FOR IMMEDIATE RELEASE
MARCH 22, 2011
Budget 2011: A Low-Tax Plan for Jobs and Growth
Dykstra zeroes in on economic stability and support for seniors as good news for St. Catharines
Ottawa – St. Catharines Member of Parliament Rick Dykstra says today’s budget, delivered by Finance Minister Jim Flaherty, strikes just the right balance between fiscally prudent economic management and sensible allocation of Canadian tax dollars.
“Keeping our country on a steady path to economic recovery is crucial”, says Dykstra. “This budget has taken that into account, while at the same time recognizing the needs of families, small business and those on fixed incomes, which is especially welcome for St. Catharines seniors”.
Budget 2011 Highlights
- Enhancing Guaranteed Income Supplement (GIS).
- $600 for a single senior; $840 for couples. Effective July 1, 2011.
- Tax relief for caregivers of infirm, dependent relatives.
- A 15 per cent non-refundable credit on an amount of $2,000, effective Jan. 1, 2012. Includes for the first time spouses, common-law partners and minor children.
- $400 million to extend the ecoENERGY Retrofit-Homes program into 2011-12.
- Grants of up to $5,000 for home and property owners to offset the cost of making their homes more energy efficient.
- Children’s Arts Tax Credit – Parents can claim the 15 per cent non-refundable credit on up to $500 per child that is spent on ongoing, supervised, "children-suitable" programs in 2011 — and future years for a child under 16 at the start of the tax year.
- Includes activities like art, music, painting, languages, photography, and chess. The Canada Revenue Agency will make final decisions as to whether the activities, programs and expenses incurred are eligible.
Job Creation and Small Business
- Providing a one-time Hiring Credit for Small Business of up to $1,000 against a small firm’s increase in its 2011 Employment Insurance (EI) premiums over those paid in 2010 to encourage hiring.
- Providing assistance to Canada’s manufacturing and processing sector by extending the temporary accelerated capital cost allowance rate for investment in machinery and equipment for two additional years.
Support for Municipalities
· Legislating a permanent annual investment of $2 billion in the Gas Tax Fund to provide predictable, long-term infrastructure funding for municipalities.
- $100 million per year to the Canada Media Fund for investments in the creation of digital content across multiple platforms.
“This budget is responsible and practical, it helps seniors, families, communities, small business and the work force”, says Dykstra. “It gets this country back in a positive fiscal position by 2015-16, which is fully one year ahead of schedule and shows why Canada leads all G-7 countries in economic recovery. St. Catharines is playing a role and helping lead the way in Ottawa and in our country.”
For more information go to: http://www.budget.gc.ca/2011/plan/toc-tdm-eng.html