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Minister of National Revenue Hosts Pre-Budget Consultations with Local Business Leaders and Highlights our Government's Initiatives to Support Families and Communities
Minister Findlay meets with Vancouver business community to discuss priorities for economic growth, job creation, and long-term prosperity
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 18, 2014) - Canada Revenue Agency
The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, yesterday met with representatives from the Vancouver business community to discuss priorities and hear their suggestions ahead of the 2015 federal budget.
The discussions centered on how to continue advancing the Government of Canada's low-tax plan for job creation, economic growth, and long-term prosperity, for the benefit of businesses, families, and communities from coast to coast. Minister Findlay highlighted tax reduction measures and benefits for families recently proposed by the Government, including:
- The Family Tax Cut, a federal tax credit that will allow a higher-income spouse to transfer up to $50,000 of taxable income to a spouse in a lower tax bracket. The credit will provide tax relief of up to $2,000 for couples with children under the age of 18, effective for the 2014 tax year.
- Increasing the Universal Child Care Benefit (UCCB) for children under age six to $160 per month, starting on January 1, 2015, and expanding the UCCB to provide $60 per month per child aged six through 17.
- Increasing, beginning in the 2015 tax year, the Child Care Expense Deduction by $1,000, from $7,000 to $8,000, for children under age seven, to $5,000 from $4,000 for children aged seven through 16, and to $11,000 from $10,000 for children who are eligible for the Disability Tax Credit.
Our Government recognizes the positive impact that quality infrastructure has on economic growth, job creation, and long term prosperity. The New Building Canada Plan will see federal investments of over $53B in infrastructure across the country over the next 10 years (2014-2024). For British Columbia, this represents almost $3.9B in dedicated federal funding, including almost $1.1B under the New Building Canada Fund and an estimated $2.76B under the federal Gas Tax Fund. Minister Findlay also highlighted some of the key infrastructure initiatives underway in British Columbia and engaged discussion on priorities for the years ahead.
To ensure that all Canadians can participate in the pre-budget consultation process, the federal government has launched online consultations. Those interested in participating can find more information on the Department of Finance Canada website.
Quick Facts
All families with children will benefit from the new measures introduced by the Government of Canada. The average tax relief and benefits for these families will be $1,140 in 2015.
The Family Tax Cut will eliminate or significantly reduce the difference in the federal tax payable by a one-earner couple relative to a two-earner couple with a similar family income.
In one year, parents will receive up to $1,920 per child, under the UCCB.
The UCCB enhancements will take effect starting January 2015 and will be reflected in monthly payments to recipients beginning in July 2015, pending parliamentary approval of the necessary legislation.
The New Building Canada Plan is the largest long-term infrastructure plan in Canadian history, providing stable funding for a 10-year period.
Quotes
"Families and communities are the foundation of our society and a priority for our Government. We have introduced many tax relief measures to help support Canadian families. Measures like the Family Tax Cut, the enhanced children's fitness tax credit, and the expansion of the Universal Child Care Benefit help families prosper. At the same time, we continue to make unprecedented investments in infrastructure projects that will contribute to economic growth, job creation, and productivity in Canadian communities for years to come."
The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue
"Our Government remains focused on delivering our low-tax plan for economic growth, job creation, and long-term prosperity-a plan that has served Canadians well. Building on this record of success and solid job creation since 2009, we remain committed to fiscal responsibility. We want to hear from Canadians on how we can do even more to return to balanced budgets in 2015 and to create lasting prosperity. I want to thank the Vancouver business community for their constructive feedback. I look forward engaging discussions with the business communities across British Columbia over the coming weeks. "
The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue
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