Airdrie MP Blake Richards outlined initiatives included in the recent federal budget during a talk hosted by the Airdrie Chamber of Commerce at the Airdrie Ramada Inn on May 20.
The federal budget, which was released on April 21, projects a $1.4 billion surplus, and included in the 518-page plan were a number of promises meant to benefit students, seniors and families.
“Obviously, it’s been a difficult time the last little while for the economy,” Richards said. “Even though we are still quite strong compared to the rest of the world, seeing the drop in the price of oil is something that we are all concerned about.
“We all know people who have lost employment, and obviously we are all concerned for people who have. We all understand there is no quick fix for that reality.”
Richards pointed to initiatives included in the Economic Action Plan 2015 he said would help “set the stage” for growth in the economy and help further job creation.
As part of the federal budget, small businesses will see a tax cut implemented by 2019, lowering taxes from 11 per cent to nine per cent. Richards said the government would continue to reduce pressures on small business through initiatives like the One-To-One Rule.
“(That’s) something that we’ve been focused on for some time – reducing government red tape,” he said. “What that does, of course, is increase competitiveness for businesses and frees business owners to do what they do best.”
Also included in the budget were a number of initiatives focused on benefiting families.
“When I look at our efforts to reduce taxes for Canadian families, as a result of our tax reduction measures since 2006, the average family of four pays $6,600 less in taxes per year,” Richards said. “In addition to that, there’s more than one million low income Canadians who have been removed from the tax rules altogether, so they no longer pay any federal tax. That includes 380,000 of our seniors.”
Other initiatives Richards focused on included an increase to the annual contribution limit to Tax Free Savings Account, which went up to $10,000, as well as an extension to Employment Insurance Compassionate Care benefits, which allows those caring for sick or dying relatives to take six months away from work instead of the current six weeks.
“When you look at recent measures in the Economic Action Plan and the measures that have come before it, our focus continues to be on ensuring long term prosperity,” he said. “(As well as) ensuring the growth of our economy, ensuring safer streets, stronger communities and defending our values and our freedoms. That’s where our focus will continue to be.”
