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Tax Cuts!


Basher
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Just announced:

- The Goods and Services Tax will be cut an additional 1 per cent as of Jan. 1, leaving the federal consumption tax at 5 per cent.

- The basic personal income-tax exemption will increase to $9,600 from the current $8,929, retroactive to 2007. And it will increase again to $10,100 as of January 1, 2009.

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I still can't see another 1 percent on GST helping me out in any way. Maybe if it was retroactive for the last 10 years or so.

As far as basic personal tax exemption, I'd like to see if that makes any difference that I'll even notice when tax time comes. I'm not sure if there will be a way to punch in the old number with the new number and see if it affects what I end up owing.

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- The basic personal income-tax exemption will increase to $9,600 from the current $8,929, retroactive to 2007. And it will increase again to $10,100 as of January 1, 2009.

Well, that pretty much covers all my taxable income again this year...

One of the nice things about being a student.

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bouche, basically $631 of your income that was previously taxed will not be taxed. I figure if you take your highest tax bracket, and apply that tax rate to $631, you will see what you will be getting back. In cases where you are taxed 30% or so, that should be an extra $200.

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I'd say the tax cuts are a desperate attempt to gain popularity by a minority government that hasn't accomplished squat since they've been in power...

Unfortunately there's not a great alternative when Canadians go back to the polls...

How about forming our own party (political!)...Jambands.ca Nation...or is that too close to Live Nation...

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also mr. bitchard, 2% off gst maybe means cents on small things but it means dollars on big things. why do you hate saving money so?!

i just made that up > (mr. bitchard) and i kinda like it :P

A few pennies here and there doesn't make the column in my deductions look any better. that's really all my point is.

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Any tax cut that puts approx. $200 in my pocket a year is a good thing. However, while the feds are awash in a suprlus, our cities are crying poor. So I expect the $200 tax savings will just go towards increased property taxes.

Most of you were probably not in the workforce when Mulroney was the PM. He pushed through some of the largest tax increases in Canadian history. The conservatives are just reducing the taxes that they increased 20 years ago.

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Any tax cut that puts approx. $200 in my pocket a year is a good thing. However, while the feds are awash in a suprlus, our cities are crying poor. So I expect the $200 tax savings will just go towards increased property taxes.

And don't forget that with tax cuts usually come service cuts.

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Most of you were probably not in the workforce when Mulroney was the PM. He pushed through some of the largest tax increases in Canadian history. The conservatives are just reducing the taxes that they increased 20 years ago.

Additionally, these current Not-So-Progressive-Conservatives actually RAISED the tax rate for the lowest tax bracket to 15.5% from 15% in their first Budget and have just now bumped it back down.

A lot of idiots like to harp about Trudeau starting the deficit and running up the debt, but Michael Wilson (Mulroney's Finance Minister - and now Harper's Ambassador in Washington) accumulated more public debt from 1984-1991 then every post-war Finance Minister COMBINED.

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well since y'all are so above it, feel free to send me your tax refund money :)

Yeah no shit. We could all NOT get tax reductions, and still see govt services erode and property taxes increase.

I can just imagine what Hux would have said if they hadn't done anything positive for us ;)

If you don't like it vote Liberal in the next election, Dion stated last night (to the surprise of many of his own party members) that if the Libs get back in he'll scrap the GST reduction.

S

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i'm not above it, but i'm a bit pissed about the way that these thigs get made out to be such a fabulous thing. the gst cut amounts to like $12 a month for most folks...then as was siad above, the ugly twin, service cuts appears, and there's less available for folks that need it.

i would happily have them keep my $12 a month and do something good with it.

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i'm not above it, but i'm a bit pissed about the way that these thigs get made out to be such a fabulous thing. the gst cut amounts to like $12 a month for most folks...then as was siad above, the ugly twin, service cuts appears, and there's less available for folks that need it.

i would happily have them keep my $12 a month and do something good with it.

well that's easy, all you have to do then is donate your tax refund to the PC party. i assume you'll be doing so, yes?

classic - canadians WANTING more taxes. pffft. it's as if you people think the government is spending our tax money to the best of their ability.

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i'm not above it' date=' but i'm a bit pissed about the way that these thigs get made out to be such a fabulous thing. the gst cut amounts to like $12 a month for most folks...then as was siad above, the ugly twin, service cuts appears, and there's less available for folks that need it.

i would happily have them keep my $12 a month and do something good with it.[/quote']

well that's easy, all you have to do then is donate your tax refund to the PC party. i assume you'll be doing so, yes?

classic - canadians WANTING more taxes. pffft. it's as if you people think the government is spending our tax money to the best of their ability.

i don't want more taxes by any stretch, and i don't think that donating my $12 a month to the CONservatives would help anything other than the conservatives.

i'm really tired of hearing them trumpet tax cuts, then in the next breath announce beneficial program cuts. it insults the intelligence of the electorate imo.

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