The federal government has been posting surpluses over the past 7 years to the tune of $60 billion. For fiscal 2004 alone, the surplus is projected at $9 billion. However, for the first time in 5 years, Canadians won’t see any tax savings in the new year.
Ottawa should give back some of its surpluses by:

  • Reducing Employment Insurance (EI) premiums for employers. Ottawa is sitting on EI overpayments of $45 billion, while businesses across the country are struggling with a soaring dollar.
  • Increasing the personal exemption to $15,000 as demanded by the Canadian Taxpayers Federation. Personally, I believe it is immoral to tax anyone earning a low-income approx. 15% of their income as our federal and provincial governments currently do.