MP Costas Menegakis welcomes the Harper Government’s Economic Action Plan 2015

(Richmond Hill, Ontario) – Richmond Hill Member of Parliament Costas Menegakis welcomed the Harper Government’s Economic Action Plan 2015.

“Economic Action Plan 2015 will support jobs and growth in Richmond Hill, help our families and communities prosper and ensure the security of all Canadians,” said MP Menegakis. “Our Government is delivering record transfer funding to Ontario and has kept our promise to Canadians by balancing the budget. Under the leadership of Prime Minister Stephen Harper, Canada has created over 1.2 million new jobs since the recession; however, we live in uncertain times and the global economy remains fragile. That’s why Economic Action Plan 2015 will continue our Government’s focus on creating jobs and growing the economy in Richmond Hill and across the country.”

Economic Action Plan 2015 includes key measures to support Richmond Hill families and to support the economy, including:

Cutting Tax for Small Business: Economic Action Plan 2015 proposes to further reduce the small business tax rate down to 9% by 2019. Due to measures taken since we formed government, we have reduced taxes for small businesses by almost 50%.

Supporting Families: Economic Action Plan 2015 benefits 100% of families with children by lowering taxes and increasing benefits. An average family will receive $6,600 in support per year due to measures our government has introduced.

Tax Free Savings Account: Economic Action Plan 2015 proposes to increase the Tax-Free Savings Account annual contribution limit to $10,000, effective for the 2015 taxation year. There are now 11 million Canadians who have opened accounts to save money for their priorities.

Supporting Job-Creating Businesses: Economic Action Plan 2015 proposes to support manufacturing jobs across Ontario by providing tax relief for manufacturers through an accelerated capital cost allowance for a 10-year period to boost productivity-enhancing investment.

Public Transit Fund: This fund will grow to $1 billion a year to support major public transit projects to reduce gridlock, create jobs, and protect the environment.

Supporting Seniors: Economic Action Plan 2015 proposes to provide more flexibility for seniors by reducing the minimum withdrawal factors for Registered Retirement Income Funds to permit 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.

National Security: To ensure that our Armed Forces continue to have what they need to accomplish the dangerous tasks Canadians ask of them, Economic Action Plan 2015 proposes to increase National Defence’s budget by $11.8 billion over 10 years. We are also providing new funding to help counter violent extremism and terrorism.

Record Transfers to Ontario: The Province of Ontario will receive record transfer payments to support health care, education, and social programs. Specifically, Ontario will receive $20.4B in federal transfers this year – an increase of $9.6B (or 88%) from under the old Liberal government.

“We reject the high-tax, high-debt agenda of some, and remain focused on creating jobs while keeping taxes low for residents in Richmond Hill and across the country,” said MP Menegakis