Ottawa Rate for lowest income tax bracket to be reduced one percentage point to 15 per cent, retroactive to last Jan. 1.
One percentage point reduction to each of the middle tax rates by 2010.
Increase in the income level at which the top tax rate applies, starting in 2010.
Immediate $500 increase to the basic personal amount of income all Canadians can earn without paying federal tax.
A Working Income Tax Benefit for low-income earners starting in 2008.
Elimination of the federal capital tax for business next year two years ahead of schedule.
Forecast surplus of $96.8-billion over six years to be trimmed to $15.5-billion after tax cuts, new spending, contingency reserve and other factors.
Economy forecast to grow by 2.8 per cent this year, 2.9 per cent next year, and 3.1 per cent in 2007.
Aim to reduce debt-to-GDP ratio to 20 per cent by 2020.