Speaking to the Greater Moncton Chamber of Commerce, Finance Minister Joe Oliver today highlighted the many benefits of the Harper Government’s Economic Action Plan 2014 for New Brunswick and the rest of Canada. He also reaffirmed the Government’s top priority of creating jobs and economic growth through low taxes and enhanced trade, while remaining on track for a balanced budget in 2015.
Quick Facts about Economic Action Plan 2014
- Since the Government introduced the Economic Action Plan to respond to the global recession, Canada has performed better than most developed countries.
- Both the International Monetary Fund and the Organisation for Economic Cooperation and Development expect Canada to be among the strongest growing economies in the Group of Seven (G-7) over this year and next.
- New Brunswick will receive $860 million over 10 years in dedicated federal funding, including $390 million under the New Building Canada Fund and $470 million under the federal Gas Tax Fund.
- On June 20th, the Prime Minister announced that New Brunswick’s Propel ICT has been chosen to advance in the selection process under the Canada Accelerator and Incubator Program.
- Under the Canada Research Chairs program, the Government provides annual support totaling $1.3 million for 10 leading researchers based in Moncton post-secondary institutions.
“To keep New Brunswick and Canada strong, we must build on our firm economic and fiscal fundamentals, and a track record that is the envy of many other countries. Honouring this commitment, including a return to budgetary balance in 2015, will help foster a growing, healthy economy that creates stable, well-paying jobs, right across this country.”
– Joe Oliver, Minister of Finance
Download full economic budget plan 2014.
Department of Finance Canada also sometimes referred as “Finance Canada” operates under the Minister of Finance. Its purpose is to ensure a healthy Canadian economy by developing polices of sound economic management and providing expert advice to the government.
The Department of Finance Canada is established under section 14 of the Financial Administration Act. Under section 15 of the Act, The Minister of Finance “has the management and direction of the Department, the management of the Consolidated Revenue Fund and the supervision, control and direction of all matters relating to the financial affairs of Canada not by law assigned to the Treasury Board or to any other minister.”
The department is headquartered in the Esplanade Laurier building in downtown Ottawa at the corner of O’Connor and Laurier.
The Department’s responsibilities include the following:
- Preparing the federal Budget and the Update of Economic and Fiscal Projections
- Preparing the Annual Financial Report of the Government of Canada and, in cooperation with the Treasury Board of Canada Secretariat and the Receiver General for Canada, the Public Accounts of Canada
- Developing tax and tariff policy and legislation
- Managing federal borrowing on financial markets
- Designing and administering major transfers of federal funds to the provinces and territories
- Developing financial sector policy and legislation
- Representing Canada in various international financial institutions and groups.
The department is divided into several branches:
- Economic and Fiscal Policy Branch
- Economic Development and Corporate Finance Branch
- Federal-Provincial Relations and Social Policy Branch
- Financial Sector Policy Branch
- International Trade and Finance Branch
- Tax Policy Branch
- Law Branch
- Corporate Services Branch
- Consultations and Communications Branch
Acts and legislations under the Department:
- Income Tax Act
- Federal-Provincial Fiscal Arrangements Act
- Customs Act
- Customs Tariff Act
- Excise Act
- Excise Tax Act
- Proceeds of Crime (Money Laundering) Act
- Income Tax Conventions Implementation Act
- Payment Clearing and Settlement Act
- Financial Administration Act
- Special Import Measures Act