OTTAWA (12 February 2009) – Bill C-10, the Notice of Ways and Means Motion to implement Budget 2009 measures, reached second reading in the House of Commons this week. Leon Benoit, Member of Parliament for Vegreville-Wainwright explains that the Notice also includes provisions referenced in Budget 2009 to implement most remaining tax measures from the February budget as well as the November 20008 Economic and Fiscal Statement.
"The Action Plan is geared to stimulate economic growth, restore confidence and support Canadians and their families during an outside global recession which will support Canada," said Benoit. "Tax reductions are an essential part of our plan and these latest cuts create a solid foundation for future economic growth, more jobs and higher living standards for Canadians."
Included in the Notice are the proposed increases to the basic personal amount and the upper limits for the two lowest personal income tax brackets by 7.5 per cent above their 2008 amounts. These and other personal income tax measures proposed in Budget 2009 will deliver $20 billion in income tax relief over this and the next five fiscal years.
Other Budget 2009 proposed tax measures in the Notice include:
- increasing by $1,000 the amount upon which the Age Credit is calculated; which means we have increased from $12,627 to $17,673 the amount of income that a senior can earn tax free;
- increasing to $25,000 the maximum amount eligible for withdrawal under the Home Buyers' Plan;
- introducing amendments to the rules related to RRSPs and RRIFs to allow for recognition of losses in accounts between the time of the annuitant's death and final distribution of property from the account;
- extending the Mineral Exploration Tax Credit for one year;
- increasing to $500,000 the amount of active business income eligible for the 11 per cent small business income tax rate (up from $300,000 when we took office three years ago);
- implementing the Customs Tariff measures referenced in the budget, such as:
- eliminating tariffs on a range of imported machinery and equipment;
