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Ottawa, July 30, 2001 2001-066 Department of Finance Releases Tax Expenditure ReportRelated document: The Department of Finance today released its annual tax expenditure report, entitled Tax Expenditures and Evaluations: 2001. As in previous years, the report provides estimates and projections of the revenue cost of all tax measures that provide assistance or incentives to particular groups of individuals or businesses, or for certain types of activities. Tax expenditures may take the form of exemptions, deductions, rate reductions, rebates, deferrals, credits or carry-overs, and provide significant benefits to individuals, families and businesses. Projections in this year’s report have been adjusted to account for tax reductions announced in the October 2000 Economic Statement and Budget Update as part of the Government’s five-year $100-billion plan to cut taxes for all Canadians. Under this plan, personal income taxes will decline by an average of 21 per cent. Tax cuts for families with children will be even larger, at 27 per cent. The annual tax expenditure report is designed to promote accountability and transparency in the tax system by providing factual and detailed information. Accordingly, this year’s report includes a paper entitled "Present-Value Tax Expenditure Estimates of Tax Assistance for Retirement Savings." This responds to a request from the Auditor General of Canada for alternative estimates showing the lifetime cost to the Government of contributions made in a given year to tax-assisted retirement plans such as registered retirement savings plans. On an ongoing basis, present-value estimates will be shown alongside estimates of tax assistance for retirement savings that are calculated using the existing cash-flow method. The tax expenditure report may be viewed on the Department of Finance Web site at www.fin.gc.ca. Printed copies are available for $16 from the Department of Finance Distribution Centre at (613) 995-2855. ___________________ Jean-Michel Catta If you would like to receive automatic e-mail notification of all news releases, please visit the Department of Finance Canada Web site at http://www.fin.gc.ca/scripts/register_e.asp. |
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