Canadian Finance Minister, John Manley on Thursday confirmed cuts to the country's corporate and personal income tax rates designed to promote investment and boost employment.
The new measures, which form part of the government's five year plan announced in the 2000 budget, will cut the federal corporate tax rate from 25% to 23% from January 1, 2003, with a further reduction to 21% planned for 2004. Provincial tax cuts have also been announced.
In a statement released last week, Mr Manley revealed that: 'With this reduction, Canada's average federal-provincial corporate tax rate, including capital taxes, will now be below the average US rate.'
Other measures contained in the five year plan include faster income tax rate reductions for small businesses, tax-free rollovers for small business investments and a lower inclusion rate for capital gains. According to the federal Finance Department, personal income taxes will be reduced by an average of 21% over the course of the five years.
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