OTTAWA – Tax Freedom Day has arrived four days earlier this year due in part to the tax relief provided by Canada’s Conservative Government. According to the Fraser Institute, the reduction of the GST from 7 per cent to 6 per cent, the Child Tax Credit, and changes to the spousal/dependent tax deduction were contributing factors. Over the past 16 months, the government has provided relief in every way taxes are collected: excise taxes, personal taxes, consumption taxes, and business taxes.
“Our Government believes Canadians pay too much tax and deserve to keep more of their hard-earned money,” said David Tilson, Member of Parliament for Dufferin-Caledon. “It’s certainly positive that Tax Freedom Day is here four days earlier than it was under the previous Government, but we can and must continue to lift the tax burden on hard working Canadian families.”
The Government is delivering nearly $41 billion in personal and corporate tax relief over this and the next two fiscal years. The government has reduced more than 55 federal taxes putting more money back into the pockets of individuals, families, workers and seniors.
“We are experiencing the second-longest period of economic expansion in Canadian history and our unemployment rate is the lowest in over 30 years with more Canadians working than ever before,” said Mr. Tilson. “We are making our economy even stronger through our long-term economic plan, Advantage Canada, which aims to reduce taxes for all Canadians and establishing the lowest tax rate on new business investment in the G7.”