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The Next Phase of Canada's Economic Action Plan

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The Next Phase of Canada's Economic Action Plan THE NEXT PHASE OF CANADA’S ECONOMIC ACTION PLAN A LOW-TAX PLAN FOR JOBS AND GROWTH Tabled in the House of Commons By the Honourable James M. Flaherty, P.C., M.P. Minister of Finance March 22, 2011 NEXT PHASE OF CANADA’S ECONOMIC ©Her Majesty the Queen in Right of Canada (2011) All rights reserved All requests for permission to reproduce this document or any part thereof shall be addressed to Public Works and Government Services Canada. Available through your local bookseller or by mail from Publishing and Depository Services Public Works and Government Services Canada Ottawa, Ontario K1A 0S5 Telephone: 613-941-5995 Orders only: 1-800-635-7943 (Canada and U.S.A.) Fax: 613-954-5779 or 1-800-565-7757 (Canada and U.S.A.) Internet: http//publications.gc.ca Cat. No.: F1-23/3-2011E ISBN: 978-0-660-20027-9 This document is also available n the Internet at www.fin.gc.ca Cette publication est aussi disponible en français. Table of Contents Chapters 1—Introduction ............................................................................... 5 Introduction ............................................................................................. 7 Delivering on Canada’s Economic Action Plan ...................................... 8 The Next Phase of Canada’s Economic Action Plan — A Low-Tax Plan for Jobs and Growth ..................................................... 9 2—Economic Developments and Prospects ................................ 15 Highlights ............................................................................................... 17 Introduction ............................................................................................ 18 Global Economic Developments and Outlook ...................................... 18 Canada’s Recent Economic Performance .............................................. 23 Canada’s Policy Framework and Economic Performance ..................... 26 Financial Market Developments ............................................................ 27 Commodity Prices .................................................................................. 29 Canadian Economic Outlook—Private Sector Forecasts ...................... 31 3—Canada’s Economic Action Plan ............................................ 39 Highlights ............................................................................................... 41 Introduction ............................................................................................ 42 Delivering on Canada’s Economic Action Plan ..................................... 43 Supporting the Recovery ........................................................................ 52 4—The Next Phase of Canada’s Economic Action Plan— A Low-Tax Plan for Jobs and Growth .................................... 57 Introduction ............................................................................................59 4.1–Supporting Job Creation .........................................................................63 Highlights ...............................................................................................65 Targeted Measures to Support the Recovery .........................................69 Fostering Canada’s Business Advantage ............................................... 71 Investing in a Cleaner Energy Economy................................................76 Strengthening Canada’s International Engagement ..............................79 Maintaining Canada’s Financial Sector Advantage ...............................84 Strengthening Canada’s Public Infrastructure .......................................88 Supporting Canadian Agriculture ...........................................................95 Supporting Forestry ................................................................................97 3 4.2–Supporting Families and Communities ................................................ 101 Highlights ............................................................................................. 103 Supporting Canada’s Seniors ................................................................ 108 Supporting Our Families ...................................................................... 112 Supporting Vibrant Communities ........................................................ 119 Protecting Canada’s Natural Environment .......................................... 126 Public Safety, Security and Justice ....................................................... 128 4.3–Investing in Innovation, Education and Training ............................... 133 Highlights ............................................................................................. 135 Driving Innovation—Canada’s Digital Economy Strategy .................. 140 Strengthening Canada’s Research Advantage ...................................... 143 Fostering Commercialization and Business Innovation ...................... 148 Promoting Education and Training ..................................................... 150 4.4–Preserving Canada’s Fiscal Advantage ................................................ 159 Highlights ............................................................................................. 161 Preserving Canada’s Fiscal Advantage ................................................. 162 5—Plan for Returning to Balanced Budgets .............................. 165 Highlights ............................................................................................. 167 Plan for Returning to Balanced Budgets: Building on Budget 2010 .... 168 Fiscal Planning Framework .................................................................. 175 Annexes 1—Responsible Spending ........................................................... 197 2—Debt Management Strategy for 2011–12 ................................ 215 3—Tax Measures: Supplementary Information, Notices of Ways and Means Motions and Draft Amendments to the Income Tax Regulations ........... 233 4 Chapter 1 Introduction Introduction Introduction The global economy is emerging from the deepest and most synchronized financial and economic crisis since the Great Depression. Having learned from the mistakes of the 1930s, governments and central banks responded to the downturn with unprecedented fiscal and monetary stimulus. With a strong fiscal situation and a sound banking system, Canada was able to act boldly and effectively to protect jobs and to minimize the impact of the recession on Canadians. Canada’s economic performance during the recovery stands out among advanced countries. Canada has posted the strongest employment growth in the Group of Seven (G-7) since mid-2009, and more Canadians are working today than before the recession. Moreover, Canada’s fiscal situation remains among the strongest in the industrialized world. As the global economy continues to improve, Canada stands poised for success. However, as recent world events show, there remains considerable risk and uncertainty in the global economy, and at home too many Canadians still remain out of work. For these reasons, the Government remains focused on the economy. The Government will build on the achievements of Canada’s Economic Action Plan with a new phase designed to secure the recovery and to improve the well-being of Canadians over the long term. To this end, Budget 2011 supports job creation and continues to lay the foundation for sustainable economic growth. 7 Chapter 1 Delivering on Canada’s Economic Action Plan Canada’s Economic Action Plan was designed to fight the effects of the global recession by providing significant stimulus to safeguard jobs and protect families, while making important productive investments to contribute to Canada’s long-term economic prosperity. By ensuring that stimulus spending was concentrated over a two-year period, the Government was able to run short-term deficits without jeopardizing Canada’s long-term fiscal advantage. Canada’s Economic Action Plan is working. In the first year of implementation alone, almost $32 billion in stimulus spending and tax relief was delivered, and the Government remains on track to deliver a further $28 billion in support for the recovery. These investments have been effective in shielding Canadians from the worst of the global recession. Over 28,500 projects have been completed or are underway, generating significant employment in local communities and contributing to the creation of more than 480,000 jobs across Canada since July 2009. Even though the vast majority of initiatives announced in Budget 2009 will wind down as planned on March 31, 2011, projects completed as part of the Economic Action Plan will continue to benefit Canadians. By supporting productive investments in infrastructure, a more highly skilled labour force and a competitive business environment, Canada’s Economic Action Plan will make lasting contributions to economic growth and prosperity. While the Economic Action Plan has been successful in getting Canadians back to work, the global economic recovery remains fragile. For this reason, measures to foster long-term growth and support job creation continue to be the Government’s top priority. 8 Introduction The Next Phase of Canada’s Economic Action Plan —A Low-Tax Plan for Jobs and Growth The Government will build on the success of the stimulus plan. As the private sector moves ahead as the engine of growth and job creation, the Government will return its focus toward sustainable actions that create the right conditions for long-term economic prosperity. The Next
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