Tax Freedom Day 2012June 11, 2012
Since first being elected in 2006 our Conservative Government has reduced taxes with every single Budget. Unlike the high-tax NDP and Liberals, our government believes in lowering the tax burden, and leaving more money where it belongs – in the pockets of hard-working Canadian families and job-creating businesses.
I am pleased to let you know that today Canadians across the country will mark Tax Freedom Day 2012. Calculated each year by the Fraser Institute, Tax Freedom Day is the day when an average Canadian has worked enough to pay their total tax bill for a given year. In 2005, under the tax-and-spend Liberals, Tax Freedom Day was on June 26th. Now, in 2012, Tax Freedom Day is over two weeks earlier! Our government’s record on taxes is clear. We have cut taxes in every way government collects them: personal taxes, consumption taxes, business taxes, excise taxes and much more. This includes:
- Cutting the lowest personal income tax rate to 15%.
- Increasing the amount Canadians can earn tax free.
- Providing seniors with pension income splitting.
- Reducing the GST from 7% to 5%, putting nearly $1,000 back in the pocket of an average family.
- Introducing the Children’s Fitness Tax Credit and Children’s Arts Tax Credit.
- Bringing in the landmark Tax Free Savings Account – the most important personal savings vehicle since RRSPs.
- Reducing the small business tax rate from 12 percent to 11 percent.
- Lowering business taxes to 15 percent, as passed in Parliament in 2007.
After our most recent Budget or Economic Action Plan 2012 I can now list over 140 different ways we have reduced taxes. In addition to lower taxes Canadians also enjoy the lowest overall tax burden in nearly 50 years. Moreover, our strong action on tax reform provides tax savings totaling over $3,100 for the average Canadian family, and we have removed over 1 million low-income families, individuals and seniors from the tax rolls altogether. Our action has also received praise from outside our borders with Forbes magazine ranking Canada as the #1 place in the world for businesses to grow and create jobs.
While other countries are still recovering slowly from the global economic downturn Canada continues to do remarkably well. I know that without your continued support the successes our country enjoys now would not have been possible. Please find below a complete list of tax relief measures introduced in Parliament by our government since 2006.
Hon. Jason Kenney, PC, MP