Action on the Economy...

December 05, 2008

Action on the Economy...

The world is facing a dramatic economic slowdown and Canada is not immune. We are however in better shape than most nations because our government took proactive action. Canada’s government was ahead of the curve in anticipating the global crisis and took significant actions to stimulate our economy and minimize the impact of the global slowdown on Canada. We cut taxes, including the GST last January (the British government just now cut the VAT, their consumption tax), expedited construction projects like roads, bridges and sewers (just like the new ‘New Deal’ now proposed by President-elect Obama) and injected liquidity into financial markets to protect home mortgages. These actions and a solid economic base leave Canada as the only G7 nation forecast to have positive economic growth in 2009.

Further tax stimulus...

Tax reductions implemented by our Government since 2006 will result in Canadians paying $31 billion less in taxes next year. Additional measures taking effect on January 1, 2009 include:

• the new Tax Free Savings Account;
• an increase in the Basic Personal Exemption to $10,100 and;
• a reduction in the general corporate income tax rate to 19 percent.

Further stimulus...

Our government is also working with provincial governments to accelerate $33 billion in infrastructure spending as part of our Building Canada Plan.

Total stimulus in 2009-2010 will amount to almost 2% of GDP. At the time of writing, no advanced industrialized economy has enacted measures as large as those in Canada. 

Contact us…

Centre residents requiring assistance may contact my office by mail, phone, fax, e-mail or appointment. Our constituency office contact information is:

Lee Richardson, M.P.
Suite 105, 1410 11th Ave SW
Calgary, AB T3C 0M8

Phone: (403) 244-1880
Fax: (403) 245-3468
E-mail: Richardson.L@parl.gc.ca
Website: www.leerichardson.ca