Highlights of the mini-budget introduced Tuesday by Finance Minister Jim Flaherty:

OTTAWA - GST cut one percentage point to five per cent, effective Jan. 1, 2008.

-Personal income tax cut retroactive to Jan. 1, 2007, cutting lowest marginal tax rate to 15 per cent from 15.5 per cent.

-Jump in basic personal exemption to $9,600, retroactive to Jan. 1, 2007, increasing to $10,100 in 2009.

-$10 billion in federal debt relief.

-One percentage point cut in corporate tax to 20 per cent in 2008.

-Reduction in corporate tax rate to 15 per cent by 2012.

-Small business income tax reduced to 11 per cent by 2008.

-Total tax relief estimated at $60 billion over five years.