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Barry's
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Devolin Column
April 16, 2009
Lowering Taxes for Canadians
For many, April is the time we begin to think about summer plans and projects around the house. This year, April 1 also marked the launch of the Conservative government's Economic Action Plan, including $2.4 billion in tax reductions.
These tax cuts are part of the $20 billion in personal income tax relief over the next five years promised to Canadians by their Conservative government.
I am proud to say that tax reductions are an essential part of our government’s effort to stimulate the economy and help build a solid foundation for future economic growth, more jobs, and higher living standards.
Important tax measures have been introduced for every Canadian, particularly low and middle-income earners, families, and seniors. These measures will put money back in your pocket, so you can spend it on what you want for your family.
Beginning April 1, Canadians will get to keep more of their money due to personal income tax cuts in the Action Plan.
Canada Revenue Agency has issued revised payroll tables to employers, and employees should see an increase in the net amount on their paycheque resulting from the increase to the basic personal amount and the changes to the tax brackets.
For example, the basic personal amount has been increased from $9,600 in 2008 to $10,320 in 2009, allowing Canadians to earn more income before paying any federal income tax.
The same increase applies to the maximum spouse or common‑law partner amount, and the maximum amount for an eligible dependent. This amount will continue to be indexed beginning in 2010, so that it increases every year with inflation.
The Government has also increased the upper taxable income threshold for the 22% tax bracket to $81,452.
That means for a family with a total income of $15,000 to $30,000 in 2009, the tax savings will average $168 while a family with a total income of $60,000 to $80,000 during that same period will save an average of $473.
I believe that these measures, along with the many others outlined in the Economic Action Plan, clearly demonstrate the government's focus on putting the needs of Canadians first, while at the same time helping to build a solid foundation for future economic growth, and the creation of new, good paying jobs.
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