Archived - Minister of State (Finance) and Minister of State (Seniors) Highlight Key Measures in Economic Action Plan 2014

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Economic Action Plan 2014 will help consumers better manage their finances and help businesses create jobs and keep the economy growing

February 19, 2014 – Vancouver, British Columbia – Department of Finance

Minister of State (Finance) Kevin Sorenson and Minister of State (Seniors) Alice Wong today highlighted some of the key measures in Economic Action Plan 2014 (EAP 2014) that will help Canadian seniors, and help businesses in creating jobs and driving economic growth.

The Ministers highlighted EAP 2014 measures that will proactively ensure pay-to-pay policies for monthly printed credit card statements provided by banks are prohibited; raise public awareness about the costs of and alternatives to payday lending and other high interest rate lending products; and protect seniors from financial abuse by ensuring that banks have appropriate and adequate processes and procedures for advising on bank powers of attorney and joint accounts.

They also met with businesses in Richmond to explain EAP 2014’s steps to reduce the tax compliance and regulatory burden for small and medium-sized businesses, develop a “Made-in-Canada” consumer awareness campaign, and reduce barriers to internal trade.

Quick Facts

Economic Action Plan 2014 is continuing to help Canadian consumers and businesses by:

  • Requiring enhanced disclosure by banks on the costs and benefits of using powers of attorney or joint accounts.
  • Supporting provincial efforts to regulate appropriately all payday lending-type high interest rate products.
  • Expanding no-cost basic banking services for youths, students and vulnerable groups.
  • Proactively ensuring pay-to-pay policies for monthly printed credit card statements provided by banks are prohibited.
  • Expanding the Targeted Initiative for Older Workers, by investing $75 million to help unemployed older workers put their talents and experience back to work.
  • Not introducing new taxes on business.
  • Building on the work of the Red Tape Reduction Commission by reducing the tax compliance and regulatory burden for small and medium-sized businesses.
  • Creating the new Canada First Research Excellence Fund with $1.5 billion in funding over the next decade to help Canada’s post-secondary institutions excel globally in research areas that create long-term economic advantages for Canada.
  • Modernizing regulation and legislation to better protect investors and taxpayers, enhance Canada’s financial services sector and support efficient capital markets.

Quotes

"Economic Action Plan 2014 builds on our Government's efforts to improve Canada's financial consumer protection framework, resulting in one of the most advanced frameworks in the world. We will maintain our focus on jobs and economic growth, underpinned by our ongoing commitment to keep taxes low and balance the budget in 2015. Our Plan lays out the next steps to keep taxes low while investing in what matters most to Canadians and businesses."

- Kevin Sorenson, Minister of State (Finance)

“Economic Action Plan 2014 advances the protections our Government has put in place for consumers of financial services and consumer products in general, and specifically for seniors. We are also engaging with Canadians on the development of a comprehensive financial consumer code to better protect consumers and ensure they have the necessary tools to make responsible financial decisions."

- Alice Wong, Minister of State (Seniors)

Associated Links

Media Contacts

Meagan Murdoch
Communications
Office of the Minister of State (Finance)
613-996-7861

Jack Aubry
Media Relations
Department of Finance
613-996-8080

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