On Oct. 30, 2007, the federal government announced that 2008 will bring tax relief to Canadians.
The plan reduces the GST from six per cent to five per cent, increases
the basic personal amount Canadians can earn before paying income taxes
and reduces the corporate tax rate to 19.5 per cent. The small business
income tax rate will be reduced to 11 per cent in 2008 as well. The
government also announced a drop in employment insurance premiums.
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