The Government reiterated its commitment to Canada’s Economic Action Plan and introduced a new phase designed to secure its recovery and to improve the well-being of Canadians over the long term. To this end, the focus of this next phase will be supporting job creation, supporting families and communities, investing in innovation, education and training, and preserving Canada’s fiscal advantage.

Strong fiscal management continues to be the cornerstone of the Government’s economic policy, with a plan to return to balanced budgets by 2015. No new personal or corporate income tax rate changes have been announced in this year’s Budget; however, three new personal tax credits have been introduced, as well as proposals intended to close current “loopholes”.

Highlights of the key tax measures announced in Budget 2011 are available here.