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Ottawa plans tax windfall to deal with budget surplus

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Sunday, October 9, 2005

Canada's federal government has announced a new program that plans to share unexpected budget surpluses with ordinary citizens. It should be introduced in Ottawa as early as Friday.

The Surplus Allocation Act would share any surplus equally between tax cuts, new spending and debt relief. It would not replace Canada's $3 billion emergency fund. Under existing law any surplus is funneled completely into debt relief.

The benefit would come as an amount added on to the income tax returns of that year. It would then be added on to the amount a person can earn tax-free for each subsequent year.

Along with the new home heating oil rebate program are considered to be pre-election maneuvering from the liberals. Paul Martin has promised an election within 30 days of the Gomery Commission Report's release. The report is expected in February.

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  This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

Note that some listed sources or external links may no longer be available online due to age.

The text of this article is licensed under the terms of the Creative Commons Attribution 2.5 License
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