January 28, 2009

(Wednesday, January 28, 2009 – Peterborough, ON)  Dean Del Mastro, Member of Parliament for Peterborough Riding says that yesterday’s federal budget contains bold measures that will tackle the challenges faced by the citizens of the Peterborough Riding head on.  Budget 2009, tabled Tuesday by Minister of Finance Jim Flaherty, combines targeted tax relief with short term measured program funding that will mean jobs for all of our communities.
 
“This is a budget that reflects the reality of what people in the Peterborough Riding and across the country are experiencing right now, said Del Mastro. “With these actions, our government is moving forward with a solid plan that will promote real growth and deliver real results.”
 
BUDGET 2009 – CANADA’S ECONOMIC ACTION PLAN HIGHLIGHTS
 
TAX RELIEF

• Freeze EI on payroll taxes
• Lower personal income taxes
• Increased child benefits
• Additional tax relief for seniors
• Tax relief for businesses
• Enhancing Working Income Tax Benefit Income

PROVINCIAL AND MUNICIPAL INFRASTRUCTURE

• $4 billion Infrastructure Stimulus Fund over two years to provide funding to rehabilitate infrastructure.
• $1 billion over five years for a Green Infrastructure Fund for projects including sustainable energy.
• $500 million over two years to create Recreational Infrastructure Canada, or RInC, to support construction of new community recreational facilities and upgrades to existing facilities across Canada.
• $500 million over the next two years to accelerate infrastructure projects in small communities.
• $1 billion in accelerated payments under the Provincial-Territorial Base Funding Initiative to expedite “ready-to-go” infrastructure projects.
• $1 billion over five years for a Southern Ontario Development Agency (SODA) program to encourage investment and job creation.
  

TAX AND TARIFF RELIEF TO STIMULATE BUSINESS INVESTMENT

• Introducing a temporary 100 per cent capital cost allowance (CCA) rate for computer hardware and software acquired after January 27, 2009 and before February 1, 2011.
• Extending the temporary 50 per cent straight-line accelerated CCA rate to investment in manufacturing or processing machinery and equipment undertaken in 2010 and 2011.
• Providing over $440 million in savings for Canadian industry over the next five years by permanently eliminating tariffs on a range of machinery and equipment to lower costs for Canadian producers in a variety of sectors, such as forestry, energy and food processing.

“I have been working hard to bring the Peterborough Riding issues to Ottawa, said Del Mastro. “And this budget shows that those efforts are paying dividends, as we will now have a stronger ability to move forward on projects that are crucial to the economic growth of our community.”
 
For more information, please visit www.budget.gc.ca