Budget 2009: Kitchener-Waterloo MP Peter Braid Applauds Significant Investments in our Community

January 27, 2009

WATERLOO – Today’s tabling of Budget 2009 – Canada’s Economic Action Plan – reveals almost $30 billion in support spending for the coming year. With measures including infrastructure spending, investment in social housing, and tax relief, the Budget offers a bold, multi-year approach to stimulating Canada’s economy, and protecting Canadians during the global recession.

“This is exactly the sort of budget that Canada needs right now,” said Peter Braid, Member of Parliament for Kitchener–Waterloo. “We’re investing in people, communities and infrastructure. We’re enhancing Employment Insurance benefits, encouraging home renovation and energy-efficiency, and supporting businesses.”

Kitchener–Waterloo will benefit directly from some of the new initiatives –– particularly the $50 million provided to Waterloo's Institute for Quantum Computing.

“While we are investing in the present, we are also looking ahead to the future,” Braid says. “Budget 2009 will provide $50 million to the Institute for Quantum Computing to support the construction and establishment of a new world-class research facility.  This will further enhance the reputation of Kitchener–Waterloo as a knowledge capital and high-tech hub.  It is just one of many initiatives targeted at innovation, and creating the jobs of tomorrow.”

Braid is particularly pleased to see the Budget reflect many of the proposals submitted by community leaders as part of the consultation process organized by local M.P.s.  “I spent much of December and January consulting with the people of Kitchener–Waterloo, and hearing their suggestions and concerns. Although we face temporary short-term deficits, in the long run, Canada will emerge even stronger because of the investments announced today.”

A summary of nation-wide and Ontario-targeted budget items is included below. Peter Braid will deliver a speech about the budget to the House of Commons tomorrow, Wednesday, January 28, at approximately 5:45 PM. His additional remarks will be available at that time.

 

Budget Summary

The plan will provide almost $30 billion in support, equivalent to 1.9% of GDP, to the Canadian economy this year. Ontario will especially benefit from the plan, through:

Action to Build Infrastructure by providing Ontario with its share of $4.5 billion over two years for infrastructure projects such as road, water and sewer system upgrades across the province. It also accelerates payments up to $75 million over two years for additional infrastructure projects.

Action to Reduce Taxes and Freeze EI Rates by providing the people and businesses of Ontario with tax relief of $9.1 billion over the next five years and providing billions to keep EI rates low for 2009-10.

Action to Stimulate Housing Construction by providing billions to build quality social housing, stimulate construction and enhance energy efficiency. The new renovation tax credit will provide up to $1,350 per homeowner, which will benefit Ontario homeowners by up to $1.3 billion over two years.

Action to Improve Access to Financing for businesses to obtain the resources they need to invest, grow and create new jobs and give consumers the adequate financing they need.

Action to Help Canadians Hit Hardest by the Economic Downturn including enhancements to Employment Insurance and more funding for skills and training.

Support for Businesses and Communities by protecting jobs and supporting sectoral adjustments during this extraordinary crisis with $7.5 billion in extra support for sectors, regions and communities such as the forestry and manufacturing sectors.

Ontario will also benefit from specific initiatives including more than $1 billion over five years for a Southern Ontario Development Agency (SODA) program to help workers, communities and business in the region, and in Eastern Ontario; $50 million to the Institute for Quantum Computing in Waterloo for the construction of a new world-class research facility; an additional $407 million to VIA Rail Canada to support improvements to the Quebec City to Windsor corridor; a share of $2 billion to support deferred maintenance and repair projects at post-secondary institutions; and $14.5 million for the restoration of two federal bridges at the Sarnia and Fort Erie border-crossings.

In addition to these measures, Ontario will continue to receive historically high and growing federal transfers in 2009-10 that will total $15.8 billion - an increase of $1.5 billion from last year and a $4.3 billion increase over the former Liberal government. What’s more, Ontario will see growing health ($9.6 billion) and social ($4.2 billion) transfers to help the province pay for vital health care, educational and social services families depended on.