Thursday, October 23rd9.1°C
23840

Federal tax cuts since 2005 net Canadians $30 billion, most to low middle class

OTTAWA - Canada's budget watchdog says Canadians are paying Ottawa about $30 billion less this year — or a little less than $1,000 per person — due to tax changes introduced in the past decade.

The Parliamentary Budget Officer calculates in a new report that personal income taxes have been cut by about $17.1 billion through a variety of changes introduced since 2005.

And the two-percentage point cut in the GST has resulted in a $13.3-billion saving this year.

Another way of representing the numbers is that Ottawa would have a healthy surplus today if not for the tax cuts.

The PBO did not calculate savings or lost revenue due to corporate tax reductions due to what the office said was data limitations.

Most, but not all of the tax reduction measures, have occurred under the Conservative government of Stephen Harper, which took office in February 2006.

By comparison, the many spending reductions and job cuts introduced by the Harper Conservatives will result in about $12.5 billion in savings for the government in the current 2014-15 fiscal year.

Despite some criticism in this area, the PBO says the lion's share of the tax savings have gone to low middle income earners — households with incomes between $12,200 and $23,000.

The lowest and highest 10 per cent of income earners have benefited the least from the changes.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14312.07-235.64
S&P CDNX808.00-14.28
DJIA16461.32-153.49
Nasdaq4382.847-36.632
S&P 5001927.11-14.17
CDN Dollar0.8891-0.0004
Gold1239.10-6.40
Oil80.41+0.28
Lumber330.40+1.70
Natural Gas3.649-0.01

 
Okanagan Companies
Pacific Safety0.12+0.02
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.055-0.025
Anavex Life Sciences0.198+0.006
Metalex Ventures0.05+0.005
Russel Metals32.53-0.56
Copper Mountain Mining2.10-0.07
Colorado Resources0.145-0.005
ReliaBrand Inc0.013+0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.405-0.055

 



23630

FEATURED Property
210238763 Puckett Rd.
10089531/10089532 bedrooms
$389,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_








Member of BC Press Council


22632