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Ottawa to share the wealth

 
SuperEgo
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User ID: 29172
Canada
10/07/2005 11:24 AM
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Ottawa to share the wealth
Last Updated Thu, 06 Oct 2005 07:01:57 EDT
CBC News

The federal government plans new legislation called the "Surplus Allocation Act" to share budget surpluses directly with Canadians.

The legislation will be introduced Friday.

The idea is to lighten the tax burden of as many as 15 million Canadians by sharing the wealth when the federal government rolls up budget surpluses.

Ottawa maintains a $3 billion contingency fund for national emergencies, and that fund will remain the priority call on a surplus.

But the new legislation will provide that the remainder of any surplus will be divided evenly three ways, among tax cuts, debt relief and new spending.

Today´s National Post newspaper quotes an Ottawa source as saying, "taxpayers will now get a share of any unexpected surpluses.
"People like to pay less tax and this is good news."

The Globe and Mail reports that the tax break portion of the surplus will first be applied as a credit on income tax returns. Then the following year the individual exemption, the amount Canadians can earn tax-free, will be raised by the same amount.

The tax credit for any given fiscal year´s surplus will be applied to the following year´s tax returns.

"If you are already getting a (tax refund) your cheque will be bigger", the Globe quotes its source as saying. "If you owe the government money, you´ll owe less".

The tax relief will depend on the size of the surplus, and in the absence of a surplus would disappear. In recent years Ottawa has tended to underestimate the size of the surplus, which, under current law, is used to pay down the public debt.

The surplus sharing program, along with a proposed new home heating oil rebate program, are seen as precursors to an upcoming federal general election. The election will be held not later than 30 days after the Gomery report on the federal sponsorship scandal is released. The report is expected in February. But it could come earlier if the Liberals were to lose a Commons vote that entails lack of confidence in the government.
Anonymous Coward
User ID: 29178
Canada
10/07/2005 11:47 AM
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Re: Ottawa to share the wealth
Ooooooooo this must tick off those cash strapped Americans, mabye we should donate some of it to them to help re-build after all the hurricanes are through.
Chronic

User ID: 6429
Canada
10/07/2005 11:50 AM
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Re: Ottawa to share the wealth
They´re just trying to buy votes for the upcoming election.

Also, they stole the idea from Alberta who last month said they would issue all men, women and children in Alberta $400 cheques from oil and gas revinues.
SuperEgo  (OP)

User ID: 29172
Canada
10/07/2005 11:51 AM
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Re: Ottawa to share the wealth
That´s what I want - a cheque - never mind a tax cut I´ll never notice.
Chronic

User ID: 6429
Canada
10/07/2005 11:53 AM
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Re: Ottawa to share the wealth
Cheques from the Alberta gov´t, which has no debt, is a good idea.

The feds on the otherhand would be better off to offer an income tax cut, or perhaps think about getting rid of some of the gas tax.
SuperEgo  (OP)

User ID: 29172
Canada
10/07/2005 11:54 AM
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Re: Ottawa to share the wealth
how bout cutting the tobacco tax?!!
Chronic

User ID: 6429
Canada
10/07/2005 11:56 AM
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Re: Ottawa to share the wealth
That won´t happen anytime soon. Not unless smugling becomes as big a problem as it was in the early 90´s.
SuperEgo  (OP)

User ID: 29172
Canada
10/07/2005 11:58 AM
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Re: Ottawa to share the wealth
I´ll settle for lower income tax.
Chronic

User ID: 6429
Canada
10/07/2005 12:00 PM
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Re: Ottawa to share the wealth
I bet they could eliminate income tax all together if they´d only legalize weed stoner
SuperEgo  (OP)

User ID: 29172
Canada
10/07/2005 12:04 PM
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Re: Ottawa to share the wealth
Hopefully, that´s only a matter of time!
indred cole

User ID: 319
Canada
10/07/2005 12:04 PM
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Re: Ottawa to share the wealth
Legalize marijuana. legalize solicitation, tax the hell out of both of them, tax problem solved.
Anonymous Coward
User ID: 296
United States
10/07/2005 06:22 PM
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Re: Ottawa to share the wealth
bonghit





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