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Minister of Finance Introduces the Keeping Canada's Economy & Jobs Growing Act

OTTAWA, Ontario, October 04, 2011 — The Honourable Jim Flaherty, Minister of Finance, today introduced the Keeping Canada’s Economy & Jobs Growing Act. The legislation includes key elements of the Next Phase of Canada’s Economic Action Plan—A Low-Tax Plan for Jobs and Growth.

“Our Government is focused on what matters to Canadians—creating jobs and promoting economic growth,” said Minister Flaherty. “While Canada has the strongest job growth record in the G-7 with nearly 600,000 net new jobs created since July 2009 and the IMF projects that we will have among the strongest economic growth in the G-7 over the next two years, we are not immune from global economic turbulence. That’s why we need to stay the course and implement the Next Phase of Canada’s Economic Action Plan.”

The Canadian Federation of Independent Business (CFIB) applauded the government’s provision of a temporary hiring tax credit.

“Since the 2011 budget announcement, many members have called about the credit and reported it will make it easier for them to hire, enhance wages or adjust to rising Employment Insurance premiums,” said Dan Kelly, senior vice-president for the CFIB. “This is a particularly important initiative as the government has declared 2011 as the Year of the Entrepreneur.”

The Keeping Canada’s Economy & Jobs Growing Act helps support Canada’s economic recovery by, for example, proposing to:

Promote Job Creation & Economic Growth

  • Providing a temporary Hiring Credit for Small Business to encourage additional hiring
  • Expanding tax support for clean energy generation to encourage green investments
  • Extending the Mineral Exploration Tax Credit for flow-through share investors by one year to support Canada’s mining sector
  • Simplifying customs tariffs in order to facilitate trade and lower the administrative burden for businesses
  • Extending the accelerated capital cost allowance treatment for investments in manufacturing and processing machinery and equipment for two years to support the manufacturing and processing sector
  • Eliminating the mandatory retirement age for federally regulated employees in order to give older workers wishing to work the option of remaining in the workforce

Support Communities

  • Legislating a permanent annual investment of $2 billion in the Gas Tax Fund to provide predictable, long-term infrastructure funding for municipalities
  • Enhancing the Wage Earner Protection Program to cover more workers affected by employer bankruptcy or receivership
  • Introducing a Volunteer Firefighters Tax Credit for volunteer firefighters
  • Increasing the ability of Canadians to give more confidently to legitimate charities by introducing a package of integrity measures designed to help combat fraud and other forms of abuse

Help Families

  • Introducing a new Family Caregiver Tax Credit to assist caregivers of all types of infirm dependent relatives
  • Removing the limit on the amount of eligible expenses caregivers can claim under the Medical Expense Tax Credit in respect of financially dependent relatives
  • Introducing a new Children’s Arts Tax Credit for programs associated with children’s artistic, cultural, recreational and developmental activities

Invest in Education and Training

  • Forgiving loans for new doctors and nurses in under-served rural and remote areas
  • Helping apprentices in the skilled trades and workers in regulated professions by making occupational, trade and professional examination fees eligible for the Tuition Tax Credit
  • Improving federal financial assistance for students
  • Making it easier to allocate Registered Education Savings Plan assets among siblings, without incurring tax penalties or forfeiting Canada Education Savings Grants

Respect Taxpayers

  • Phasing out the direct subsidy of political parties
  • Closing numerous tax loopholes that allow a few businesses and individuals to avoid paying their fair share of tax

News source: Department of Finance


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