Ottawa, June 29, 2012

Archived - Canada Positioned to Address Global Challenges With Royal Assent of the Jobs, Growth and Long-term Prosperity Act

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The Honourable Jim Flaherty, Minister of Finance, today welcomed Royal Assent of Bill C-38: the Jobs, Growth and Long-term Prosperity Act, which enacts core measures from Economic Action Plan 2012 in addition to previously announced measures.

“With the Jobs, Growth and Long-term Prosperity Act in place, Canada is ideally positioned to address the challenges that lie ahead, whether they arise from ongoing economic uncertainty beyond our borders, or from the coming unprecedented demographic changes occurring right here at home,” said Minister Flaherty.

Key elements of the Jobs, Growth and Long-term Prosperity Act that will position Canada for long-term success include:

  • Making the review process for major economic projects more timely and transparent while protecting the environment.
  • Increasing travellers’ exemptions to modernize existing rules and facilitate border processes for Canadians bringing goods home from abroad.
  • Enhancing the governance and oversight framework for Canada Mortgage and Housing Corporation.
  • Making Employment Insurance (EI) a more efficient program that connects Canadians with available jobs.
  • Ensuring stable, predictable EI premium rates by limiting premium rate increases to 5 cents each year until the EI Operating Account is in balance, and then moving to a seven-year break-even rate.
  • Legislating the Government’s commitment to sustainable and predictable transfers to provinces and territories in support of health care, education and other programs and services.
  • Gradually increasing from 65 to 67 the age of eligibility for Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) starting in April 2023.
  • Allowing for the voluntary deferral of the basic OAS for up to five years starting on July 1, 2013, resulting in a higher, actuarially adjusted, annual pension.
  • Modernizing Canada’s currency by gradually eliminating the penny from Canada’s coinage system.

“By making these investments in jobs and growth, keeping taxes low and supporting the return to balanced budgets, our actions are sustaining the core priorities of Canadians for today and future generations,” said Minister Flaherty.

For further information, media may contact:

Mary Ann Dewey-Plante
Press Secretary
Office of the Minister of Finance

David Barnabe
Media Relations
Department of Finance

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