Blog

What the PM Had to Say to the Finance Minister Part Four

This post is going to conclude our series on what instructions the Prime Minister gave to the Finance Minister and what the expectations are.

New low carbon economy trust

Again with the emphasis being on the green environment the PM wants the Finance Minister to help fund the projects in regards to reducing carbon emissions.

G 20 commitment

Here the goal is to phase out subsidies and that of been in place for the fossil fuel industry so that that the PMs commitment to the G 20 can be fulfilled.

 

Canadian exploration expenses

 

Here there is to be a tax deduction only if the exploration has been unsuccessful. Should there be any savings they are to be redirected to new and clean technology

Canadian businesses

The Finance Minister is expected to make sure that tax measures are in place to encourage innovation trade and growth.

Auto sector

This is in regards to Canadian participation in the transpacific partnership and develops the need to determine appropriate investments and strategies.

Labour sponsored funds

The PM wants the laboured sponsored funds tax credit restored so that it Canadians can save for their retirement and spur economic growth

New tax benefit for education

Here in the Prime Minister wants more financial assistance by way of a tax benefit given to teachers and ECE workers with the cost of school supplies.

Northern benefit deduction

The priority here is to enhance this deduction for Northern Canadians to be able to deal with the high cost of living and to spur the growth of northern economies.

Gen. financial issues

This is sort of a catch basin for anything that may have been left out

Repeal of the federal balanced budget act

This says it all as the PM wants to start fresh and has no intentions of carrying over with any of the plans that were outlined in the federal balanced budget act.

In the last few post we have covered about 27 priorities that the Prime Minister has outlined for the Finance Minister. Throughout this letter the prime minister has made it clear as to what his purposes are, what his expectations are, and what are considered the priorities.

He goes on in the letter to also outline who he expects the Finance Minister to work with which he outlined in his priority list depicting each specific Minister that would be involved in each priority. The PM has also indicated that the Finance Minister is to work closely with the Deputy Minister. Again what the PM is doing here is laying out the blueprint for the delegation of authority and how the chain of command should trickle down which is going to be crucial to be able to meet with all of the expectations that have been set out. If the newly appointed cabinet ministers are in doubt as to what is expected of them, the PM has provided them with an Open and Accountable Government Outline.

Share Your Thoughts!

Contact

Sam Seidman, CPA, CA, LPA
629 Sheppard Avenue West
Toronto, Ontario
M3H 2S3

Telephone: (416) 398-1700
Fax: (416) 398-6226

Chartered Professional Accountant, Chartered Accountant, Licensed Public Accountant

Email: sam@torontoaccountant.ca

Contact Sam today

The information provided here and throughout the site of TorontoAccountant.CA is intended for general tax information only, and should not be misconstrued as a legal source of information regarding your tax situation, or be used for any other purposes other than for general information.
Sam Seidman, Chartered Accountant - Copyright ©2013. All Rights Reserved.