Cannan: Federal taxes $30 billion less than eight years ago
On May 27, the Parliamentary Budget Officer released a report that examined tax regime changes between 2005 and 2013 for two of the three largest components of federal tax revenue: personal income taxes and the GST/HST (Revenue and Distribution Analysis of Federal Tax Changes: 2005-2013).
The PBO report says Canadians are paying Ottawa about $30 billion less this year: personal income taxes have been cut by about $17.1 billion through a variety of changes introduced since 2005; and the two-percentage point cut in the GST has resulted in a $13.3 billion in savings this year.
The PBO says the lion's share of the tax savings have gone to low middle income earners.
Under our Conservative government, the average family of four will save nearly $3,400 dollars in taxes this year; the net worth of families is up over 44 per cent, and even the New York Times says we have the most affluent middle class in the world.
The PBO report can be found at www.pbo-dpb.gc.ca.
Low Cost, No Cost Banking for Low Income Seniors, Students
To protect consumers and save Canadians money, Finance Minister Joe Oliver has announced that voluntary commitments have been secured from Canada’s eight largest banks to enhance low-cost bank accounts and offer no-cost accounts with the same features as low-cost accounts to a wider range of eligible consumers.
No-cost accounts will be available to youth, students, seniors qualifying for the Guaranteed Income Supplement, and Registered Disability Savings Plan beneficiaries. Banks have committed to bringing the voluntary guidelines into force by January 15, 2015.
This action fulfills a 2013 Speech from the Throne commitment to expand no-cost basic banking services and to end pay-to-pay policies, as well as an Economic Action Plan 2014 commitment to enhance access to basic banking services.
As Finance Minister Oliver notes: “Canadians work hard for their money. Our Government believes Canadians deserve to keep more of their hard-earned money. That is why we are taking action to improve low-cost accounts and expand access to no-cost banking services for more than seven million people—to protect consumers and save even more money for Canadians. I applaud the eight major Canadian banks for their commitments to address the needs of consumers, and I look forward to seeing these commitments become reality.”
For more information: www.fin.gc.ca.