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

Trudeau headed to meeting of Caribbean leaders

Trudeau is participating as a special guest at the summit of 20 Caribbean leaders in Nassau as the group celebrates its 50th anniversary. His office said the trip will allow leaders to consider political, security and humanitarian assistance to Haitian people and "Haitian-led solutions to the ongoing situation."

Trudeau headed to meeting of Caribbean leaders

Canadian rescuers return from Turkey quake zone

The 10-person Burnaby Urban Search and Rescue team, comprised of mostly first responders from the city's fire department, flew to Turkey with the blessing of the country's government. Arriving in Vancouver on a flight from Istanbul, members of the team touched down Tuesday afternoon following a weeklong deployment in the Turkish city of Adiyaman.

Canadian rescuers return from Turkey quake zone

Eby meets federal ministers on health priorities

Health Minister Jean-Yves Duclos says he expects Ottawa and B.C. to soon reach a flexible bilateral action plan on health issues involving family care improvements, mental health services, front-line worker supports and modernizing the work environment.

Eby meets federal ministers on health priorities

West Fraser Timber reports loss in fourth quarter

The company, which reports in U.S. dollars, says in the fourth quarter it faced dampened new home construction in the U.S. due to high interest rates, which weighed on its lumber business in particular.

West Fraser Timber reports loss in fourth quarter

MPs want transparency in Canada's sanctions regime

The committee launched a study of the Russian military buildup at the border with Ukraine shortly before Moscow chose to invade the country a year ago. Since then, Ottawa has sanctioned hundreds of people linked to Russia's war effort, as well as officials accused of human-rights breaches from Haiti to Sri Lanka.

MPs want transparency in Canada's sanctions regime

Avalanche kills two in B.C.'s backcountry

Search and rescue crews were notified when the victims were reported overdue and their bodies were later recovered from the scene of the avalanche. Avalanche Canada says the area of the slide was highly wind-affected, leaving some parts of the slope thin and rocky, while other sections had up to 130 centimetres of snow.