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Minister Flaherty Welcomes the Passage of Bill C-3, the Supporting Vulnerable Seniors and Strengthening Canada's Economy Act

OTTAWA, Ontario, June 27, 2011 — The Honourable Jim Flaherty, Minister of Finance, today welcomed the passage of Bill C-3, which received Royal Assent in Parliament yesterday. The Supporting Vulnerable Seniors and Strengthening Canada’s Economy Act implements key measures from Budget 2011—the Next Phase of Canada’s Economic Action Plan: A Low-Tax Plan for Jobs and Growth.

“With a strong mandate from Canadians, the Government of Canada has acted decisively to ensure this important budget legislation is passed on a timely basis,” said Minister Flaherty. “As a result, Canada’s most vulnerable seniors can count on a top-up to their Guaranteed Income Supplement effective July 1, 2011, as promised.”

This measure will provide additional benefits, worth up to $600 per year for single seniors and $840 per year for couples, to more than 680,000 seniors across Canada who may be at risk of experiencing financial difficulties.

Among other important measures that come into effect with the passage of Bill C-3 are those that will:

Support provinces

  • Extending the temporary Total Transfer Protection to 2011–12, representing nearly $1 billion in additional support to provinces during the fragile economic recovery.

Encourage young entrepreneurs

  • Providing $20 million to support the Canadian Youth Business Foundation.

Enhance federal assistance for part-time students

  • Reducing the in-study interest rate for part-time students to zero, bringing them in line with full-time students.

Support Canadians with disabilities

  • Increasing flexibility to access Registered Disability Savings Plan assets for beneficiaries with shortened life expectancies.
  • Ensuring that individuals can appeal, in every case, a determination concerning their eligibility for the Disability Tax Credit.

Support Canada’s veterans

  • Providing GST/HST relief for Royal Canadian Legion purchases of Remembrance Day poppies and wreaths.

Maintain Canada’s leadership in genomics research

  • Providing $65 million for Genome Canada to launch a new competition in the area of human health, and sustain the operating costs of Genome Canada and Genome Centres.

Reinforce the stability of Canada’s housing finance system

  • Enhancing the transparency of the mortgage insurance framework.

“While Canada has seen over 560,000 net new jobs created since July 2009 and seven straight quarters of economic growth, too many Canadians are still looking for work and the global economic recovery remains fragile. The swift passage of the Supporting Vulnerable Seniors and Strengthening Canada’s Economy Act and the next Phase of Canada’s Economic Action Plan will support a sustainable private-sector driven recovery and long-term economic growth,”added Minister Flaherty.

News source: Department of Finance

 

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