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

West Kelowna woman dead after being struck by a vehicle

The West Kelowna R-C-M-P say the woman was walking in a parking lot when she was struck by a pickup truck just after 11 a-m. Mounties say the driver remained on scene and is co-operating with police.

West Kelowna woman dead after being struck by a vehicle

Driver flees after crashing Lamborghini into retaining wall of a residence: North Van RCMP

It is alleged the Lamborghini lost control and crashed into the retaining wall of a residence. The driver fled prior to Police arrival. Police have since spoken to the owner of the vehicle and launched an investigation into the actions of the driver.

Driver flees after crashing Lamborghini into retaining wall of a residence: North Van RCMP

Largest Vaisakhi parade back in Surrey after 3 years, attended by an estimated 700,000

Canada’s largest Vaisakhi Parade outside of Punjab, India took place on April 22 in Surrey, and was attended by approximately 700,000 people. The colorful and vibrant community event saw volunteers and local businesses enthusiastically handing out treats and food and were at forefront of making the parade a successful event.

Largest Vaisakhi parade back in Surrey after 3 years, attended by an estimated 700,000

Transit association says more police, security needed on city buses, trains

This month in British Columbia, a 17-year-old boy riding public transit was fatally stabbed near Vancouver and a man on a Surrey-area bus was left with life-threatening issues from a throat slash.

Transit association says more police, security needed on city buses, trains

Man arrested after attack on a SkyTrain passenger in Surrey earlier this month

Officers are recommending a charge of assault with a weapon and one count of possession of a weapon for a dangerous purpose. Police say a man and his girlfriend were on SkyTrain at about 1 a.m. on April 15th when they say the suspect stabbed and injured the man.

Man arrested after attack on a SkyTrain passenger in Surrey earlier this month

German plane airlifts 58 Canadians out of Sudan as Canadian plane readies for more

Global Affairs Canada has provided very little information on efforts to get Canadian citizens, or even its own staff, out of Sudan. But Prime Minister Justin Trudeau provided a limited update Monday afternoon at a photo-op with German President Frank-Walter Steinmeier in Ottawa.