TORONTO, March 4 /CNW/ - PwC tax specialists commented today:
The actions announced today by the Federal Government in Year 2 of Canada's Economic Action Plan aim to stay the course of economic recovery with a budget geared towards the continuation of the stimulus package, job creation and balancing the budget. Improving Canada's international competitive position will assist the economic recovery.
Notable actions include:
- Continuation of the stimulus package: $19 billion in new federal
stimulus to create and maintain jobs; temporary measures will be wound
down as planned.
- Reduced barriers for businesses: making Canada a tariff-free zone for
manufacturers - a savings of $300 million to Canadian business.
- Other key measures include: encouraging investments in energy projects
and clean energy generation, further strengthening of the financial
sector by moving forward toward a Canadian securities regulator and
reducing red tape and compliance costs for Canadian businesses.
- Spending restraint through targeted measures: a proposal of
$17.6 billion in savings over five years.
- Review of government overhead administrative functions and overhead
- Extension of the Mineral Exploration and Tax Credit (METC) to March
- Launch of a new Small and Medium-Sized Enterprise Innovation
Commercialization Program with $40 million over two years.
The budget continues with the promised changes of reduction to corporate and personal tax rates. The Federal Government will not raise taxes and will not cut major transfers to persons and other levels of government.
A PwC Budget Flash with additional Budget highlights has been issued today, followed by a detailed Budget Memo later this evening. For more information and detailed commentary on the Budget please contact, Kiran Chauhan, firstname.lastname@example.org, 416-947-8983 or visit www.pwc.com/ca/budget.
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For further information: For further information: Kiran Chauhan, (416) 947-8983, email@example.com