Bill S-212

SUMMARY

This enactment

(a) reduces the lowest federal income tax rate from 16% to 15%, effective January 1, 2005;

(b) increases the basic personal amount — the amount of income that Canadians can earn without paying federal income tax — by $500 effective January 1, 2005, and makes consequential amendments to other personal amounts;

(c) increases the maximum refundable medical expense supplement for the 2006 and subsequent taxation years; and

(d) increases the Child Disability Benefit supplement to the Canada Child Tax Benefit for the 2006 and subsequent taxation years.