Welcoming the Federal Government’s Economic Action Plan 2015. It will support jobs and growth in Fredericton, help our families and communities prosper and ensure the security of all Canadians.
“We have kept our promise to Canadians by balancing the budget in 2015, the first balanced budget since the Great Recession.”
Economic Action Plan 2015 includes key measures to support Fredericton families and to support the New Brunswick economy, including:
- Cutting Tax for Small Business: Economic Action Plan 2015 proposes to further reduce the small business tax rate down to 9% by 2019. Due to measures taken since we formed government, we have reduced taxes for small businesses by almost 50%.
- Supporting Families: Economic Action Plan 2015 benefits 100% of families with children by lowering taxes and increasing benefits. An average family will receive $6,600 in support per year due to measures our government has introduced.
- Tax Free Savings Account: Economic Action Plan 2015 proposes to increase the Tax-Free Savings Account annual contribution limit to $10,000, effective for the 2015 taxation year. There are now 11 million Canadians who have opened accounts to save money for their priorities.
- Supporting Job-Creating Businesses: Economic Action Plan 2015 proposes to extend the Forest Innovation Program and the Expanding Market Opportunities Program, and will increase the Lifetime Capital Gains exemption for fishers and famers to $1 million.
- Supporting Seniors: Economic Action Plan 2015 proposes to provide more flexibility for seniors by reducing the minimum withdrawal factors for Registered Retirement Income Funds to permit seniors to preserve more of their retirement savings. Economic Action Plan 2015 also proposes to introduce a new, permanent, non-refundable Home Accessibility Tax Credit for seniors and persons with disabilities.
- National Security: To ensure that our Armed Forces continue to have what they need to accomplish the dangerous tasks Canadians ask of them, Economic Action Plan 2015 proposes increase National Defence’s budget by $11.8 billion over 10 years. We are also providing new funding to help counter violent extremism and terrorism.
While we’re focused on creating jobs, Justin Trudeau has the same old Liberal high tax, high debt agenda that will threaten jobs and set working families back. Meanwhile, the NDP continues to push risky high-tax schemes like a $20 billion carbon tax that would hurt Canada’s economy and kill Canadian jobs. Only our Conservative Government can be trusted to manage Canada’s economy and keep taxes low for the people of Fredericton.
The Province of New Brunswick will receive record high transfer payments to support health care, education, and social programs. Specifically, New Brunswick will receive $2.7B in federal transfers this year – an increase of 29% from under the old Liberal government.