INDEPTH: ECONOMIC & FISCAL UPDATE
Highlights
CBC News Online | November 14, 2005
MEDIA
 Finance Minister Ralph Goodale delivers his economic report.
(Runs 44:09)
Finance Minister Ralph Goodale turned his economic and fiscal update into a pre-election mini-budget Monday as he unveiled a series of personal and corporate tax cuts, coupled with new spending on education, workplace training and immigration.
Here are some of the highlights:
- A $500 increase in the basic personal exemption – the amount of income all Canadians can earn without paying income tax.
- A reduction of the tax rate applied to the lowest income bracket (for income up to $35,595) to 15 per cent from 16 per cent.
- A return of corporate tax reductions that were dropped last spring to win the support of the NDP for the 2005-06 budget.
- $2.19 billion over five years to improve student financial assistance.
- $1.3 billion to improve settlement and services for new immigrants to Canada over the next five years.
- $265 million over five years to help Canadians with disabilities participate in the workforce.
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