The Government of Canada is delivering another $60 billion in broad-based tax relief over the next 5 years to hard-working Canadians and their families, including a further reduction to the GST. There are tax breaks for everyone in the Fall Economic Statement, including:
- A GST cut to 5% by Jan. 1, 2008;
- A bump in the personal tax exemption to $10,100 by Jan. 1, 2009;
- A lowering of the lowest personal income tax rate to 15%;
- A lowering of the corporate tax by one-third to 15% by 2012, making it the lowest among major industrialized economies; and
- A reduction in EI premiums.
Since coming to office, the Government has taken action that will reduce taxes by $190 billion, bringing the total tax burden of Canadians to the lowest level in nearly 50 years.
On top of the tax relief, the Government is also committed to a further $10 billion in debt relief, reducing Canada’s debt burden to the lowest level since the 1970’s.
Once again, the Government is showing strong leadership by lowering your taxes to work towards a stronger, safer and better Canada for all of us.