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Newspaper
Chetwynd The Echo
Location
Chetwynd, British Columbia, Canada
Date
Mar 23, 2007
Page
2
The budget pushes toward tax fairness with measures affecting corporate tax in Canada. A key change allows manufacturing and processing firms to write off capital investments in machinery over two years, abbreviated from seven, described as an accelerated business deduction. Crowned by comments from Hill, the plan aligns with prior commitments and debates over income trusts.
MP Jay Hill states the aim to tackle issues important to Canadians as part of his political agenda. The remark signals focus on national concerns and constituency engagement without detailing specific policies or dates.
The 2007 budget introduces a new child tax credit worth 310 per child for most families and a Working Income Tax Benefit up to 1000 annually for low income families or 500 for individuals. It earmarks 1.5 billion for projects to cut pollution, offers a 2000 rebate for fuel efficient vehicles, and imposes a green levy up to 4000 on inefficient autos. It includes increased transfers to provinces, a Tax Back Guarantee directing 1 billion yearly debt savings to personal taxes, removes the 4000 RESP annual limit, raises RRSP conversion age to 71, and projects spending rising to 233 billion with a 3.3 billion surplus and 2.3 percent growth in 2007.
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