Friday, October 31st10.4°C
23696
22501

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 TSX14613.32+154.63
S&P CDNX769.59-2.06
DJIA17390.52195.10
Nasdaq4630.742+64.604
S&P 5002018.05+23.40
CDN Dollar0.8876-0.0058
Gold1173.50-25.10
Oil80.45-0.45
Lumber325.70+2.10
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.125+0.015
Knighthawk0.01-0.005
QHR Technologies Inc1.18+0.03
Cantex0.045-0.015
Anavex Life Sciences0.185+0.0139
Metalex Ventures0.03-0.005
Russel Metals32.85+0.63
Copper Mountain Mining2.09+0.12
Colorado Resources0.125-0.015
ReliaBrand Inc0.015+0.003
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.39+0.015

 



22970

FEATURED Property
2079156437 - 4205 Gellatly Road
2 bedrooms 2 baths
$429,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


23741