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2009 Federal Budget Commentary
"Canada’s Economic Action Plan"
January 27, 2009
Introduction
Today, the Honourable Jim Flaherty, Minister of Finance tabled the minority Conservative government’s fourth Federal Budget implementing their comprehensive budget plan to stimulate economic growth, restore confidence, and support Canadians and their families during this global recession.
The key initiatives for budget 2009 are as follows:
- Fulfilling Canada’s G20 Commitment – Canada’s Economic Action Plan fulfills Canada’s commitments at the recent G-20 Special Leaders Summit to provide timely stimulus to domestic demand, while maintaining long run fiscal sustainability.
- Improving Access to Financing, Strengthening the Financial System – Providing up to $200 billion through the Extraordinary Financing Framework to improve access to financing for consumers and allow
businesses to obtain the financing they need to invest, grow and create new jobs, including support for the transition to a Canadian Securities Regulator.
- Help Canadians and Stimulate Spending – Providing $8.3 billion for the Canadian Skills and Transition Strategy, which includes extra support for Canadians most affected by the economic downtown, including enhancements to Employment Insurance and more funding for skills and training. The budget provides $20 billion in personal income tax relief that will benefit Canadians over 2008-09 and the next five fiscal years.
- Stimulate Housing Construction – Providing $7.8 billion to build quality housing, stimulate construction and enhance energy efficiency. Measures include a renovation tax credit, funding for energy retrofits, investments for social housing to support low income Canadians, seniors, persons with disabilities and Aboriginal Canadians, and low cost loans to municipalities.
- Action to Build Infrastructure – Expanding and accelerating the recent historic federal investment in infrastructure with almost $12 billion in new infrastructure stimulus funding for roads, bridges, broadband internet access, electronic health records, laboratories and border crossings across the country.
- Support Businesses and Communities – Extra support of $7.5 billion to protect jobs and support adjustments for targeted sectors such as auto, forestry and manufacturing, as well as funding for clean
energy.
- Partnerships with Aboriginals and Investments in First Nations Infrastructure – Significant new investments for Aboriginal Canadians, including funds for social housing, Aboriginal Skills and Employment training, improving health outcomes, and improvements to child and family services on reserves.
Click here for the complete 2009 Federal Budget Commentary prepared by Collins Barrow (*.pdf format)
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