May 3, 2006
For Immediate Release
Mike Wallace on Budget 2006.

BURLINGTON- Hard working Burlingtonians will have more money in their pockets as a result of the first budget of Canada’s new government. It provides real tax relief for every person in Burlington regardless of age or income level.

“Ottawa has been overtaxing people in Ontario for years and our government is delivering real tax relief that makes a difference,” said Mike Wallace. “In fact, our government’s first budget offers nearly $20 billion in tax relief for Canadians over the next two years – more than the last four federal budgets combined.”

Highlights include:

• GST cut: worth $5 Billion per year. Savings on new homes, new cars; a tax cut for everyone in Burlington.
• Transit tax credit: 15.5% tax credit on the purchase of monthly transit passes.
• Tools & Trades: A new employment tax credit which lets you deduct up to $500 in job-related expenses this year and $1000 in the future.
• Kids’ Sports: money to parents to offset fitness fees for their kids. A tax credit of up to $500 which promotes healthy active living.
• Seniors: Helping seniors by doubling the amount of eligible pension income that can be claimed under the pension income credit. It will provide savings of up to $155 for eligible pensioners and remove approximately 85,000 pensioners from the tax rolls altogether.
• Middle class: Keeping the personal tax rate low for modest-income earners, while boosting the personal exemption up to $10,000 within four years. Middle income families ($45 - $60k) will receive $650 a year from this alone.
• Child Care: $1200 per year per child. As promised.
• Infrastructure Spending: $16.5 Billion for roads, bridges and transit ($1.3b for transit, $2.4b for highways and borders, $2b in federal gas tax funding.

The budget itself can be viewed online at www.fin.gc.ca