Canadians continue to face the challenges of the global recession. While we have started to see signs of economic recovery on the horizon, it is not yet here. Through Canada’s Economic Action Plan, our Government is helping Canadian families and businesses today, while making our economy stronger and more stable over the long-term.
Reaching this point has not been easy, but our Government’s actions are making a difference. We began by ensuring that Canada’s banking and mortgage sectors were strong and resilient. Unlike many other countries around the world, when the global recession is over, Canada will still have as many working banks as it did before the crisis; at no point during the recession have our financial institutions been in danger.
Our Government also lowered taxes for every Canadian worker through income tax cuts at all levels. By keeping taxes low for families and businesses, we are making Canada a more affordable place to live and work. Furthermore, we reduced the GST from 7 per cent to 6 per cent to 5 per cent, lowering the cost of regular items that families need every day.
Simultaneously, we are preparing our workforce for the jobs of tomorrow. We are making changes to Canada’s skill training programs to help get workers ready for new, higher paying jobs. When Canada recovers from the recession, we will have an even stronger and more skilled workforce that will help Canada attract more business and opportunity.
However, many of Canada’s industries are feeling the effects of the global downturn. Through Canada’s Economic Action Plan, our Government is making specific investments in communities to create new jobs and stimulate local economies. New roads, bridges, sewers, and water treatment systems are just a few examples of the types of improvements that are being built in communities like ours across the country.
Our Government’s spending is helping to build economic strength while keeping taxes low. We recognize that the stimulus spending within our Economic Action Plan is critical now, but it is equally important that Canada’s deficit spending be short-term. This is why the stimulus measures in Canada’s Economic Action Plan are temporary and time-limited, not permanent. It includes measures like the temporary Home Renovation Tax Credit, which gives Canadians an incentive to invest in home upgrades now. By creating temporary solutions, we are ensuring that Canada can return to balanced budgets as quickly as possible without risking our recovery or saddling future generations with unnecessary debt.
Our Government is helping to strengthen Canada’s economy by continuing to implement Canada's Economic Action Plan. We are fighting the global recession and Canada will come out on top.