Ottawa, October 22, 2013
Harper Government Focused on Job Creation and Economic Growth with Economic Action Plan 2013 Act, No. 2
- Economic Action Plan 2013
- Economic Action Plan 2013 Act, No. 2 (LEGISinfo)
- Background Document: Bill C-4 – Economic Action Plan 2013 Act, No.2
The Honourable Jim Flaherty, Minister of Finance, today introduced the Economic Action Plan 2013 Act, No. 2. The Act implements key measures from Economic Action Plan 2013, as well as certain previously announced tax measures, to help create jobs, stimulate economic growth and secure Canada’s long-term prosperity.
“While Canada leads the G-7 with more than 1 million jobs created since the depth of the global economic recession, we are not immune from the challenges beyond our borders. We cannot afford to become complacent,” said Minister Flaherty. “By implementing the measures from Economic Action Plan 2013, our Government is helping to create jobs and opportunities for Canadians and grow Canada’s economy.”
Measures in the Economic Action Plan 2013 Act, No. 2 aimed at spurring job creation and economic growth include:
Providing support for job creators
- Extending and expanding the Hiring Credit for Small Business, which will benefit an estimated 560,000 employers.
- Increasing and indexing the Lifetime Capital Gains Exemption, to make investing in small business more rewarding.
- Expanding the accelerated capital cost allowance to further encourage investments in clean energy generation.
- Freezing Employment Insurance premium rates for three years, leaving $660 million in the pockets of job creators and workers in 2014 alone.
Closing tax loopholes and combating tax evasion
- Introducing new administrative monetary penalties and criminal offences to deter the use, possession, sale and development of electronic suppression of sales software designed to falsify records for the purpose of tax evasion.
- Closing tax loopholes relating to character conversion transactions, synthetic dispositions, leveraged life insurance arrangements and other schemes to ensure that everyone pays their fair share.
- Extending, in certain circumstances, the period during which the Canada Revenue Agency can reassess a taxpayer who fails to report income from foreign property.
Respecting taxpayers’ dollars
- Modernizing the Canada Student Loans Program by moving to electronic service delivery.
- Improving the efficiency of the Temporary Foreign Worker Program by expanding electronic service delivery.
- Phasing out the Labour-Sponsored Venture Capital Corporations tax credit.
“In the face of continued global economic uncertainty, it is essential that we remain squarely focused on keeping Canada’s economy strong,” said Minister Flaherty. “That’s why our Government will continue to support the drivers of economic growth and job creation, while keeping taxes low and returning to a balanced budget by 2015.”
For further information, media may contact:
Office of the Minister of Finance
Department of Finance