Mr. Speaker, the $100 billion five year tax reduction plan introduced in the 2000-01 fiscal year is the single largest tax cut in our history.
Three-quarters of this benefit flows to individuals, with most of the tax relief going to low and modest income Canadians. By the end of the 2004-05 fiscal year, the plan will have reduced federal personal income taxes by 21% on average and 27% for families with children.
Budget 2003 was built on the plan to provide additional support for families with children. Budget 2004 provides additional tax relief for persons with disabilities, caregivers and Canadians pursuing lifelong learning. It also builds on prior actions for families with children by helping them accumulate savings for their children's post-secondary education.
The actions taken since 2000 have removed about one million low income Canadians from the tax roles and this is great news.