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Ottawa, June 29, 2005
2005-045

Minister of Finance Welcomes Passage of Budget Legislation

Minister of Finance Ralph Goodale today welcomed the passage of Budget 2005 legislation.

"I would like to extend my congratulations and thanks to all the parliamentarians who supported this legislation for helping to improve the lives of Canadians in very real terms," stated Minister Goodale.

The budget bill (C-43) received Royal Assent on June 29, 2005.

"Despite the difficulties posed by the current minority situation in the House of Commons, we are moving forward on the highest priorities of Canadians in areas like child care, community infrastructure, post-secondary education and the environment, while also providing tax reductions and laying the groundwork for a more productive economy," Minister Goodale added. "In addition, this legislation provides for the offshore agreements with Newfoundland and Labrador and Nova Scotia, and it does all this without compromising the benefits that Canadians enjoy from living in the only G7 country in a surplus position."

Minister Goodale also reiterated his commitment to reintroduce legislation at the earliest opportunity that would follow through with the 2005 budget commitment to eliminate the corporate surtax in 2008 and reduce the general corporate income tax rate to 19 per cent from 21 per cent by 2010.

"These measures will maintain Canada’s corporate tax rate advantage over the United States, attract investment, generate economic growth and create well-paying jobs for Canadians," stated Minister Goodale.

More information on Budget 2005 is available on the Department of Finance website at www.fin.gc.ca/access/budinfoe.html.

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