Staying the Course: Creating Jobs and Promoting Economic Growth
Ottawa Journal (October 10 – October 14, 2021)
David Tilson, MP
Our Government has ensured that Canada’s economic recovery remains the top priority, as this is the mandate Canadians gave us. We’ve continued to stay the course with our low-tax plan to create jobs and growth. The Honourable Jim Flaherty, Minister of Finance, moved forward with this plan by recently introducing the Keeping Canada’s Economy & Jobs Growing Act. This Act will legislate key elements of our Government’s Next Phase of Canada’s Economic Action Plan that focuses on what matters most to Canadians.
Canada has been most fortunate to emerge from the global recession as one of the world’s strongest economies and has even been seen as a model and an inspiration for other countries. However, the global economy is still very fragile, as we’re all very aware with new reports of international instability emerging each day. Despite having the strongest job growth record in the G-7 with nearly 600,000 net new jobs created since July 2009, our Government recognizes that Canada isn’t immune from global economic turbulence. We also recognize that careful stewardship of our economy is needed and why we need to implement the Next Phase of Canada’s Economic Action Plan.
The Keeping Canada’s Economy & Jobs Growing Act helps support Canada’s economic recovery by proposing to:
Promote Job Creation & Economic Growth
- Providing a temporary Hiring Credit for Small Business to encourage additional hiring
- Expanding tax support for clean energy generation to encourage green investments
- Extending the Mineral Exploration Tax Credit for flow-through share investors by one year to support Canada’s mining sector
- Simplifying customs tariffs in order to facilitate trade and lower the administrative burden for businesses
- Extending the accelerated capital cost allowance treatment for investments in manufacturing and processing machinery and equipment for two years to support the manufacturing and processing sector
- Eliminating the mandatory retirement age for federally regulated employees in order to give older workers wishing to work the option of remaining in the workforce
- Legislating a permanent annual investment of $2 billion in the Gas Tax Fund to provide predictable, long-term infrastructure funding for municipalities
- Enhancing the Wage Earner Protection Program to cover more workers affected by employer bankruptcy or receivership
- Introducing a Volunteer Firefighters Tax Credit for volunteer firefighters
- Increasing the ability of Canadians to give more confidently to legitimate charities by introducing a package of integrity measures designed to help combat fraud and other forms of abuse
- Introducing a new Family Caregiver Tax Credit to assist caregivers of all types of infirm dependent relatives
- Removing the limit on the amount of eligible expenses caregivers can claim under the Medical Expense Tax Credit in respect of financially dependent relatives
- Introducing a new Children’s Arts Tax Credit for programs associated with children’s artistic, cultural, recreational and developmental activities
Invest in Education and Training
- Forgiving loans for new doctors and nurses in under-served rural and remote areas
- Helping apprentices in the skilled trades and workers in regulated professions by making occupational, trade and professional examination fees eligible for the Tuition Tax Credit
- Improving federal financial assistance for students
- Making it easier to allocate Registered Education Savings Plan assets among siblings, without incurring tax penalties or forfeiting Canada Education Savings Grants
- Phasing out the direct subsidy of political parties.
- Closing numerous tax loopholes that allow a few businesses and individuals to avoid paying their fair share of tax.
The Keeping Canada’s Economy & Jobs Growing Act will complete Canada’s economic recovery and will allow Canada to weather any global economic storm that may come, as it focuses on creating jobs now and establishing a foundation for long-term economic growth.