Federal Budget 2005

Not a bad pre-election budget - maybe Mr.Dithers has seen the light-chuckle. QJ

Federal Budget 2005 | canada.com Network: "The $12.6 billion in tax cuts, which begin with a marginal $187-million reduction in the coming fiscal year starting April 1, include a gradual increase in the amount Canadians can earn tax free to $10,000 from $8,500, and an increase in annual RRSP limits to $22,000.
The budget also eliminates the 30 per cent limit on foreign holdings in registered pension plans, which the investment community has been advocating, and for savers boosts the amount in their bank accounts that are insured to $100,000.
For businesses, the budget eliminates the corporate surtax, which was introduced as a temporary deficit reduction tax on large corporations, and cuts the general corporate income tax rate to 19 per cent from 21 per cent, which Goodale says will allow Canada to maintain its tax advantage over the U.S.
Businesses, while applauding the tax relief, were quick to criticize the slow five-year pace at which the relief will be dished out.
'It?s too little, too slow,' said Jayson Myers, economist with the Manufacturers and Exporters Canada, who said that, despite Goodale?s claim, Canadian companies are at a 25-per cent tax disadvantage with their American competitors.
'The tax cuts are ... a disappointment,' agreed, Nancy Hughes Anthony, head of the Canadian Chamber of Commerce.
She and other business leaders were also critical of what they warned is an excessive and unsustainable pace of spending increases.
The Canadian Taxpayers Federation also complained that the 'personal income tax relief starts out measly' and that there will be too much spending, especially on the Kyoto 'sinkhole.'
But it applauded the continued pay down of the debt, which by the end of this fiscal year will have fallen below the"