 2009-10;
Action to Stimulate Housing Construction by providing billions to build quality social housing, stimulate construction and enhance energy efficiency. The new renovation tax credit will provide up to $1,350 per homeowner, which will benefit Alberta homeowners by up to $338.2 million over two years;
Action to Improve Access to Financing for businesses to obtain the resources they need to invest, grow and create new jobs and give consumers the adequate financing they need;
Action to Help Canadians Hit Hardest by the Economic Downturn including enhancements to Employment Insurance and more funding for skills and training; and
Action to Support Businesses and Communities during this global recession with $7.5 billion in extra support for sectors such as forestry and manufacturing, as well as the regions and communities that depend on them.
“This economic action plan is necessary in these difficult economic times,” explained Menzies. “The targeted and temporary measures will build on Canada’s long-term strengths, while helping address short-term challenges. I am proud that our Government demonstrates such initiative and I know that Albertans will benefit greatly from our plan.”
Alberta will also benefit from specific initiatives including an additional $81 million over the next two years to accelerate the cleanup of federal contaminated sites, including Edmonton International Airport; and $130 million to Parks Canada for twinning a section of the Trans-Canada Highway within Banff National Park.
Furthermore, Alberta will continue to receive historically high and growing federal transfers in 2009-10 that will total $3.6 billion - an increase of $213 million from last year and a $1.2 billion increase over the former Liberal government. In addition, Alberta will see growing health ($1.9 billion) and social ($1.2 billion) transfers to help the province pay for vital health care, educational and social services families depended on.
“This plan will enable us to have a more competitive economy, and it will help Canadians emerge prosperous from this global recession,” said Menzies.
