April 2012 Parliamentary Report
This Budget is a new Economic Action Plan for jobs, growth and long-term prosperity.
An important part of our plan is keeping taxes low while returning to a balanced budget. Over the past year we’ve found fair, balanced, and moderate savings to reduce the deficit. These savings represent less than 2% of program spending. In fact, over 70% of the savings found are in operational efficiencies such as:
Reducing travel by using virtual tools such as teleconferencing, videoconferencing and virtual presence;
Reducing duplication by combining administrative functions such as human resources and financial services, communications and IT;
Replacing paper publications with online content.
Here are some of the ways Economic Action Plan 2012 will deliver jobs, growth, and long-term prosperity:
o Acting on the Jenkins Report: with $1.1 billion directly to research and development and $500 million for venture capital.
o Supporting Innovation in Science & Technology: including $37 million annually to Canada’s granting councils, $60 million for Genome Canada, $10 million to the Canadian Institute for Advanced Research, $500 million to the Canada Foundation for Innovation, and much more.
o Responsible Resource Development: ensuring major resource projects aren’t bogged down by the regulatory system and that one project receives only one review in a clearly defined timeframe.
o Undertaking the Most Ambitious Trade Expansion in Canadian History: strengthening trade with the US, opening new trade agreements with India and the European Union, and much more.
o Hiring Credit for Small Business: extending the credit of up to $1,000 for one year and lowering total business payroll taxes by $205 million.
o Helping Youth Gain Skills and Experience: $50 million to the Youth Employment Strategy.
o Investing in Small Public Infrastructure: $150 million to support repairs and improvements to existing community facilities.
o Connecting Canadians with Available Jobs: $21 million to improve job and labour market information for Canadians looking for work.
o Supporting Employers of Canada’s Reservists: ensuring reservists are not disadvantaged in the workforce because of worries about added costs.
o Enhancing the Victims Fund: ensuring that victims of crime have an effective voice in the federal justice system.
o Improving First Nations Water Infrastructure: over $330 million to ensure safe and clean drinking water on First Nations reserves.
o Improving the Registered Disability Savings Plan: to ensure the long-term financial security of children with severe disabilities.
o Ensuring OAS Remains Strong and is there for Future Generations: gradually raising the eligibility for OAS and GIS benefits from 65 to 67 between 2023 and 2029.
o Bringing Public sector and Parliamentarians’ Pensions in line with the Private Sector
o Reviewing Government Spending: eliminating waste in government and making government more efficient, resulting in $5.2 billion in ongoing savings (less than 2.0 per cent in total program spending by 2016-17).
Reductions in public service numbers would be achieved primarily through retirement and normal attrition. Over the coming months, departments will be informing employees about specific changes. Employees whose jobs are affected will be treated with respect and according to workforce adjustment agreements.
Further information can be found at: www.fin.gc.ca