April 21, 2015

OTTAWA – Earl Dreeshen, Member of Parliament for Red Deer, is welcoming Economic Action Plan (EAP) 2015 as a balanced budget focused on low tax job growth and security. 

“Economic Action Plan 2015 fulfills our promise to return to balance in 2015, with a surplus of $1.4 billion,” said Dreeshen. “We have been able to balance the budget while maintaining the lowest federal tax burden on Canadians in over a half of a century,” he continued, “in fact, the average two earner Canadian family of four will receive tax relief and increased benefits of up to $6,600 in 2015. That is real money in the hands of Canadians to use how they see fit while raising their families.”

Families and seniors in Central Alberta will also benefit from the 2015 budget. There will be an increase in the Tax Free Savings Account annual contribution limit to $10,000 for 2015 and subsequent years. Employment Insurance Compassionate Care Benefits will be extended from six weeks to six months to better support Canadians caring for gravely ill and dying family members. Seniors will also benefit from the introduction of a new Home Accessibility Tax Credit and reduction in the minimum withdrawal factors for Registered Retirement Income Funds (RRIFs).

“We must never forget the contribution that veterans have made to our freedom and security,” Dreeshen added. “EAP 2015 reaffirms the Government’s commitment to support veterans by: introducing a new Retirement Income Security Benefit, expanding access to the Permanent Impairment Allowance, modifying the Earning Loss Benefit to allow part time reservists to have access to the same level of support, creating a new tax free Family Caregiver Relief Benefit and increasing the level of individualized care to veterans.”

EAP 2015 will also continue to see a strong commitment to the agriculture sector. One of the major initiatives is increasing the Lifetime Capital Gains Exemption to $1 million for owners of farms and fishing benefits. The Government is also promoting competitiveness and trade opportunities for the agriculture and agri-food sector by providing additional funding to the Agriculture Market Access Secretariat and by expanding the AgriMarketing Program which promotes high quality Canadian