Economic Action Plan 2015 to Benefit Families and Businesses in British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 22, 2015) - Industry Canada

James Moore, Minister of Industry and Minister Responsible for British Columbia, today delivered a keynote address to members of the Business Council of British Columbia on Economic Action Plan 2015 and what benefits it will bring to families and businesses across the province.

The Minister highlighted important measures that will support industries in British Columbia. Specifically, he outlined the impact that reducing the small business tax rate from 11 percent to 9 percent will have on B.C.'s local economy, helping local businesses grow and create jobs. He also discussed how the new 10-year capital cost allowance incentive will give businesses greater planning certainty for larger projects.

The Government has provided unprecedented support for public transit, including $416.7 million for the construction of the Evergreen Line in Metro Vancouver that will connect communities and provide more transportation options for families in the Lower Mainland. Economic Action Plan 2015 will build on the Government's record funding commitments by creating a new Public Transit Fund that will improve the mobility of goods and people and provide broad economic and social benefits to the province and Canada.

Quick facts

Economic Action Plan 2015 includes key measures to support families and businesses in British Columbia, including:

• Support for jobs and growth: Reducing the small business tax rate to 9 percent by 2019, putting an estimated $2.7 billion back in the pockets of job-creating small businesses and their owners between now and 2019-20.
• Support for manufacturers: Providing manufacturers with a 10-year accelerated capital cost allowance to encourage productivity-enhancing investment in machinery and equipment.
• Support for infrastructure: Continuing to provide record investments in provincial, territorial and municipal infrastructure under the New Building Canada Plan and creating a new Public Transit Fund aimed at building new public transit infrastructure to reduce congestion and fight gridlock.
• Support for families: Providing support to 100 percent of families with children by lowering taxes and increasing benefits. An average family will receive $6,600 in support per year.
• Tax-Free Savings Account: Increasing the Tax-Free Savings Account annual contribution limit to $10,000, effective in the 2015 taxation year. There are now 11 million Canadians who have opened accounts to save money for their priorities.
• Support for job-creating businesses: Providing tax relief to the liquified natural gas (LNG) industry and new funding to the forestry sector to help diversify their markets to emerging economies. These initiatives will help create jobs and economic growth in British Columbia.
• Support for seniors: Providing more flexibility for seniors by reducing the minimum withdrawal factors for Registered Retirement Income Funds, enabling seniors to preserve more of their retirement savings. Economic Action Plan 2015 also proposes to introduce a new, permanent, non-refundable Home Accessibility Tax Credit for seniors and persons with disabilities.

Quotes

"Our government has delivered a balanced budget that will bring new opportunities for jobs and growth to industries and businesses in British Columbia. Economic Action Plan 2015 is a responsible plan that will cut taxes for families and businesses and support communities across the province."

- James Moore, Minister of Industry and Minister Responsible for British Columbia

"The federal government has made significant progress in gradually reducing the size of the federal deficit, and with Canada having the lowest net debt-to-GDP ratio of G7 countries, the national public finances are in better shape than those of most other advanced economies. This prudent approach, combined with other national assets including a skilled and educated population and strategic infrastructure investments, positions Canada as a desirable destination for long-term international and business investment."

- Greg D'Avignon, President and CEO, Business Council of British Columbia

"This is a great budget for small businesses in British Columbia and across Canada, delivering on two key priorities: tax relief and making it easier to deal with the Canada Revenue Agency. Small business owners in British Columbia feel heard, and that's good for all Canadians."

- Laura Jones, Executive Vice-President, Canadian Federation of Independent Business

"The Vancouver Board of Trade, representing thousands of businesses across Greater Vancouver and B.C., is supportive of initiatives in Economic Action Plan 2015. The budget's focus on incentives to promote small and medium-sized businesses, improve gender diversity in business and bolster national infrastructure are very much in line with the values and priorities of The Vancouver Board of Trade and will provide great benefits to British Columbians."

- Iain Black, President and CEO, Vancouver Board of Trade

Associated Link

Economic Action Plan 2015

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