Newmarket-Aurora MP Lois Brown welcomed the Royal Assent on December 16 of Bill C-13, the Keeping Canada’s Economy & Jobs Growing Act. The legislation includes key elements of the Next Phase of Canada’s Economic Action Plan—A Low-Tax Plan for Jobs and Growth.

The Keeping Canada’s Economy & Jobs Growing Act will do the following:

Job Creation & Economic Growth

• Provide a temporary Hiring Credit for Small Business to encourage additional hiring,
• Expand tax support for clean energy generation to encourage green investments,
• Simplify customs tariffs in order to facilitate trade and lower the administrative burden  for businesses,
• Extend the accelerated capital cost allowance treatment for investments in manufacturing and processing machinery and equipment for two years to support the manufacturing and processing sector,
• Eliminate the mandatory retirement age for federally regulated employees in order to give older workers wishing to work the option of remaining in the workforce.

Supporting Communities

• Legislate permanent annual funding of $2 billion for the Gas Tax Fund for predictable, long-term infrastructure support to municipalities including nearly $5 million each year for Richmond Hill,
• Enhance the Wage Earner Protection Program to cover more workers affected by employer bankruptcy or receivership,
• Introduce a Volunteer Firefighters Tax Credit for volunteer firefighters,
• Increase the integrity of the charitable sector to provide more confidence by introducing a package of integrity measures designed to help combat fraud and other forms of abuse.

Helping Families

• Introduce a new Family Caregiver Tax Credit to assist caregivers of all types of infirm dependent relatives,
• Remove the limit on the amount of eligible expenses caregivers can claim under the Medical Expense Tax Credit in respect of financially dependent relatives,
• Introduce a new Children’s Arts Tax Credit for programs associated with children’s artistic, cultural, recreational and developmental activities.

Investing in Education and Training

• Forgive loans for new doctors and nurses in under-served rural and remote areas,
• Help apprentices in the skilled trades and workers in regulated professions by making occupational, trade and professional examination fees eligible for the Tuition Tax Credit,
• Improve federal financial assistance for students,
• Make it easier to allocate Registered Education Savings Plan assets among siblings, without incurring tax penalties or forfeiting Canada Education Savings Grants.

Respecting Taxpayers

• Phase out the direct subsidy of political parties,
• Close numerous tax loopholes that allow a few businesses and individuals to avoid paying their fair share of tax.