Budget 2009: Canada’s Economic Action Plan

January 27, 2009

27 January 2009, Maple Ridge – Today the Conservative government tabled Budget 2009 - Canada’s Economic Action Plan - a bold multi-year approach to stimulate the economy and protect the country during the current global recession.
 
“While Canada is coping with a global economic downturn, our plan will ensure we emerge even stronger as the economy recovers,” said Randy Kamp, MP for Pitt Meadows-Maple Ridge-Mission. “The targeted and temporary measures will build on Canada’s long-term strengths, while helping address short-term challenges.”
 
The plan will provide almost $30 billion in support, equivalent to 1.9% of our GDP, to the Canadian economy this year. British Columbia will especially benefit from the plan through:
 
Action to Build Infrastructure by providing British Columbia with its share of $4.5 billion over two years for infrastructure projects such as road, water and sewer system upgrades across the province. It also accelerates payments up to $75 million over two years for additional infrastructure projects.
 
Action to Reduce Taxes and Freeze EI Rates by providing the people and businesses of British Columbia with tax relief of $3 billion over the next five years and providing billions to keep EI rates low for 2009-10.
 
Action to Stimulate Housing Construction by providing billions to build quality social housing, stimulate construction and enhance energy efficiency. The new renovation tax credit will provide up to $1,350 per homeowner, which will benefit British Columbia homeowners by up to $419.2 million over two years.
 
Action to Improve Access to Financing for businesses to obtain the resources they need to invest, grow and create new jobs and give consumers the adequate financing they need.
 
Action to Help Canadians Hit Hardest by the Economic Downturn including enhancements to Employment Insurance and more funding for skills and training.
 
Action to Support Businesses and Communities during this global recession with $7.5 billion in extra support for sectors such as forestry and manufacturing as well as the regions and communities that depend on them.
 
British Columbia will also benefit from specific initiatives including an additional $81 million over the next two years to accelerate the cleanup of federal contaminated sites, including Fort Nelson Airport; a share of $2 billion to support deferred maintenance and repair projects at post-secondary institutions, including at the College of New Caledonia; $80 to modernize and expand border service facilities, including at Huntingdon, Kingsgate and the Pacific Highway; $1.9 million for building float, fire protection, service area and wharf repairs at the Steveston Harbour and $300,000 for wharf repairs at the Ladysmith Harbour; and $40 million over two years to support tourism, including the Vancouver 2010 Winter Olympic and Para Olympic Games.

In addition to these measures, British Columbia will continue to receive historically high and growing federal transfers in 2009-10 that will total $5.3 billion - an increase of $200 million from last year and a $503 million increase over the former Liberal government. What’s more, British Columbia will see growing health ($3.2 billion) and social ($1.4 billion) transfers to help the province pay for vital health care, educational and social services families depended on.
 
“With this plan, Canada and British Columbia will emerge from this global recession with better infrastructure, a more skilled labour force, lower taxes and a more competitive economy,” said Mr. Kamp.  “This is the plan Canadians wanted, and this is the plan that will create and maintain jobs for today and tomorrow.”

Click here to read the Budget 2009: Canada’s Economic Action Plan - Background information for BC