Economic Statement – Strong Leadership. A Better Canada.
November 19, 2021
On October 30th, the Honourable Jim Flaherty, Minister of Finance, presented the Government’s 2007 Economic Statement, which proposed broad-based tax relief for all Canadians, including a further reduction of the Goods and Services Tax (GST). This relief has firmly established our Government’s proud legacy of tax relief by delivering on more than 60 tax cuts since coming to office 21 months ago.
The most significant 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, which places more money in the pockets of Canadians and provides businesses with more freedom to create jobs and make further investments.
Individual savings will be significant. For example:
For Canadian businesses, the Government will be:
Our Government is committed to getting things done for all Canadians and the Economic Statement builds upon this principle. Canada’s economic and fiscal fundamentals are solid and our economy is on its way to posting another strong year. The tax relief measures included in the Economic Statement recognizes our country’s current strength and will inevitably help those who need it most – our families.
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