Tilson Comments on Flaherty’s Economic Statement
October 31, 2021
OTTAWA, ON - The Honourable Jim Flaherty, Minister of Finance, today presented the Government’s 2007 Economic Statement, which proposes broad-based tax relief for all Canadians, including a further reduction of the goods and services tax (GST).
A key feature of the Tax Relief Package is an additional 1-percentage-point reduction in the GST, effective January 1, 2008. This tax cut fulfills the Government’s key campaign commitment and builds on the initial GST reduction introduced in Budget 2006. For consumers, the total savings from the 2-percentage-point reduction in the GST will amount to approximately $12 billion next year.
Individual savings will be significant:
A family purchasing a new $300,000 home will save $3,840 in GST.
A family spending $10,000 on home renovations will save $200 in GST.
A family spending $30,000 on a new minivan will save $600 in GST.
The Government is proposing additional tax relief for individuals and families by:
Increasing the basic personal amount to $9,600 retroactive to January 1, 2007. The basic personal amount will be increased to $10,100 on January 1, 2009. This proposal will provide Canadians with an additional $2.5 billion in tax relief in 2007 and 2008.
Reducing the lowest personal income tax rate to 15 per cent from 15.5 per cent retroactive to January 1, 2007.
Families earning between $15,000 and $30,000 will pay on average almost $180 less in tax in 2008 as a direct result of the tax measures announced in the Fall Economic Statement.
Families earning between $45,000 and $60,000 will pay on average almost $400 less in tax in 2008 as a direct result of the tax measures announced in the Fall Economic Statement.
Families earning between $80,000 and $100,000 will pay on average $602 less in tax in 2008 as a direct result of the tax measures announced in the Fall Economic Statement.
For Canadian businesses, the Government will be:
Reducing the general corporate income tax rate to 15 per cent by 2012, starting with a 1-percentage-point reduction in the rate in 2008 beyond the already scheduled reductions.
Reducing the small business income tax rate to 11 per cent in 2008, one year earlier than scheduled.
The additional debt reduction found in the Economic Statement means that the total value of personal income tax relief provided under the Tax Back Guarantee will rise to $2.5 billion by 2012–13.
When asked to comment on Minister Flaherty’s Economic Statement, Mr. Tilson made the following statement, “I’m very pleased with this additional tax relief for all Canadians and especially for my constituents in Dufferin-Caledon. It builds on what our Government accomplished in Budget 2007 by placing even more money back into the hands of Canadian families. Our Government has continued to keep its commitment to Canadians to reduce the tax burden, bringing taxes to their lowest in nearly 50 years.”
The 2007 Economic Statement is available on the Department of Finance website. http://www.fin.gc.ca/budtoce/2007/ec07_e.html
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