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

War on drugs redux: U.S. cracks down on fentanyl

Public Safety Minister Marco Mendicino says a continental strategy for dealing with fentanyl will be a key priority during the meetings. The U.S. has already embarked on an aggressive law-enforcement approach, seizing more than 2,200 kilograms of fentanyl in the last month — virtually all of it coming across the southern border.

War on drugs redux: U.S. cracks down on fentanyl

Federal workers to strike if no deal by tonight

Mediated contract negotiations between the Public Service Alliance of Canada and the government began in early April and continued through the weekend in what the union describes as the government's last chance to reach a deal.

Federal workers to strike if no deal by tonight

Officers to testify at inquest of B.C. man's death

Myles Gray, who was 33, died in August 2015, shortly after a beating by seven officers, leaving him with a broken eye socket, a crushed voice box, a ruptured testicle and other injuries. The inquest began Monday in Burnaby, B.C., with testimony from six of the more than 40 witnesses expected to appear over 10 days.

Officers to testify at inquest of B.C. man's death

Legal door-to-door pot delivery launches in B.C.

Uber Canada says, starting immediately, B.C. residents over the age of 19 can use the Uber Eats app to order marijuana from local, licensed retailers. The statement from Uber Eats says its delivery workers won't be involved because certified staff from the cannabis retailer will instead deliver the order to the customer and verify the recipient's age and sobriety.

Legal door-to-door pot delivery launches in B.C.

B.C. toxic drug deaths in 2023 approach record

It says that's the second highest total ever recorded over the first three months of a calendar year, behind only 2022 when 599 people died. The figures also show that 2,314 deaths due to toxic drugs occurred last year, making the annual toll the deadliest on record since a public health emergency was declared in 2016.

B.C. toxic drug deaths in 2023 approach record

IHIT called in after a body found in Pitt Meadows

Ridge Meadows RCMP are confirming that a man was located deceased in Pitt Meadows. On Monday, at around noon police located a man’s body in a wooded area west of Golden Ears bridge. The police investigation has revealed this incident to be suspicious in nature.