Restraint and respect for tax dollars

                                   

 

FOR IMMEDIATE RELEASE                                                                                                                        27  NOVEMBER 2008

 

OTTAWA –The government’s fall economic statement recognizes the need for restraint in tough economic times while emphasizing Canada’s strengths, says Battlefords-Lloydminister MP, Gerry Ritz.

 

“I’m proud to be part of a government that is dealing with these economic challenges in a way that protects Canadian families and businesses, and protects our economic future. Difficult times require difficult choices,” says Ritz, who is also Minister of Agriculture and Agri-Food.

 

The Economic Statement includes the elimination of the taxpayer-funded subsidy for politicians and their parties. In addition, federal government departments and agencies have been asked to reduce their spending as part of a responsible plan to save over $15 billion over the next five fiscal years.

 

Despite the restraint measures, the government is ensuring important equalization payments will continue to grow.

 

“I’m pleased we are protecting the health and social transfers to the provinces, continuing the growth of six per cent for the Canada Health Transfer and three per cent for the Canada Social Transfer. Plus, we are continuing our commitment to increased spending on infrastructure,” says Ritz. 

 

Next year’s increase in infrastructure spending will push the total amount to over $6 billion and the government remains committed to expediting the $33 billion Building Canada plan to get projects moving as quickly as possible.

 

 For seniors, the Economic Statement proposes a one-time change that would allow RRIF holders to reduce their required minimum withdrawal by 25 per cent for the tax year.

 

 “We will continue to work to stimulate the economy while showing restraint and respect for tax dollars.  My constituents can be assured we are taking decisive and focused measures, designed to protect Canada’s economic future,” says Ritz.

 

 

The 2008 Economic Statement is on available on the Department of Finance website at www.fin.gc.ca

 

 

For more information call Meagan Murdoch – Director of Communications   613-759-1059