On June 29, 2006 the Minister of Finance released draft legislation to overhaul the federal taxation of corporate dividends. The proposals were promised in the February Budget, and implement the general proposals made on November 23, 2005, by the previous Liberal government. These changes will result in a significant decrease in the burden of tax borne by dividends received by Canadian-resident individuals from Canadian-resident corporations to the extent the underlying corporate income has been taxed at the full corporate tax rate.