Ya we are gonna get BIG tax savings...hang on to your hat, you wont know what to do with all that money! Fiscal Cons are here to save us from big government.
If paid biweekly, an employee should expect to take home slightly over $10 in additional net pay on each payday.
Lower-income Canadians will not realize as much savings. For instance, an individual earning $15,000 annually will wind up paying $121 less in tax.
"Most of the benefits of these tax cuts can go to people who have a lot of money to spend, and therefore benefit from the cut in the GST or who benefit from cuts in income taxes," he said. "So poor people won't get anything at all."
The taxpayers federation argues that the cuts aren't enough.
Of course, what the government giveth, it often takes away, and Ottawa has also brought in a slight increase in so-called payroll taxes.
The taxpayers federation estimates that employees will pay an additional $50.43 in 2008 on employment insurance and the Canada Pension Plan, while employers will pay $46.02 more per worker.
Canadians will pay less tax?
Of course your measly savings will be swallowed up by increased house taxes, utilities, and fees for everything you do.
GST Drop?
