How Budget 2015 is delivering for Canadians

Joe Oliver

Recently, I presented Budget 2015. It is prudent and principled, and will see Canadians more prosperous, secure and confident in our country’s place in the world.

It is a balanced budget — balanced fiscally and balanced in providing benefits fairly to Canadians here in our community and throughout Canada. It took a sound plan, hard work and discipline to balance the budget, an approach most families take in managing their own household budgets. As a result, we are making life more affordable for Canadians from all walks of life.

Budget 2015 increases the annual contribution limits for tax free savings accounts to $10,000. Eleven million Canadians, of mostly low and middle income, benefit from this opportunity to save for a downpayment on a home, education for their kids or retirement.

We are reducing the minimum withdrawal requirements for Registered Retirement Income Funds, allowing seniors greater choice in retaining their pre-tax savings until they need it. Further, we are introducing the Home Accessibility Tax Credit for seniors and persons with disabilities through tax relief for renovations that will allow them to stay longer in their homes.

Budget 2015 builds on our Family Tax Cut and expansion of the Universal Child Care Benefit, and keeps federal taxes low, so more money stays in the pockets of hard-working Canadians.

Our government is proud to make a significant investment to improve health care for seniors by funding the new world-class Canadian Centre for Aging and Brain Health Innovation at Baycrest Health Sciences, right here in our community.

Small businesses are the backbone of our economy, so Budget 2015 introduces the largest tax rate cut for small businesses in over 25 years, by reducing the small business tax rate from 11 percent to 9 percent by 2019. This will help create more jobs here and across the country.

Our government is focused on reducing gridlock and getting the Greater Toronto Area moving. We introduced the Public Transit Fund, the first ongoing source of federal funding for transit in Canadian history, moving to $1 billion annually. Working with the provinces and municipalities and the private sector, we will be able to fund every important transit project in the country.

We are also investing $25 million in Harbourfront for cultural and entertainment events that will attract people to our wonderful waterfront.

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Posted: May 26 2015 11:22 am
Filed in: NEWS