Cornwall Ontario — MP Guy Lauzon writes: In the face of continued global economic fragility, the fact that Canada has created almost 1.1 million jobs since July 2009, with more than 80 per cent of those jobs in the private sector and two-thirds in high-wage industries, is a testament to the resilience of the Canadian economy. Canada is leading all G-7 countries in job creation. Balancing the budget in 2015 will provide further support to our Government’s plan to foster strong, sustainable, long-term economic growth.
As indicated in November’s Update of Economic and Fiscal Projections, responsible and disciplined use of taxpayers’ hard-earned dollars today is expected to yield a surplus of just under $4 billion in 2015–16. This will be accomplished while keeping the federal tax burden at its lowest level as a percentage of the economy in over 50 years. As a result of the Government’s low-tax plan, the average Canadian family of four now pays nearly $3,400 less in taxes than in 2006. With the lowest overall tax rate on new business investment in the Group of Seven (G-7), it is no surprise that real business investment in Canada is now well above its pre-recession peak. I expect even further growth in 2014.
In 2013, the Government continued to receive a triple-A credit rating, with a stable outlook, from all the major credit rating agencies. This is even more recognition of the fiscal progress made by our country in recent years. It also adds to Canada’s growing reputation around the world. We are striving to establish a lasting legacy for the generations of Canadians to come, as well as being a voice of economic prudence in a world that is still recovering from the recession.
Due to tough choices and sacrifices we have made, and are making today, we will soon see balanced budgets that will help keep taxes low and ensure Canadian priorities like health care remain sustainable well into the future. However, while economic growth in Canada has remained resilient, Canada is not immune to developments outside our borders. Our Government will stick with its low-tax plan for jobs and growth. It is a plan that has worked and served constituents here in SDSG and all Canadians well. I am confident our plan will continue to bring prosperity to Canadians in 2014.
Member of Parliament