News Release

From the Prime Minister's Web Site (http://www.pm.gc.ca/)

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PRIME MINISTER ADDRESSES THE CANADIAN CLUB

November 8, 2007
Toronto

Prime Minister Stephen Harper today outlined the government's long-term plan to strengthen the Canadian economy. In a speech to the prestigious Canadian Club, the Prime Minister explained how low taxes, the centrepiece of the government's efforts, will set Canada down the path to even greater economic prosperity.

"We're determined to create one of the most competitive and attractive tax environments on the planet. That means lowering taxes for everybody -- employees, businesses, investors, consumers, and families" said Prime Minister Harper.

"As a result of our tax relief measures, purchasing power will go up, take home pay will increase, and Canadian businesses – from small domestic entrepreneurs to global giants – will flourish and create jobs," continued the Prime Minister.

The Government has taken measures to reduce taxes by nearly $200 billion over this and the next 5 fiscal years. Included among the government's tax-relief measures:

Cutting the GST to 5 per cent.

Reducing the lowest personal income tax rate to 15 per cent.

Increasing the basic personal exemption.

Lowering the federal corporate income tax rate from 22 per cent to 15 percent by 2012.

Reducing the small business income tax rate to 11 per cent in 2008, one year earlier than scheduled.

"We are finally putting the tax, spend and borrow legacy of last half of the 20th century behind us," said Prime Minister Harper. "Thanks to a combination of lower taxes, focused spending, and debt repayment, Canada is posting economic numbers unmatched since the tax, spend and borrow era began some 40 years ago."

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The Prime Minister's Office - Communications
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