Ottawa, March 12, 2009
Archived - Government Acts to Provide the Economic Stimulus Canada Needs
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The Honourable Jim Flaherty, Minister of Finance, today welcomed the support of the Senate and the House of Commons for the passage of Bill C-10, legislation that will help provide the immediate economic stimulus the Canadian economy needs to combat the global recession.
The Bill received Royal Assent today, allowing for the implementation of important elements of Budget 2009. Key measures in the Bill include improved access to financing for Canadian households and businesses, strengthened benefits for Canadian workers, enhanced availability of training, increased Employment Insurance benefits and tax relief for Canadians. In particular, extension of Employment Insurance benefits by an extra five weeks will take effect immediately, helping Canadians who rely on this program now instead of forcing them to wait longer.
"Through Canada's Economic Action Plan our Government is providing the responsible leadership required during these challenging economic times by giving Canadians the necessary tools do deal with the global economic crisis," said the Minister. "Bill C-10 enables the Government to provide the potent economic stimulus needed to encourage growth and restore confidence in our economy."
The key measures in Canada's Economic Action Plan will:
- Help Canadians and stimulate spending by providing $8.3 billion for the Canada Skills and Transition Strategy to help Canadians weather today's economic storm and to provide them with the necessary training to prosper in tomorrow's economy. In addition, $20 billion will be provided in personal income tax reductions over 2008–09 and the next five fiscal years.
- Stimulate housing construction by providing $7.8 billion to build quality housing, stimulate construction, encourage home ownership and enhance energy efficiency.
- Accelerate and expand the recent historic federal investment in infrastructure with almost $12 billion in new infrastructure stimulus funding over two years, creating new construction jobs, so that Canada emerges from this economic crisis with more modern and greener infrastructure.
- Support businesses and communities to protect jobs and support sectoral adjustment during this extraordinary crisis with $7.5 billion in extra support for sectors in need—automotive, forestry and manufacturing— along with regions and communities.
- Improve access to financing and strengthen Canada's financial system by providing up to $200 billion through the Extraordinary Financing Framework to improve access to financing for Canadian consumers, households and businesses.
"Our responsibility as a government is to protect Canadians during the global recession, to create new, good jobs for the future, and to equip our country for success in the years ahead," said the Minister. "With the passage of Bill C-10, our Government is providing the economic leadership Canadians deserve."
For further information, media may contact:
Office of the Minister of Finance
Department of Finance
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