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.