Ottawa, March 22, 2011

Archived - Harper Government Launches the Next Phase of Canada’s Economic Action Plan—A Low-Tax Plan for Jobs and Growth

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The Honourable Jim Flaherty, Minister of Finance, today tabled a budget plan that launches the Next Phase of Canada’s Economic Action Plan, a low-tax plan for jobs and growth, which keeps the Government on track to return to balanced budgets in the medium term.

“Our Government will build on the success of our stimulus plan,” said Minister Flaherty. “As the private sector moves ahead as the engine of growth and job creation, our Government will foster the right conditions for long-term economic prosperity, while staying on track to return to balance in the medium term.”

Building on the sustainable, low-tax environment and growth-friendly policies put in place since 2006, the Next Phase of Canada’s Economic Action Plan will focus on supporting job creation, supporting families and communities, investing in innovation, education and training, and preserving Canada’s fiscal advantage.

Supporting Job Creation

The Government will support job creation by helping businesses and entrepreneurs succeed, keeping taxes low, investing in projects of national importance, and maintaining Canada’s brand as one of the best places to invest. The Next Phase of Canada’s Economic Action Plan advances these priorities by:

Supporting Families and Communities

The Government will support families and communities so that all Canadians enjoy a high standard of living and our communities stay vibrant and safe. The Next Phase of Canada’s Economic Action Plan invests in these goals by:

Investing in Innovation, Education and Training

The Government will promote research in leading-edge technologies and will provide Canadians with the opportunity and incentives to acquire the skills needed for jobs in today’s labour market. The Next Phase of Canada’s Economic Action Plan makes important progress on these priorities by:

Preserving Canada’s Fiscal Advantage

The Government’s three-point plan set out in Budget 2010 to return to budget balance is on track to generate savings of $17.6 billion over five years. The Next Phase of Canada’s Economic Action Plan builds on these actions with measures to achieve additional savings over five years by:

The deficit in 2010–11 is projected to be more than 25 per cent lower than it was in 2009–10, and it is projected to shrink by more than 25 per cent again in 2011–12. Without including any targeted savings from the Strategic and Operating Review, the Government is expected to record a surplus of $4.2 billion by 2015–16.

“Going forward, the Harper Government will maintain its focus on the priorities set out in the Next Phase of Canada’s Economic Action Plan, the cornerstone of which will be returning to budgetary balance,” said Minister Flaherty. “By focusing on investments that promote sustainable economic growth, our Government will seek to improve the quality of life for all Canadians, while preserving the public services and culture that define us as a nation.”

For further information, media may contact:

Annette Robertson
Press Secretary
Office of the Minister of Finance

Jack Aubry
Media Relations
Department of Finance

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