The bill, known as C-50, received Royal Assent on 18th June, and allows for the implementation of important elements of Budget 2008. Key measures in the bill include, among others, the Tax-Free Savings Account and measures aimed at improving research and development programmes.

"Our government is providing responsible leadership in challenging times by focusing on the priorities of Canadians, cutting taxes, and investing in people, knowledge and communities," commented Flaherty.

"Bill C-50 is a balanced, focused and prudent bill that will strengthen our economic fundamentals and better position Canada to compete in this highly competitive global economy," he added.

The new bill will allow Canadians to invest up to CAD5,000 a year in a new Tax-Free Savings Account, beginning in 2009. Investment income earned within the account, including capital gains, will not be taxed, and withdrawals will be tax-free.

Another measure included in the bill aims to improve the scientific research and experimental development tax incentive program for the benefit of small and medium-sized businesses.

"Our responsibility as a government is to create an environment that rewards hard work, encourages investment and attracts and nourishes the best and brightest minds in the world," Flaherty continued.

"Bill C-50 builds on the progress our government has made to strengthen our economic fundamentals and improve the quality of life for all Canadians," he concluded.