March 29, 2012 - Budget 2012 keeps taxes low and returns Canada to balanced budgets over the medium term.
“In Economic Action Plan 2012, the Government of Canada is squarely focused on what matters to Canadians – jobs and economic growth,” said David Sweet, MP. “While Canada has created over 610,000 net new jobs since July 2009, the global economy remains fragile and too many Canadians are still looking for work. That’s why we’re moving forward with a positive plan to bolster the long-term economic growth of Ontario and all of Canada.”
Economic Action Plan 2012 takes significant steps to:
- Encourage entrepreneurship, innovation, and world-class research with over $1.1 billion in significant investments for research and development, $500 million for venture capital, support for increased public and private research collaboration, and much more.
- Improve conditions for business investments with responsible resource development streamlined for ‘one project, one review’; expanding trade to open new markets; keeping taxes low, and more.
- Invest in training, infrastructure and opportunity for Canadians by extending the Hiring Credit for Small Business; investing in programs to help youth, Canadians with disabilities, aboriginals, and workers over 50 get into the workforce; reforming the EI system to better promote job creation and remove disincentives to work; investing millions in renewing local community infrastructure; and more.
- Help families and communities by increasing food safety monitoring; better protecting species at risk; assisting victims of crime, improving water quality for First Nations communities; helping Canadians with disabilities save for their future, and more.
- Ensure vital social programs and services will be there for Canadians over the next generation by making gradual, responsible adjustments to Old Age Security; bringing pension plans for public sector employees and Parliamentarians in line with those Canadians working in the private sector; closing tax loopholes; and more.
Economic Action Plan 2012 also demonstrates the federal government’s strong support for the services Ontario families count on -- through record federal transfer support for hospitals, schools, and other critical services. Totaling $19.2 billion in 2012-13 to Ontario, the transfer support represents an increase of nearly $8.4 billion (or 77%) from the previous government.
To read the Minister of Finance’s Budget Speech, or review the 2012 Federal Budget in more detail:
Budget Speech: http://www.budget.gc.ca/2012/rd-dc/speech-discours-eng.html
Budget in Brief: http://www.budget.gc.ca/2012/rd-dc/brief-bref-eng.html
Budget 2012 – full document: http://www.budget.gc.ca/2012/plan/toc-tdm-eng.html