MP Mark Warawa says Budget 2007 Responds to BC’s Needs

March 26, 2007

In providing more detailed information on Budget 2007 for British Columbians, Langley MP Mark Warawa says the budget strikes the right balance for BC. “We have achieved this by balancing the budget, cutting taxes for working families, investing in priorities like health care, the environment, infrastructure, and restoring fiscal balance by giving BC the resources it needs to deliver the front-line services that matter to Canadians,” says Warawa.

Warawa adds that BC especially has benefited from the federal budget announced last week. “Our government realizes the tremendous growth here, and the incredible potential of this province. BC needs our federal government participation, especially in transportation infrastructure needs,” says Warawa. “I am very happy this budget has increased the Asia-Pacific Gateway initiative funding by $410 million, bringing a total of $1 billion to BC’s pressing transportation needs in that area.”

“In Langley we know that the Asia-Pacific Gateway project needed more funding to deal with infrastructure growth.  The federal government to has listened and responded to those needs,” says Warawa. 

“Restoring fiscal balance brings federal support for B.C. to $4.7 billion in 2007-08, including $3.1 billion under the Canada Health Transfer; $1.3 billion for Canada Social Transfer includes additional funding for post secondary education and childcare as well as the infusion in the Gateway project.

Warawa also outlined other benefits specific to BC:

• $76.4 million through the Patient Wait Times Guarantee Trust over the next three fiscal years.
• $39.9 million to implement a human papilloma virus (HPV) immunization program to combat cervical cancer over the next three fiscal years.
• $1 billion over ten years to combat the effects of the mountain pine beetle.
• $9 million in corporate income tax relief from changes in capital cost allowances for buildings.
• $57 million in additional corporate income tax relief from the temporary two-year write-off for manufacturing equipment over next two years.
• Approximately $10.2 million in tax savings for farmers, fishers and small business owners through increased Lifetime Capital Gains Tax Exemption to $750,000.
• British Columbia will receive almost $200 million from the Canada ecoTrust for Clean Air and Climate Change.
  

“Every British Columbian will receive numerous benefits from the 2007 budget,” says Warawa including:

• New $2,000 Child Tax Credit will save B.C. parents $173.9 million.
• Increase in basic spousal amount will provide an estimated $35.2 million in tax relief to a supporting spouse or single taxpayer supporting a child or relative.
• The Working Income Tax Benefit will benefit workers of B.C. with $86.7 million in tax relief.
• B.C farmers will receive approximately $60 million under new initiatives in Budget 2007.
• Increasing the RRSP and Registered Pension Plan maturation age will save B.C. taxpayers $25.3 million.
• Expand the Northern Zone to include Mackenzie in the Northern Residents Deductions.
• $30 million for the Great Bear Rain Forest.
• $15 million for the Brain Research Centre at the University of B.C.
  

“This budget is good news for British Columbians, and I am incredibly pleased that the Finance Minister has listened to the needs of Canadians,” says Warawa.