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Building on our government's 2007 Fiscal and Economic Update, the Finance Minister delivered a balanced, focused and prudent budget to strengthen Canada and New Brunswick amidst global economic uncertainty.

Budget 2008 continues reducing debt and taxes, focuses government spending and provides additional support for sectors of the economy that are struggling.

The centrepiece of Budget 2008 is the new Tax-Free Savings Account (TFSA).

This is the most important federally-driven personal finance innovation since the introduction of the Registered Retirement Savings Plan (RRSP). This flexible, registered, general-purpose account will allow Canadians to watch their savings, including interest income, dividend payments and capital gains, grow tax free.

The Tax-Free Savings Account is the first of its kind in Canadian history. It will provide all Canadians with a powerful incentive to save. An RRSP is primarily intended for retirement, but the Tax-Free Savings Account is like an RRSP for everything else in your life.

Our government also recognizes that a quality education system - from early childhood development to post-secondary education - is critical for Canada's continued prosperity.

Budget 2008 launches a new consolidated Canada Student Grant Program to take effect in the fall of 2009. This new program will be simple, transparent and broad-based. It will provide certainty and predictability for Canadian families.

Students from low and middle income families will qualify on clearly defined income thresholds. The program will provide defined monthly grants of $250 for low-income students and $100 for middle-income students and will be paid through all years of an undergraduate or college program.

For many students, this assistance will provide encouragement to enrol and stay in school.

Finally, New Brunswick will receive almost $2.5 billion in 2008-09 in federal transfers. Transfers to New Brunswick have increased by $374 million since 2005-06.

This includes $1.6 billion through Equalization, an increase of $236 million, or 18 per cent, over 2005-06, and an increase of $107 million, or 7.2 per cent, over 2007-08, plus $533 million through the Canada Health Transfer and $238 million through the Canada Social Transfer.

While there are challenges on the horizon, some would have us go down the path to higher spending, higher interest payments and higher taxes. That approach is misguided. With Budget 2008, our government is taking a path that rewards taxpayers and secures our future.

* Rob Moore is MP for Fundy Royal. His column appears biweekly in Riverview This Week. To reach him, please e-mail moorer@parl.gc.ca.