Tuesday, April 21, 2015

Federal Gov't News

Budget Bennies

Veterans, seniors and business among MP Stral's budgetary favs

Released by the BC Gov't Caucus 

 

ark Strahl, MP for Chilliwack-Fraser Canyon applauded Economic Action Plan 2015 which includes a balanced budget; new tax relief measures for families and seniors; new benefits for Veterans; tax relief for small business; and protecting Canadians from terrorism by providing additional resources for the Canadian Armed Forces.  

 

“I am very pleased that our Conservative Government has kept its promise and balanced the budget while continuing to provide tax relief measures and invest in priorities like health care, veterans and national security,” said Strahl.

 

Highlights of Economic Action Plan 2015 include:

• Balancing the Budget- the deficit has been reduced from $55.6 billion at the height of the Great Recession to a projected surplus of $1.4 billion for 2015-16.

• Support for Families and Seniors- increasing and expanding the Universal Child Care Benefit; increasing the Child Care Expense Deduction Limit; and introducing a new Family Tax Cut. Every single family with children will benefit from these measures. Effective for the 2015 taxation year, the Tax Free Savings Account annual contribution limit will rise to $10,000. For seniors the Government is introducing the Home Accessibility Tax Credit to help with renovation costs so that they can live independently and remain in their homes. The minimum withdrawal requirements for Registered Retirement Income Funds will be reduced.

• New Benefits for Veterans- creating a new tax-free Family Caregiver Relief Benefit to recognize the contributions of informal caregivers; introducing a new Retirement Income Security Benefit to provide additional financial security after the age of 65 for moderately to severely disabled veterans; expanding the Permanent Impairment Allowance; increasing benefits for part-time reservists.

• Tax Relief for Small Business –reducing the small business tax rate down to 9% by 2019. Since 2006 the Conservative Government has reduced taxes for small business by almost 50%.

• Protecting Canadians from Terrorism- increasing National Defence funding by almost $12 billion over ten years; new funding of up to $360 million to fight ISIS; and additional resources for the Royal Canadian Mounted Police, Canadian Security Intelligence Service and the Canada Border Services Agency.

 

 

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