The outcome of the 2014 Canada Economic Action Plan is promised to bring a balanced budget in 2015. The 2014 Canada Economic Action Plan focused on providing strong financial support towards public needs such as generating new jobs, fueling economic growth as well as improving the economic capabilities of all Citizens of Canada.
February 11, 2014
Ministry of Finance
Jim Flaherty, the minister of finance has revealed his plans for the 2014 Canada Economic Action plan. It confirms that the government wishes to focus on returning the state of affairs to a balanced budget in the year 2015. This plan introduces new incentives, that are targeted to create new jobs, and create new opportunities in the uncertain world economy.
The government is on the road to recovery, via a strategy that seeks to maintain a low interest rate as well as maintaining programs and services that so many Canadians depend on.
The 2014 Canada Economic Action Plan will not introduce any novel taxes for Canadian businesses and families. In fact the 2014 strategy anticipates the decrease of the deficit to the $2.9 billion mark in 2014-2015, via adjusting the yearly spending by $3 billion yearly. In the years 2015-2016 the budget is expected to be in surplus to the extent of $6.4 billion, regardless of the fact that the yearly spending will be adjusted by $3 billion yearly.
Since its implementation in the year 2009, the Canada Economic Action Plan has achieved the highest success in creating new jobs, and has allowed Canada to be in the best financial position among the G-7 nations coming out of the 2008 financial crisis.
The 2014 Economic Action Plan is based on these achievements and it seeks to introduce beneficial incentives for investors to provide the needed growth in the Canadian economy as well as helping the creation of novel jobs.
Helping Create New Jobs and Providing Growth in the Economy:
- Introduction of Canadian job ministries, as well as improvements in services that provide jobs for the unemployed.
- Introduction of a new Canadian loan for practitioners, will allow absorb some of the costs required to obtain a degree and register as practitioners. This is focused for those who wish to obtain a nationally recognized (Red Seal) certification.
- Investing into reforming the eduction systems in native reserves, in partnerships with the native volunteers. This is achieved by regulating the People’s Education of Volunteering via the People’s Volunteers.
- Investments in programs that support the elderly as well as the handicapped by giving them access to the job market.
- Introduction of thousands of new paid jobs for young Canadians that are entering the job market.
- A giant investment of $500 million, in support of the automotive industry, as well as investments in forestry as well as mining, including many other sectors.
- Providing $1.5 billion in the next decade to the Canadian Improvement Fund and Canadian Academic Research at the University Level
Support for Families and Local Communities:
- Protecting consumer by supporting competitiveness as well as decreasing market prices for telecommunication companies. By introducing regulations that prevent companies to charge Canadians inflated prices for services and products sold on both sides of the Canadian / US border, price discrimination will need to be justified.
- Eliminating fees for receiving paper bills.
- Increasing tax breaks for those who seek to adopt, to allow adoption to become more affordable for Canadian families.
- Expanding tax breaks in the health prevention sector by improving services provided by acupuncture health practitioners and natural medicine by eliminating HST.
- Strengthening the safety of Canadian families in terms of nutrition, by investing $390 million into the food sector.
- Investments in the range of $300 million to allow for high-speed internet access to rural regions of Canada and the far north.
- Protecting Canadians from natural disasters by dedicating $200 million towards disaster relief efforts.
- Creating new tax breaks for volunteers in the rescue services, to acknowledge the risks they take by volunteering for these jobs that provide the safety of all Canadians.
- Expanding the Soldier Burial Program, to allow for all Canadian soldiers access to a decent funeral.
Balancing the Budget:
- Speeding up government involvement in controlling direct funding to programs. This is done by proposing overall support for government workers by giving them long-term sustainable wages.
- Cooperation with Crown Corporations to achieve equal distribution of pension costs needed by pensioners as well as increasing the retirement age for new workers.
- Canadian economy is continuing to create new jobs: there is over a million more new Canadians that have gotten a job in comparison to the great recession.
- Since 2006, Canadians enjoy the greatest increase in income per capita in comparison to the other G7 countries.
- Since 2006, Canadian families in all income brackets achieved increased income in the range of 10 percent or more after taxes.
- Canadians in all income brackets enjoy tax breaks implemented by the government, in which Canadians in the low to middle income receive proportionately larger tax breaks. Today, the average 4 person Canadian family pays $3,400 less in taxes thanks to these tax breaks.
- Canada is one of a few countries that has still maintained a AAA rating as a stable economy from all rating agencies.
- Debt reduction prior to the global recession and spending cuts allowed Canada an overall ratio of national debt to GDP to the strongest level among the G7 countries and further one of the strongest among the developed G20 nations.