National

Changes to minimum tax to add $2.6 billion over five years for feds: PBO

Darpan News Desk The Canadian Press, 07 Sep, 2023 10:57 AM

The parliamentary budget officer says the federal government's proposed changes to the alternative minimum tax will generate an additional $2.6 billion in revenue over five years.

The tax aims to ensure high-income earners and trusts don't pay disproportionately less in taxes than other taxpayers.

The Liberal government proposed in the 2023 budget changes to the alternative minimum tax so that the highest income earners pay the greatest share of the revenue generated from the tax.

The changes, which come into effect in January 2024, would increase the minimum tax from 15 per cent to 20.5 per cent.

At the same time, it would increase the amount that is excluded from the calculation from $40,000 to $173,000.

While the budget watchdog finds the changes will lead to the highest-income earners paying the largest share, it does not find that to be the case with trusts.

Prev Next

MORE National ARTICLES

Rare May heat wave brings worries for further floods and fires: emergency minister

Ma says the unusual heat also elevates the risks of wildfires burning in B.C. There are more than 50 fires burning in B.C., most of them in the north and central part of the province, and three wildfires have prompted evacuation orders or alerts for nearby residents.

Rare May heat wave brings worries for further floods and fires: emergency minister

High temperatures in B.C. pose 'threat of new wildfires,' wildfire service warns

Evacuation orders or alerts remain in place for much of the areas surrounding the Red Creek and Boundary Lake fires, about 1,300 kilometres northeast of Vancouver. In its latest update, the B.C. Wildfire Service reported the Boundary Lake fire was an estimated 5,900 hectares. The fire at Red Creek sits at 2,800 hectares.

High temperatures in B.C. pose 'threat of new wildfires,' wildfire service warns

Victoria police arrest man for multiple break & enters

Police say they received a call on Monday morning about a break-and-enter at a residential development, and arrested the male suspect after a brief search of the building. Police say the suspect is a newcomer to Victoria and had 44 prior contacts with police this year, in addition to having been arrested a dozen times.

Victoria police arrest man for multiple break & enters

Surrey's Cloverdale Agriplex getting a $1M upgrade

A one-million dollar upgrade is being supplied through the Destination Development Fund, which will go toward making the site of the Cloverdale Rodeo more accessible and versatile.

Surrey's Cloverdale Agriplex getting a $1M upgrade

Funding investment for air quality improvement in BC schools

A joint investment of 3.2-million-dollars will go toward improving the ventilation systems at five elementary and secondary schools in the province. Two of the schools in Abbotsford will receive funding to replace heat pumps, a chiller and a direct digital controls upgrade.

Funding investment for air quality improvement in BC schools

Possibility of foreign interference in B-C's elections

Eby's comments today around the same time the federal government announced it was expelling Chinese diplomat Zhao Wei, whom C-SIS says was involved in a plot to intimidate Conservative M-P Michael Chong and his relatives in Hong Kong.