FINWIRE®

Canada - Strengthen Tax Advantage and Protect the Fiscal Framework

March 25th, 2008

The Honourable Jim Flaherty, Minister of Finance, tabled in the House of Commons a Notice of Ways and Means Motion to implement Budget 2008 tax measures.

The Notice also includes provisions to protect the Government’s fiscal plan from the effects of Bill C-253.

“Budget 2008 is a plan that is prudent, focused and responsible in this period of economic uncertainty,” said Minister Flaherty.

“Now, having received approval of the House of Commons for the budget framework, we are presented with a Private Member’s bill that risks plunging the federal government back into deficit.

Our government told Canadians we would maintain a balanced budget and we intend to keep our word.”

Included in the Notice is the Government’s proposed Tax-Free Savings Account. This is the single most important personal savings vehicle since the introduction of Registered Retirement Saving Plans in the 1950s.

Minister Flaherty urged quick passage of the legislation to ensure that Canadians can benefit from this historic measure beginning in 2009.

“The Tax-Free Savings Account will provide Canadians with a powerful incentive to save,” said Minister Flaherty.

“This flexible, registered, general purpose account will allow Canadians to watch their savings grow tax-free. It is the first account of its kind in Canadian history.”

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