Ottawa, March 21, 2005

Archived - Minister of Finance Tables Notice of Ways and Means Motion to Implement Certain Budget 2005 Measures

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Minister of Finance Ralph Goodale today tabled a Notice of Ways and Means Motion in the House of Commons to implement certain provisions of Budget 2005 to:

  • increase the amount that Canadians can earn without paying federal income tax;
  • increase the annual limits on contributions to registered retirement savings plans and other tax-deferred retirement savings plans;
  • eliminate the foreign property limit on investments by pension funds and other tax-deferred retirement savings plans;
  • increase the Child Disability Benefit supplement to the Canada Child Tax Benefit;
  • allow for a longer period for the existence of and contributions to a registered education savings plan in certain circumstances where the plan beneficiary is eligible for the disability tax credit;
  • increase the maximum refundable medical expense supplement;
  • exclude emergency medical services vehicles from the definition of automobile for purposes of the standby charge and operating expense benefits;
  • extend to January 11, 2005, the date for charitable giving by individuals in respect of the 2004 taxation year for the tsunami relief effort;
  • eliminate the corporate surtax and reduce the general corporate income tax rate;
  • extend the scientific research and experimental development (SR&ED) tax incentives to SR&ED performed in Canada's exclusive economic zone;
  • reduce the Air Travellers Security Charge;
  • phase out the excise tax on jewellery; and
  • extend the application of the 83-per-cent goods and services tax/harmonized sales tax rebate for hospitals to government-funded non-profit entities that provide health care services traditionally performed in hospitals.

The acts proposed to be amended are the Income Tax Act, the Income Tax Application Rules, the Air Travellers Security Charge Act and the Excise Tax Act.

The Notice tabled today can be viewed free of charge on the Department of Finance Web site. Printed copies may be purchased for $10 by contacting the Department of Finance Distribution Centre at (613) 995-2855.

Not included in this Motion are certain Budget 2005 proposals related to persons with disabilities, medical expenses, tax relief for adoption expenses and agricultural cooperative corporations. Legislation to implement these measures is being developed for introduction in a later bill.

Further information on the budget, which was tabled on February 23, 2005, is available on the Department of Finance Canada Web site.

For further information:

David Gamble
Public Affairs and Operations Division
(613) 996-8080
Pat Breton
Press Secretary
Office of the Minister of Finance
(613) 996-7861

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