March 20, 2021

OTTAWA, ON – Today, the Honourable Jim Flaherty, Minister of Finance, tabled a balanced budget that moves to restore fiscal balance in Canada, cuts taxes for working families, supports our farmers, and invests in key priorities like improving health care and environmental protection.

Mr. Tilson was available for comment following the Budget presentation. When asked on how Budget 2007 would impact Dufferin-Caledon, he made the following statement, “I’m very pleased with our Government’s Budget and what it offers Dufferin-Caledon. There is something for everyone, whether it be tax relief for working families, improving health care, or supporting our farmers.”

Budget 2007 builds a stronger, safer, better Canada, by delivering the following benefits for Canadians:

  • Preserving the environment by providing $1.5 billion to establish a Canada ecoTrust for Clean Air and Climate Change, a balanced action plan including rebates on fuel-efficient vehicles and efficient alternative fuel vehicles, an incentive to get older polluting cars off the road, and a Green Levy on fuel-inefficient vehicles; and by developing a new National Water Strategy.
  • Supporting our farmers by providing $1 billion in commitments for improvements to national farm income programs, including $600 million to kick-start contributory style producer savings accounts and a direct payment of $400 million to producers to help address high production costs. This Budget also increases the Lifetime Capital Gains Exemption for farmers from $500,000 to $750,000.
  • Further tax relief for working families with the Working Families Tax Plan, which includes a new $2,000-per-child tax credit. Budget 2007 also helps parents save for their children’s education by strengthening the registered education savings plan program, and supports seniors by raising the age limit for registered pension plans and registered retirement savings plans to 71 from 69 years.
  • Improving health care by investing $400 million for Canada Health Infoway, to support the development of electronic health records, up to $612 million to support the implementation of patient wait time guarantees, and by providing the provinces with $300 million for a vaccine to prevent cancer of the cervix.
  • Further debt reductions resulting in savings for Canadians. After paying down $13.2 billion on Canada’s national debt in September 2006, Budget 2007 further reduces the debt by $9.2 billion. Thanks to the Government’s Tax Back Guarantee, the interest savings on this year’s debt repayment will be returned to Canadians in the form of further tax cuts.

More information on Budget 2007 can be obtained by visiting the Department of Finance website, by phoning 1-800 O-Canada (1-800-622-6232), or by contacting any of David Tilson's office.

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