Ottawa, November 14, 2005
Archived - Immediate Income Tax Relief: Notice of Ways and Means Motion Tabled to Implement Update 2005 Measures
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The Government today tabled a detailed Notice of Ways and Means Motion in the House of Commons to implement the following tax reduction measures:
- A $500 increase in the basic personal amount-the amount of income that all Canadians can earn without paying federal income tax.
- A reduction of the lowest personal income tax rate to 15 per cent from 16 per cent.
As announced by Minister of Finance Ralph Goodale today in his 2005 Economic and Fiscal Update, both of these measures are proposed to take effect as of January 1, 2005, and would provide individual taxpayers with immediate personal income tax relief of up to $325 this year.
The Update also announced a number of other personal and corporate tax measures-with tax relief totalling more than $30 billion over the current year and the next five years. Legislation to implement these measures will be tabled in the House of Commons at the earliest opportunity.
The detailed Notice of Ways and Means Motion and explanatory notes are available on the Department of Finance website. Printed copies of the Notice are available for $10 each from the Department of Finance Distribution Centre at (613) 995-2855. Further information about the Economic and Fiscal Update is also available on the Department of Finance website.
For further information, media may contact:
Office of the Minister of Finance
Public Affairs and Operations Division
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