The good news is that your tax savings will likely be greater, since most provinces base their own budgets on Mr. Martin's. If you make the maximum allowable RRSP contribution, or have several kids in daycare, your tax load could be smaller than the one on the chart. But if you can't afford to save for your retirement, your debt to the taxman will be bigger than listed. Retired taxpayers are at least 65 years of age. Their federal tax payable includes the clawback of OAS, where appropriate.
Families have only one child, over the age of six.
Other credits, including the GST rebate and pension income, have not been considered. Note also that some of the tax cuts announced in last year's budget don't take full effect until the 2000 tax year. That means that some of the savings you'll see on the chart for 2000 were announced a year ago. Likewise, much of yesterday's good news won't take full effect until 2001 and beyond. Some of the changes won't take effect until July, while others will take effect immediately and be retroactive.