The federal government will pump more than $400 million into P.E.I. over the next 10 years for the construction of public infrastructure projects, Egmont MP Gail Shea said Friday.
Shea, the minister of National Revenue, ACOA and regional minister for P.E.I., was to have provided details on the announcement at noon Friday during a public luncheon with the Greater Charlottetown Chamber of Commerce.
But she was delayed by poor weather in Toronto and the luncheon was postponed. Shea issued a news release later in the day providing dollar figures on the investments, alluded to in Thursday’s federal budget.
Shea had generally mentioned the investments were forthcoming during an interview with The Guardian on Thursday night and carried in Friday’s editions.
“Our government’s Economic Action Plan 2013 is a plan for jobs, growth and long-term prosperity,” said Shea.
“I am really proud to announce that over the next 10 years, as part of the new Building Canada Plan, P.E.I. will receive at least $400 million for roads, bridges, and other public infrastructure. This is the largest and longest federal investment in building roads, bridges and public transit in Canadian history. For P.E.I., it means predictability, stability and the possibility to work on exciting and significant projects.”
Shea also noted the federal government’s record on transfer support for social and health services in Prince Edward Island. She said P.E.I. will receive significant support through major federal transfers totalling $519 million in 2013-14, a $9 million increase.
“Our Economic Action Plan 2013 is reasonable, well balanced between spending and fiscal responsibility and it puts investments where they can create growth, for the country and for P.E.I. as well,” said Shea.
“Focusing on innovation leads to economic growth, which leads to real job creation and that is what our economy needs in P.E.I.”
Shea said that among the plan measures that will be of benefit to P.E.I. are tax relief for new manufacturing equipment through the extension of the temporary accelerated capital allowance. This measure will allow manufacturers to invest in new machinery and equipment. In P.E.I., it means approximately $3 million in tax relief.
Also included are:
-- increasing and indexation of the lifetime capital gains exemption to $800,000 from $750,000 and indexing it going forward. This measure will increase the rewards of investing in small business, by making it easier for owners to transfer their family businesses, including fishing enterprises. This will provide small businesses in P.E.I. approximately $1 million in tax relief to grow their company and create jobs;
-- New $10 million fund to work with local groups on the conservation of Canada’s fisheries;
-- Investment of $57.5 million to help ensure the aquaculture sector across Canada, along with the jobs it supports, will continue to supply fish and seafood worldwide.
“Our Economic Action Plan 2013 represents historic federal investments for Canada and for our Island,” said Shea.