February 29, 2008

Ottawa – “Our government is taking the path that requires focus, prudence and discipline,” said Bev Shipley M.P. for Lambton – Kent - Middlesex. “This budget builds on our long-term economic plan Advantage Canada, a plan that is realistic and which returns to taxpayers interest savings from paying down the national debt in the form of tax cuts. Since coming to office our government has reduced the national debt by $38 billion and will deliver more than $200 billion in tax relief to over burdened Canadian taxpayers over the next five years”

Of particular note says Shipley, Budget 2008 provides Canadians with the most important federally-driven personal finance innovation since the introduction of the Registered Retirement Savings Plan (RRSP): the Tax Free Savings Account. This flexible, registered, general-purpose account will allow Canadians to watch their savings – including interest income, dividend payments and capital gains – grow tax free.

“The Tax Free Savings Account is the first of its kind in Canadian history,” said Shipley. “It will provide all Canadians with a powerful incentive to save. An RRSP is primarily intended for retirement, but the Tax-Free Savings Account is like an RRSP for everything else in your life.”

Building on the Government’s 2007 Fiscal and Economic Update, Shipley says the Conservative government tabled a balanced, focused and prudent budget to strengthen Canada and particularly the residents of Lambton Kent Middlesex amidst global economic uncertainty. “Budget 2008 continues reducing debt and taxes, focuses government spending, and provides additional support for sectors of the economy that are struggling.”
Budget 2008 demonstrates responsible leadership by:

• Paying down our national debt and returning in the form of tax cuts the interest saved.
• Strengthening Canada’s tax advantage. Canada now has the strongest economy amongst all G8 countries.
• Supporting the automotive sector with more than $1.6 billion, including parts suppliers important to the economies of Strathroy and Wallaceburg.
• Building on Agriculture with changes to the Advanced Payment Program for the benefit of the troubled livestock sector, crucial to the economy of Middlesex
• Making permanent the Federal Gas Tax to Municipalities for the construction and repair of local infrastructure for all our communities.
• Providing funding for Law Enforcement making our streets safer for families, seniors and those vulnerable to crime.
• Providing funding to the Canadian Forces who serve our nation with bravery and distinction in troubled spots around the globe.
  

“There are challenges on the horizon,” said Shipley. “Some would have us go down the path to higher spending, higher interest payments and higher taxes. That approach is misguided. Our Government is taking the path that requires a strong focus for the days ahead while still delivering for Canadians.”

For more information please contact Bev Shipley, M.P at – (613) 947-4581.