Video Transcriptions

Overview

The 2009 federal budget is about securing the future of Canadian families---their jobs, their homes, and their hard-earned savings.

With the entire world in recession, Canada enters this difficult period in a strong position.

That means we can take steps others can’t to provide stimulus to our economy, supporting those hit hardest, and paving the way to a better future.

Our budget provides significant tax relief; incentives to support home renovations; and enhancements to Employment Insurance benefits and skills training.

It also improves the availability of financing so businesses and families can invest.  It ensures the stability of our financial system; helps struggling sectors of our economy; and launches an historic investment in Canada’s infrastructure.

While the coming year will be difficult, I am confident that this budget will help Canadians affected by the global recession. It will also position us to come out of it stronger than ever before.

Tax Relief

Personal income tax relief has been an essential part of our efforts to create opportunity and encourage growth.

Budget 2009 builds on the actions our government has already taken by providing Canadian families with more than $20 billion in personal income tax relief.

All Canadian tax payers will benefit from the personal income tax reductions effective January 1, 2009.

Seniors will pay less tax, with a $1000 increase in the Age Credit Amount.

In addition, we’ve introduced a temporary home renovation tax credit that will provide up to $1,350 in tax relief to help pay for renovations.

This will put tradespeople and other workers to work, and give a boost to those who produce and sell building materials and other goods.

Additional information about these and other tax relief measures is available on this web site.

Infrastructure

Our government has put in place an historic investment in Canada’s infrastructure.

I’m talking about roads, bridges, public transit, schools, border crossings, water systems, electronic health records and broadband internet access.

These are the things that hold our country together. Many of them need to be renewed or replaced.

Our budget takes new and immediate action to improve Canada’s infrastructure.

It launches one of the biggest building projects in our history.

Among other things, this massive infrastructure investment will:

• Provide immediate improvements to our communities and our quality of life;
• Create jobs;
• Give a boost to those who sell and produce building materials;
• Build on the substantial infrastructure investments our government has already made; and
• Promote long-term economic growth.

You will find more information about Budget 2009 on this web site.

Home Renovation Tax Credit

Canadians take pride in their homes, and work hard to maintain and improve them.

Renovations can increase home values and are good for the economy. They put tradespeople to work and give a boost to those who make and sell building products.

Energy saving renovations improve the environment and can save homeowners money.

Our budget provides a temporary tax credit that will provide an incentive for Canadians to do new renovations or speed up ones they already have planned.

The Home Renovation Tax Credit will provide up to $1,350 in tax relief to help pay for renovations.

You can finish a basement, renovate a kitchen, or improve the energy efficiency of your home or cottage.

The Home Renovation Tax Credit is expected to provide $3-billion in tax credits to homeowners as they improve their homes and help the economy grow at the same time. It’s a win-win situation.

You will find more information about Budget 2009 on this web site.