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Here in Calgary, and across the country, we are passing through an extraordinary period. A synchronized global recession is hitting every economy in the world. Although Canada is in a better position than most of the world’s economies, the Federal Government has implemented an Economic Action Plan to help ensure that Canadians are better protected from this global recession.
Our government built this plan after one of the broadest and deepest consultation processes in Canadian history. We heard Canadians’ concerns about their jobs and their savings; about their families, businesses and communities. We listened to their concerns, and took their advice. Now we’re taking immediate action.
We’re taking action to help Canadian families and stimulate consumer spending.
Families deserve more money in their own hands, to meet their own needs. Our record of tax relief is substantial, and it is providing stimulus to Canada’s economy as we speak.
Canada’s Economic Action Plan builds on this. We are giving more tax relief and letting Canadians earn even more money before paying higher tax rates. The Working Income Tax Benefit is being increased, as an added incentive for Canadians to join and remain in the workforce.
Seniors will see new support. We are increasing the Age Credit Amount by an additional $1000. And we are also reducing the amount Canadian seniors are required to withdraw from their Registered Retirement Income Funds by 25 per cent for 2008.
We have made changes to allow first time homebuyers more flexibility to withdraw from RRSPs to make their purchase, and give them a break through a tax credit on their closing costs.
We have also included a new measure to let Canadians invest in the value of their homes, while putting tradespeople to work and giving a boost to those businesses that make and sell building products. A new Home Renovation Tax Credit will apply to the cost of labour and supplies, and can save Canadians up to $1350 when they improve their homes.
For more information on these changes you can visit http://www.budget.gc.ca/ or http://www.cra-arc.gc.ca/gncy/txnf/menu-eng.html .
As always, if you have any questions or concerns regarding federal government services, please contact our office at 403-282-7980.
