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Good news report from Canada

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13 November 2007

30 October 2007 was the 30th day of the fourth month of the 2nd year of Canadian national consciousness rising to invincibility, as indicated by the following press reports:

30 October 2007

The Globe and Mail - Flaherty offers GST, income tax cuts (30 October 2007) New income tax cuts will be felt when Canadians file their taxes for the current year. Finance Minister Jim Flaherty unveiled his plans to give a large part of a multi-billion-dollar surplus back to Canadians with a tax-reduction package that goes even further than anticipated. Mr. Flaherty said his new measures will remove an additional 380,000 low-income Canadians from the tax rolls altogether. Among the highlights:
- The Goods and Services Tax will be cut an additional 1 per cent as of 1 January, leaving the federal consumption tax at 5 per cent. The GST credit for low-income Canadians will remain at its current level.
- In addition, the basic personal income-tax exemption will increase to C$9,600 from the current C$8,929, retroactive to 2007. And it will increase again to C$10,100 as of 1 January 2008.
- The government is also reducing the lowest personal income-tax rate to 15 per cent from 15.5 per cent, a retroactive change that will also be felt at tax-time this coming year.

The Globe and Mail - Ottawa cuts corporate tax (30 October 2007) The federal government is cutting corporate income tax to the lowest level of the Group of Seven nations by 2012. Ottawa says it will cut the corporate income tax by one percentage point for 2008, and will push the rate down further until it reaches 15 per cent in 2012. Today it stands at 22 per cent. Mr. Flaherty said he would also accelerate plans to cut the tax on small business, bringing that rate to 11 per cent by 2008, a year earlier than expected.

From a Canadian Press report on this: The federal income taxes paid by Canadian companies will fall by about one-third over the next five years, providing them and the economy with a 'substantial shot of adrenaline', Finance Minister Jim Flaherty said. Even with the future tax reductions, the Canadian economy is growing so rapidly that companies are making higher profits and paying higher overall taxes to the federal treasury so overall revenues will continue to expand. Canadian Chamber of Commerce spokesman Mike Murphy called this 'absolutely a very good day for Canadian business'. Canadian Manufacturers and Exporters president Jayson Myers called the tax cuts 'very important' for Canadian business. 'Canada is going to have a very attractive tax environment to retain and attract business investment,' he said. The cuts in corporate taxes should help the Canadian manufacturing sector.

Reuters Canada - Canada plans C$60 bln in tax cuts, sees surplus (30 October 2007) Economists and business groups largely welcomed the tax reductions. 'Overall, it's positive for growth prospects which should be positive going forward for the Canadian economy and likely provide some uplift for the Canadian dollar,' said Craig Wright, chief economist at Royal Bank of Canada. Experts said the tax cuts for business would help offset the difficulties caused by the Canadian dollar's rapid flight past parity with its U.S. counterpart. Ottawa also said it expected the federal government's debt-to-GDP ratio would fall below 25 per cent by 2011-12, a full three years earlier than the original target.

From a National Post report on this: The government indicated it has more than enough room to finance the tax relief and is planning for a surplus of about C$53 billion over the next five fiscal years. Mr Flaherty said the measures announced will bring the federal tax burden to its lowest level in more than nearly half a century.

From a Bloomberg News report on this: Canadian Finance Minister Jim Flaherty announced C$60 billion in tax cuts through 2013, as record corporate profits led to higher-than-expected revenue growth. The government will still have enough money to post a surplus of C$11.6 billion in the fiscal year ending next March, with C$10 billion of that windfall going to pay down debt, Flaherty said.

From a Toronto Star report on this: The finance minister said that Canada's economic future looks bright. The government is paying down record amounts of debt, business investment is on the upswing and unemployment is at its lowest rate in 33 years, he said. 'We are seeing unprecedented growth in some parts of the country.'

The Canadian Press on satisfaction with economy at historic high (30 October 2007) A new Harris/Decima survey found an overwhelming majority of respondents—82 per cent—characterized the economy as excellent or good. Pollster Bruce Anderson says he's been polling since 1980 and has never seen such optimism about the economy. General satisfaction with the country's overall direction was also extremely high—61 per cent of respondents said they were pleased with where Canada was headed.

The National Post - Number and quality of jobs 'surprisingly' on the way up, according to CIBC (30 October 2007) According to CIBC World Markets, the quality of jobs is the highest in two years—a turnaround from what was the lowest quality in a decade at the start of this year. 'The Canadian labour market is enjoying the best of both worlds,' CIBC said. 'Not only is job creation surprising on the upside, but the quality of employment is trending upward.'

The Canadian Press on forecast for wage increases in 2008 (30 October 2007) Non-union wages will increase an average of four per cent next year, says the Conference Board of Canada. Wage settlements for unionized workers are forecast to average 3.1 per cent in 2008.

The Globe and Mail on housing outlook (30 October 2007) In its fourth-quarter outlook, Canada Mortgage and Housing Corp. (CMHC) predicts new home construction will be a relatively strong 214,000 new units in 2008, the seventh consecutive year in which they'll top the 200,000 mark.

From a CBC News report on this: CMHC predicts sales in 2008 through the Multiple Listing Service (MLS) will be slightly over 500,000 units nationwide, the second highest on record.

The Toronto Star - Canada's forest industry to turn over a new leaf (30 October 2007) Canada's forest industry says it will be carbon neutral by 2015. In what is likely the first such pledge by any major industry sector in the world, the forest companies say their logging, paper, and pulp operations, and the products they produce, will, in effect, no longer be a source of greenhouse gas emissions that cause climate change. And they'll do it, they say, without resorting to offsets—the practice in which polluters continue to spew emissions, but contribute to projects elsewhere that claim to reduce them. The aim is to protect both the environment and the industry's bottom line, said Avrim Lazar, president of the Forest Products Association of Canada. Global buyers increasingly demand products from 'sustainable' operations. The Canadian industry has reduced its greenhouse emissions 44 per cent since 1990, while its output increased by 20 per cent. That puts it far ahead of the Kyoto Protocol target of 6 per cent reduction. Most of the reductions have been at pulp and paper mills, which have become more efficient and, in many cases, converted from oil and gas to renewable fuels. Much of the new effort will involve keeping wood and paper out of landfills where, as it decomposes, it releases methane, a greenhouse gas. Lorne Johnson, of World Wildlife Fund Canada, said the odds are good the industry will meet the target. 'They're already doing a good job.'

These are a few of the news reports reflecting Canada's rising invincibility from the growing Yogic Flying groups across Canada and the Invincible America Assembly at Maharishi University of Management and Maharishi Vedic City, USA.

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Copyright © 2007 Global Good News(sm) Service

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