Thursday’s federal budget will provide a significant boost to the B.C. economy, said Nanaimo-Alberni MP James Lunney.
“Overall, B.C. will benefit from $5.6 billion in health and social transfers,” Lunney said. “These measures will help keep Canada competitive and keep us on track for balanced budgets by 2015.”
Lunney said a hiring credit for small business of $1,000 per year will benefit about 536,000 employers. As well, he said, there are incentives for apprentices in Red Seal trades up to $4,000 for tools, tuition and travel expenses.
“Improvements to EI and temporary foreign workers programs will help connect Canadians, including seniors, to available jobs,” he said, noting as well that the budget includes $50 million for a Youth Employment Strategy.
Coastal communities will benefit, he said from renewal of the Coast Guard vessel and helicopter fleet, which will pump $5.2 billion over 11 years.
Changes to the Old Age Security, he added, will make the system sustainable for future retirees and will be phased in starting in April 2023, raising the age of retirement from 65 to 67 by 2029.