Read the numbers
Prime Minister Stephen Harper and Finance Minister Jim Flaherty went before the cameras in Toronto this morning to tout the numbers for the fiscal year that ended in March.
The headline is that the surplus reached $13.8 billion. That's almost $5 billion more than what was projected in the federal budget just six months ago. And where is all that extra cash going? By law, the surplus is going to pay down Canada's national debt.
For his part, the finance minister chose to highlight the increase in corporate tax revenues. Corporate taxes, which comprise 16 per cent of budget revenues, did go up by $6 billion.
But what the finance minister did not say in his remarks is that personal taxes, which make up 48 per cent of government revenues, went up even more. In 2006-2007 personal income tax revenues increased by $6.8 billion.
So you might be wondering how much personal income taxes will go down, which is the other headline, the governments wants you to digest.
Well the prime minister answered that. He said that the interest saved by paying down the debt, about $725 million, will find its way into taxpayers pockets.
You can take a look at all the numbers here.
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