Tax Freedom Day Earlier Under Conservatives

June 05, 2009

Liberal Leader Ignatieff Would Raise Taxes and Increase Burden on Canadians

Ottawa – Today, thanks to the Conservative government’s tax cuts for families and businesses, Canadians are celebrating Tax Freedom Day today even earlier than in previous years, said Stormont-Dundas-South Glengarry MP Guy Lauzon. This is in stark contrast to what Canadians would face under Liberal leader Michael Ignatieff, who has declared that he would raise taxes, increasing the burden faced by hardworking Canadians during these challenging economic times.

In 2009, the Fraser Institute has calculated that Tax Freedom Day is June 6th. Calculated each year by the Fraser Institute, Tax Freedom Day marks the day to which the average Canadian had to work to pay their total tax bill. That means, if the day comes earlier, they are paying less tax than the previous year.

“Not only are we pleased to see Tax Freedom Day come three days earlier this year, but it’s nineteen days earlier than the last time the Liberals were in government. Michael Ignatieff says he will raise taxes, taking more money out of the pockets of families and businesses,” said MP Lauzon.

Every year since taking office the Conservative government has been taking action to reduce tax bills on hardworking Canadian families. Measures have included:

• Income Tax Cuts – For three years in a row, the Conservative government has cut income taxes at all levels. We’ve done this by increasing the amount of money everyone can make before they have to pay income tax. In 2009, we increased it again, this time to $10,320.
• GST Cuts – The Conservative government cut the GST from 7% to 6% to 5% — ahead of schedule — helping Canadians save money on every purchase that they make.
• Tax Free Savings Account – The TFSA has been called the most important tax savings option since the RRSP was created over 50 years ago. With a TFSA anyone can save up to $5,000 a year and never pay tax on the interest they earn.
• Child Tax Credit – Families with kids sometimes need a little extra help. For every child under the age of 18, families can claim a tax credit of $2,000 through the Conservative government’s Child Tax Credit.
• Seniors’ Tax Savings – In 2009, we increased the Age Credit by an additional $1,000, meaning seniors can save more off their tax bill. In addition, we have decreased the maximum RRIF withdrawal for 2008, so losses from the market downturn are not locked in.

“With Conservatives, Canadians pay less tax,” said Lauzon. “Even in the midst of a global recession, our government’s continued careful management of your tax dollars is protecting Canadians.”