Finance Minister Ralph Goodale presented the 2005 fiscal update in Parliament today. As widely speculated in the press, the update contained plans for significant tax cuts. If you are wondering how much you will potentially save on your personal taxes, check out the Flash presentation of the fiscal update (click on the Tax Saving Calculator on the right).
Some highlights:
- The basic personal amount will be increased retroactively by $500 in 2005 and by another $200 in 2006. Note that the 2005 Federal Budget increased the basic amount by only $100 in 2006.
- The 16% tax rate applicable to income under $35,595 will be reduced by 1%, also applicable retroactively.
Since, these tax-cuts will benefit all tax payers and the federal government is still posting big surpluses, letting Canadians keep a little bit more of their hard-earned money is very welcome.
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