Federal Economic Update

Well after all the news stories on income splitting and other great things we expected from the fed’s on Thursday. We got: nothing. You can read an article on it, but I’ll give you a summary.

Pay down the debt. Ok this is a good idea, but at $3 billion a year this will take a while.

Use interest savings on the debt to reduce income tax. Again a good idea, but really this will amount to something like $20/person in Canada next year. Oh yes, I can finally retire an entire minute sooner than I planned.

Reduce the GST to 5%. Hell SK managed to reduce their PST to that already. Besides your already told us about reducing the GST to 5% when you dropped it to 6%.

The rest of it was, well, hazy and vague. Here’s hoping the new budget is better.

One thought on “Federal Economic Update”

  1. are canucks that naive,pension income splitting will benefit the over paid politicians the most,and some very fortunate with company pensions(well under 50%)Oct.31/2006 BNN reported a 70000$ in ontario may save nearly1300$. Like they are hard done by and need help!

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