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

Add some Zoom to Nexus trusted travel: congressman

Rep. Brian Higgins (D-N.Y.), a frequent champion of streamlined travel between Canada and the United States, introduced legislation on Capitol Hill that, if passed, would require the Department of Homeland Security to deploy video conferencing to replace in-person interviews.

Add some Zoom to Nexus trusted travel: congressman

Parks Canada updating its reservation system

Parks Canada says in a statement that the bookings are a couple months later than recent years because the reservation system was getting outdated and needed some upgrades. The agency says the system will look different from the previous one, but it will offer the same features and functions.

Parks Canada updating its reservation system

Elderly woman pepper sprayed at a park during Facebook Marketplace sale meet

An elderly woman had planned to meet with someone from Facebook Marketplace to sell her phone. They met at Victoria Park located at 150 E Keith Rd in North Vancouver. During the exchange, the suspect pepper sprayed the victim and attempted to take her phone. The suspect was unsuccessful, and fled without the phone west from the park.

Elderly woman pepper sprayed at a park during Facebook Marketplace sale meet

Darpan 10 with Premier David Eby

I did not always want this job. But I am glad to be doing it now. As for challenges, politics is about finding the right balance. Our government is working hard to create affordable housing, to protect healthcare, to foster safer streets by addressing the root causes of crime and poverty.

Darpan 10 with Premier David Eby

Delta man charged in last year's Coquitlam homicide

On arrival, first responders found a 66-year old man suffering from stab wounds. The victim, later identified as Terry Miller, was taken to hospital with life-threatening injuries. On January 27, 2023, IHIT investigators arrested 24-year old Chalice Slavik of Delta, in relation to the homicide of Miller.

Delta man charged in last year's Coquitlam homicide

Every toxic chemical doesn't need pollution plan

Liberals and Conservatives on the House of Commons environment committee voted down May's proposed amendment this morning. The Canadian Environmental Law Association says only one-sixth of the chemicals designated as toxic under the act have a pollution prevention plan.