Thornhill – The Hon. Peter Kent, MP for Thornhill says, “Tuesday’s Economic Action Plan 2015, as outlined by Finance Minister Joe Oliver in the House of Commons, demonstrates the Harper Government’s commitment to jobs and growth for Thornhill.
“I am proud this budget benefits Thornhillers through future support for families, reduction of RRSP withdrawal amounts for seniors, an expansion of tax-free savings account limits, and support for much needed public transit and national security,” Kent added.
The Economic Action Plan 2015 will see Ontario receive almost $20.4 Billion in federal transfers this year, an increase of $9.96 billion (or 88%) since 2006:
· Over $2.4 Billion through Equalization, an increase of $2.3 billion since 2006
· $13.1 Billion through the Canada Health Transfer, an increase of $5.3 Billion since 2006
· Nearly 5 Billion through the Canada Social Transfer, an increase of nearly 1.8 Billion since 2006
· Public Transit Fund will grow to $1 Billion a year to support major public transit projects to reduce gridlock
· Small business tax rate will come down to 9% by 2019 reducing taxes for small businesses by almost 50%
· An average family with children will receive $6,600 in tax relief and enhanced benefits per year
· Reduced minimum withdrawal for Registered Retirement Income Funds will permit seniors to preserve more of their retirement savings. A proposed new, permanent, non-refundable Home Accessibility Tax Credit for seniors and persons with disabilities
· Economic Action Plan 2015 proposes increases in National Defence’s budget by $11.8 Billion over 10 years to ensure our Armed Forces continue to have what they need. We are also providing new funding to help counter violent extremism and terrorism
MP Peter Kent concludes, “We’ve kept our promise to Canadians to balance the budget in 2015, the first balanced budget since the Great Recession.” It is a prudent and principled plan that will see Thornhillers better off, more secure and even more confident in our country’s place in the world.”