Mr. Ian Murray (Lanark—Carleton, Lib.)
Mr. Speaker, yesterday's budget gave the high tech community something to celebrate. It fulfilled almost every priority on the industry's wish list and showed support for innovation and technology across the country and in particular those in silicon valley north in my riding of Lanark—Carleton.
The Minister of Finance provided $1 billion worth of tax breaks directed largely at the high tech industry, lowering the tax rate paid by higher taxed industries, mostly in the high tech services sector, from 28% to 21%.
The budget included a deferral on taxing stock options, reductions in capital gains and corporate taxes and the creation of tax free rollovers. This will allow individuals to defer capital gains taxes on as much as $500,000 when they withdraw capital from one small business and reinvest in another.
I am confident these measures will encourage innovation and investment and help put all sectors of our economy on an internationally competitive footing.
Topic: Statements By Members
Subtopic: The Budget