GUELPH, Ont. (February 26, 2008) – Ottawa unveiled its long-anticipated 2008 Budget today, and Gloria Kovach, the Federal Conservative candidate for Guelph , called it a fiscally responsible budget that will do much for the city.
“This Budget is good news for Guelph,” said Ms. Kovach. “It makes permanent the gas tax transfer to Cities, which means Guelph can plan long term for its infrastructure needs.”
“The $500 million for transit projects could help to bring GO rail to Guelph. This, in addition to the Public Transit Tax Credit, is a real commitment to public transit.”
The Budget also earmarked $1 million for struggling manufacturers, which includes an accelerated capital cost allowance for new machinery and $250 million for an automotive research fund. “These can greatly benefit industries and therefore jobs in Guelph,” added Ms. Kovach.
She notes some of the budget highlights:
- The Budget is balanced, focused and prudent.
- Budget 2008 provides the most important savings vehicle since the introduction of the RRSP, the Tax Free Savings Account. This flexible, registered, general-purpose account will allow Canadians to watch their savings grow, tax free.
- The Budget increases the Guaranteed Income Supplement exemption to $3,500 from the current maximum of $500. This will benefit low and modest income seniors. The Budget also provides, for the first time in Canadian history, pension income splitting for seniors and pensioners.
- Budget 2008 takes action to fulfill the Government’s commitment to a cleaner, healthier environment, including $250 million for carbon capture and storage projects.
- The Government will provide $350 million for the Canada Student Grant Program in 2009-2010, growing to $430 million in 2012-2013.
“This is a fiscally responsible Budget that continues to reduce debt and taxes, focuses government spending and provides additional support for sectors of the economy that are struggling in this period of global uncertainty,” said Ms. Kovach.
For all media enquiries, please email Leslie Smejkal at communications@gloriakovach.com