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2 - The Oakville Beaver, Friday January 30, 2009 www.oakvillebeaver.com Chamber leaders believe Ottawa is listening to concerns Does this budget work for you? TAX RELIEF · Raises basic personal amount that can be earned tax-free by 7.5 per cent to $10,320. · Upper limit of two lowest personal income-tax brackets jumps by 7.5 per cent, to $40,726 and $81,452, respectively. * Increases amount families can earn while still getting Canada Child Tax Benefit and National Child Benefit supplement. SENIORS SAVINGS · Bumps up Age Credit amount by $1,000, giving eligible seniors a savings of up to $150 per year. · Reduces amount seniors are required to withdraw from RRIFs by 25 per cent for 2008. HOME RENOS · One-year tax credit of up to $1,350 per household available for home or cottage renos big and small, from a new furnace to energy-efficient windows to a new deck. EI IMPROVEMENTS · Extends EI benefits by five weeks, to 50 weeks, for two years. · Freezes EI premiums. HELP FOR UNEMPLOYED · $8.3 billion for skills and training including: · $1 billion for worker retraining over two years through the EI system; · $500 million to help former small business owners and other selfemployed workers transition to new jobs. R&R · $500 million over two years to fix or build new community arenas, swimming pools and other recreational facilities. HOME-BUYING · First-time home buyers can withdraw more money from RRSPs to purchase or build a home ($25,000 from $20,000). · Establishes a tax credit program for first-time home buyer offering a 15 per cent tax credit on up to $5,000 in closing costs. The credit, a maximum of $750, will come off of taxes owing. THAW FROZEN CREDIT · Up to $200 billion to be made available to businesses in liquidity and financing to ensure consumers and businesses have access to credit, including: NEW WHEELS · A $12-billion secured credit facility to improve access to financing to buy and lease new vehicles and equipment. MORTGAGE HELP · $50 billion extra for the Insured Mortgage Purchase Program to encourage private-sector financial institutions to increase lending. NO CREDIT-CARD SHOCK · Imposes grace periods on creditcard companies before they can charge interest. -- Torstar News Service Continued from page 1 rpetual daytona ow gold "I Love You" choed Chamber Executive Director John Sawyer. In a recent interview with The Oakville Beaver, Alameddine said, "There is very serious concern about the future of the economy and the country. There is very serious disappointment with how government is handling the situation. In a very non-partisan way, we need our government to focus on the economy and not on politics." Sawyer said the federal budget appears to do it. "Overall, they have made a real effort to produce a budget that will stimulate the economy. We believe the plan should now be given a chance to work. We also will look forward to receiving the details of infrastructure spending in Oakville as well as monitoring whether the stimulus package has supported the Oakville economy," said Alameddine. "This has been the most anticipated budget in recent memory and there appears to be something in it for everyone," said Alameddine. As part of the government's consultative process, the Oakville Chamber worked with Oakville MP Terence Young and the Canadian Chamber of Commerce to put forward its recommendations. In December, despite a severe snowstorm, the Oakville Chamber drew together 28 members representing all sizes and types of local businesses, put them in one room with Young and closed the door. The recommendations that were forthcoming appear to have been heard, said Sawyer. "We were particularly pleased to see several of our key recommendations in the budget, specifically, ensuring access to financing for small business and investment in infrastructure," said Alameddine. The local Chamber has also worked with the Business Development Bank of Canada (BDC) and support its efforts in this region. "The $1.5 billion increase in their credit limits will help get much needed cash flowing to local businesses," said Alameddine. "We were delighted to hear that southern Ontario will receive a billion dollars over five years to support economic development," said Alameddine. The Chamber is also happy to see tax relief. "Focusing on low to middle-income earners will increase the probability that the tax savings will result in consumer spending and stimulate the economy," he said. The Chamber does remain concerned, however, about the deficit to be incurred as a result of the budget that aims to stimulate the Canadian economy. "It lacks a clear plan to deal with the very large projected deficits ($85 billion over five years). Deficits come with a very high cost and they must be paid back," said Alameddine, noting the Chamber "encourages" the governments to plan to get back to a surplus position and then use surpluses to repay the debt to be incurred. Alameddine warned about potential other ramifications. "There also needs to be awareness that massive spending programs may result in inflationary pressures should the economy recover sooner than expected and spending must be adjusted accordingly," said the Chamber chair. The local Chamber had condemned events in Ottawa. "We wish to express our deep concern and disappointment with the actions of all federal political parties. At this time of global economic uncertainty Canada needs political stability," stated Alameddine in a December letter directed to Ottawa. 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