At the heart 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.
....
The Government also announced it is planning additional debt reduction of $10 billion this fiscal year, for a total of more than $37 billion in debt relief since coming to office. This is the equivalent of $1,570 for each man, woman and child in Canada.
As a result, the federal government’s debt-to-GDP ratio—its debt load as a share of the economy—is expected to fall below 25 per cent by 2011–12, three full years ahead of the original target and its lowest level since the late 1970s.
With the additional debt reduction in the Economic Statement, the total value of personal income tax relief provided under the Tax Back Guarantee will rise to $2.5 billion by 2012–13.
The 2007 Economic Statement is available on the Department of Finance website.
http://www.fin.gc.ca/news07/07-083e.html
right here actually ;)
http://www.fin.gc.ca/budtoce/2007/ec07_e.html
Note: http://www.fin.gc.ca/ne...
http://www.fin.gc.ca/bu...
60 Billion Tax Cut In Fall Fiscal Update
Posted on Wednesday, October 31 at 10:55 by N SayContributed By
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Billions set aside for additional spending<br />
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ERIC BEAUCHESNE, CanWest News Service<br />
Published: 8 hours ago<br />
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The federal government is setting aside billions of dollars more this fiscal year for the military to cover its costs of fighting the war in Afghanistan, as well as increase its presence in Canadian cities and help the Royal Canadian Mounted Police fight crime at home, supplementary spending estimates released yesterday show.<br />
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It will also provide money to other levels of government to improve infrastructure, such as highways, rail lines, communications services, and the provision of sewage and fresh water services.<br />
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"The government is moving forward with priorities announced in it 2007 budget, including spending on the Canada First Defence Plan, Canada's Strategic Infrastructure Fund and transfers to the provinces," said Treasury Board president Vic Toews.<br />
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<a href="http://www.canada.com/montrealgazette/news/story.html?id=03e6898f-8274-4a3e-9896-a22d9ca221e8&k=22973">http://www.canada.com/montrealgazette/news/story.html?id=03e6898f-8274-4a3e-9896-a22d9ca221e8&k=22973</a><br />
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I guess they can't cut funding for infrastructure & municipalities since the the cash for them is in a dedicated non-divertible trust fund.<p>---<br>"George Bush has declared the war on terrorism to be the cause of his generation. The cause of Canadian sovereignty will be ours." - John Godfrey, MP for Don Va
If the federal government notion of child care is to provide about 10-15% of what is really needed for daycare, I wouldn't want to bet on whether the sums set aside for infrastructure will actually DO anything substantive........
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"When you change the way you look at things, the things you look at change."
-Max Planck