Economic Action Plan 2014
Economic Action Plan 2014
Ottawa, ON – Today, the Honourable Jim Flaherty, Minister of Finance, announced the 2014 Federal Budget in the House of Commons. In this budget, Minister Flaherty made public many important measures that will be implemented by the Government throughout 2014 and guaranteed the continuation of programs that have been successful in 2013 such as the Canada Job Grant.
Among the measures announced in the budget are long-term and stable infrastructure investments. This includes investing $631 million to advance the construction of the Winsor-Detroit International crossing and a $40 million investment directed at improving small craft harbours. This budget also sets aside $10 million to improve snowmobile and recreational trails and $500 million for the Automotive Innovation Fund to support new projects in the Canada`s automotive sector.
This budget also maintains the Government`s long term commitment to farmers. Through this budget the Government has expanded the tax deferral for livestock to include bees when sold due to drought or excessive moisture.
Along with spending that will improve infrastructure and help farmers, this budget also continues to pursue the Government`s consumer-first policy. For instance, the 2014 budget caps wholesale domestic wireless roaming rates thereby enhancing competition in the telecommunications market. It also eliminates the value of student-owned vehicles from loan assessments to better reflect the need of students especially those in rural and suburban communities who commute to work or school. Further, the 2014 budget invests over $91million to crack-down on the illegal trade of contraband tobacco and modernizes no-cost basic banking services for youths, students and seniors. Moreover, consumers will no longer have to pay for monthly printed credit card statements.
Furthermore, the budget will continue to reduce the deficit and the Government is on pace to balance the budget by 2015 as promised. Through a mixed strategy of controlling public service compensation and eliminating tax loopholes, Economic Action Plan 2014 will bring the projected deficit down to $2.9 billion by 2014–15 and forecasts a surplus of $6.4 billion in 2015–16.
“I am very pleased with the 2014 Federal Budget announced today by the Minister of Finance,” said Larry Miller, MP for Bruce-Grey-Owen Sound. “With this budget, there will be spending where spending is necessary and saving where saving is possible. There will be a significant infrastructure funding along with measures to ensure that we return to a balanced budget by 2015.”
For more information on Economic Action Plan 2014 please visit; http://actionplan.gc.ca/.