Federal Minister of Finance Ralph Goodale today tabled a ways and means motion in the House of Commons to implement certain provisions of the 2005 federal budget.

Budget measures covered by the motion would:

  • increase the amount that Canadians can earn without paying federal income tax;
  • increase the annual limits on contributions to registered retirement savings plans and other tax-deferred retirement savings plans;
  • eliminate the foreign property limit on investments by pension funds and other tax-deferred retirement savings plans;
  • increase the Child Disability Benefit supplement to the Canada Child Tax Benefit;
  • allow for a longer period for the existence of and contributions to a registered education savings plan in certain circumstances where the plan beneficiary is eligible for the disability tax credit;
  • extend to January 11, 2005, the date for charitable giving by individuals in respect of the 2004 taxation year for the tsunami relief effort;
  • eliminate the corporate surtax and reduce the general corporate income tax rate; and
  • phase out the excise tax on jewellery.The acts proposed to be amended are the Income Tax Act, the Income Tax Application Rules, the Air Travellers Security Charge Act and the Excise Tax Act.

    Not included in this Motion are certain Budget 2005 proposals related to persons with disabilities, medical expenses, tax relief for adoption expenses and agricultural cooperative corporations. Legislation to implement these measures is being developed for introduction in a later bill.