Archived - Minister Sorenson Highlights Tax Cuts, Funding for Public Transit and Voluntary Options to Save for Retirement
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EAP 2015 is a balanced-budget, low-tax plan to create jobs, growth and long-term prosperity
May 26, 2015 – Ottawa, Ontario – Department of Finance
In a keynote address to the Economic Club of Canada, Minister of State (Finance) Kevin Sorenson highlighted key elements of Economic Action Plan 2015 and emphasized the importance of providing Canadians with choices to save for the future.
- Reducing the small business tax rate to 9 per cent by 2019, the largest tax rate cut for small businesses in more than 25 years.
- Providing $750 million over two years, starting in 2017–18, and $1 billion per year ongoing thereafter for a new and innovative Public Transit Fund.
- Reducing the minimum withdrawal factors for Registered Retirement Income Funds to allow seniors to preserve more of their retirement savings so they can better support their retirement income needs.
- Increasing the Tax-Free Savings Account annual contribution limit from $5,500 to $10,000, in order to provide Canadians at all income levels with greater opportunity to save on a tax-free basis.
- Exploring new options that will allow Canadians to save for their retirement on a voluntary basis.
Building on the Government’s plan for jobs and growth, Economic Action Plan 2015 is:
- Supporting job-creating businesses by helping small businesses grow, fostering entrepreneurship and cutting red tape.
- Creating the conditions for businesses to succeed by cutting taxes further, responsibly developing Canada’s natural resources, expanding markets abroad and investing in infrastructure.
- Investing in world-class research at universities and colleges and supporting business innovation.
- Connecting Canadians with available jobs by helping them acquire the skills that will get them new and better jobs.
“Our Government believes in providing choices, voluntary options, such as the Pooled Registered Pension Plan and the Tax-Free Savings Account. We will continue to build on these successes with new choices to save for the future, not mandatory payroll tax hikes which would take money out of the pockets of hard-working Canadians.”
- Kevin Sorenson, Minister of State (Finance)
Office of the Minister of State (Finance)
Department of Finance