Edmonton, AB – The Honourable Kevin Sorenson, Minister of State (Finance) and Member of Parliament for Crowfoot, welcomed the Harper Government’s release of the annual Update of Economic and Fiscal Projections, which confirms that the Government remains on track for a balanced budget in 2015, with an expected surplus of $1.9 billion.
“Our Government remains committed to what matters most to Canadians: jobs, growth, and long-term prosperity. Canada has come a long way however; the global economy remains fragile. We continue to take steps to put more money back into the pockets of Canadian families,” said Minister Sorenson.
“We are fulfilling the 2011 Election campaign promises we made. We are ensuring that Canada’s total government debt continues to decline and remains the lowest of any G-7 country. In addition to growing the size of the Canadian economy, the Government will reduce the size of the accumulated federal debt with unused annual contingency funds.”
The Conservative Government has recently announced targeted tax relief for Canadian families, including:
The new Family Tax Cut, allowing a higher-income spouse to transfer up to $50,000 of taxable income to a spouse in a lower tax bracket. This tax credit will provide tax relief – capped at $2,000 – for couples with children under the age of 18.
An increase in the Universal Child Care Benefit (UCCB) for children under the age of six. As of January 1st, 2015, parents will receive benefits of $160 per month for each child under the age of six (up from $100 a month).
An expansion of the UCCB to children six through seventeen. As of January 1st, 2015, parents will receive a benefit of $60 per month for children aged six through seventeen.
An increase in the Child Care Expense Deduction dollar limits by $1,000, effective for the 2015 tax year.
“The latest tax cuts and benefits represent close to $27 billion back in the pockets of families over this year and the next five years. Every Canadian family with children under the age of 18 will have more money in their pockets because of these tax cuts and benefits,” concluded Minister Sorenson.
