The Next Phase of Canada’s Economic Action Plan on Right Track

March 23, 2011

OTTAWA – Ted Menzies, Member of Parliament for Macleod and Minister of State (Finance) is applauding the next phase of Canada’s Economic Action Plan, saying it will have positive benefits for Alberta families, seniors and job-creating businesses.
“Canada has weathered the global recession in a stronger position than nearly all major economies, with 480,000 new jobs created since July 2009. But the global economy is still fragile, we need to stay focused on the economy,” said Menzies. “This isn’t the time for an unnecessary election, we need to stay the course to help create jobs and economic growth.”
This is a budget that will continue to provide jobs, respects the priorities of Canadians and provides assistance to those who need it most.

The next phase of our Government’s Plan keeps taxes low to promote jobs and economic growth, while supporting Alberta families and seniors. It includes:

Supporting Job Creation: keeping taxes low for employers by introducing a temporary Hiring Credit for Small Businesses to support job growth; an expanded work sharing program; extending the Mineral Exploration Tax Credit, extending tax relief for investments in new equipment and machinery, investing in innovation to help our agriculture sectors grow; and more.

Strengthening our Families and Communities: up to $5,000 grants for Alberta families to make their homes more energy efficient; up to $840 in new annual financial support for needy Alberta seniors; a new Family Caregivers Tax Credit, a new Children’s Arts Tax Credit; loan forgiveness to attract doctors and nurses to rural Alberta; a new $3,000 volunteer firefighters’ tax credit; and the waiving of license renewal fees for hunters and firearm owners.

Investing in the economy of tomorrow: help for Alberta farmers with a new $50 million Agricultural Innovation Initiative; increased support for research and technology; improved federal student loans program for Manitoba students; and more.

Preserving Canada’s Fiscal Advantage: eliminating government waste; limiting spending growth; and closing unfair tax loopholes to ensure Canada stays on track for balanced budgets.

Alberta will also benefit from many initiatives including $5 million for the 100th anniversary of the Calgary Stampede in 2012.

Indeed, under the Government in 2011-12, Alberta will see record high major transfers totalling nearly $3.4 billion – an increase of over $1.1 billion. What’s more, Alberta will see growing transfer support for health care ($2.1 billion) and social services (nearly $1.3 billion). This increased support will help hospitals, schools, and other critical services in the province.

“While the former government radically and recklessly slashed transfers to our home province, our Government continues to ensure Alberta has record support to provide the health care, educational and other important services families depend on,” confirmed Menzies.