Ottawa, May 6, 2005
Archived - Bill to Authorize the Minister of Finance to Make Certain Payments Tabled Today
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New legislation tabled today would allow the Minister of Finance to make certain payments from unplanned surplus funds. The legislation targets $4.5 billion in new spending over the next two years.
The bill, which was tabled by Minister of Finance Ralph Goodale, enables the Government to provide:
- $1.6 billion for affordable housing;
- $1.5 billion to enhance access to post-secondary education and support training;
- $900 million for the environment, including assisting public transit and a low-income housing energy retrofit program; and
- $500 million in foreign aid.
"These new investments build on our government's efforts to increase federal financial support for the priorities of Canadians in key areas in a fiscally responsible manner," said Minister Goodale. He added that the Government of Canada remains committed to posting balanced budgets or better in the next two years, and is still on track to reduce the federal debt-to-GDP (gross domestic product) ratio to 25 per cent by 2014-15.
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