Due to our strong record of tax relief, we’re helping the typical family save over $3,100 a year.
Our Conservative Government believes in keeping families strong.
That’s why Economic Action Plan 2012 introduces several key measures to help Canadian families, including:
- improving the Registered Disability Savings Plan (RDSP) to help ensure the long-term financial security of children with severe disabilities
- improving First Nations water infrastructure with over $330.8 million to ensure safe and clean drinking water on First Nations reserves
- investing in small public infrastructure with $150 million to support repairs and improvements to existing community facilities
- promoting more active lifestyles with continued support for ParticipACTION and its community-based physical activity and fitness programs
- enhancing the Victims Fund to ensure victims of crime have an effective voice in the federal justice and corrections system
- increasing the Traveller’s Exemptions on the value of goods Canadians can bring in duty- and tax-free from $50 to $200 after a 24-hour trip and from $400 to $800 after a 48-hour trip, beginning June 1, 2012
This builds on the strong action our Conservative Government has taken to support families since 2006:
- We’ve cut taxes over 140 times since forming Government.
- We cut the lowest personal income tax rate to 15%.
- We removed over 1 million low-income Canadians from the tax rolls completely.
- We increased the amount Canadians can earn tax-free.
- We reduced the GST from 7% to 5%, putting nearly $1,000 back in the pocket of an average family.
- We introduced the Universal Child Care Benefit (UCCB), offering families more choice in child care by providing $1,200 a year for each child under age 6.
- We introduced the Family Caregiver Tax Credit, a credit on up to $2,000 for caregivers of all types of infirm dependent relatives, including, spouses, common-law partners, and minor children.
- We introduced the Child Tax Credit, providing personal income tax relief of up to $320 in 2011 for each child under age 18.
- We introduced the Children’s Fitness Tax Credit, promoting physical fitness among children through a credit of up to $500 in eligible fees for programs associated with physical activity.
- We introduced the Children’s Arts Tax Credit, promoting the arts among children through a credit on up to $500 in eligible fees for programs associated with children’s artistic, cultural, recreational, and developmental activities.
- We brought in the landmark Tax-Free Savings Account – the most important personal savings vehicle since RRSPs.
- We doubled the in-study income exemption to $100/wk, allowing full-time students to earn more money without affecting their loans.
- We eliminated the marriage penalty for one-earner families by increasing the spousal amount to the same level as the basic personal amount.
- We introduced the Registered Disability Savings Plan (RDSP) to help families of children with disabilities.
- We extended the ecoENERGY Retrofit‒Homes Program, reducing the burden of high energy costs for families.
- We delivered the Fairness at the Pumps Act, to crack down on faulty gas pumps and ensure that when families pull into a gas station to fill up, the amount marked on their pump is the amount in their tank.
- In addition, families are benefiting from our other targeted measures, like the First-Time Home Buyers’ Tax Credit, the expanded Home Buyers’ Plan, and the Public Transit Tax Credit.
Due to our strong record of tax relief, we’re helping the typical family save over $3,100 a year. Going forward, our Government is committed to keeping taxes low for families and all Canadians.