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

Anand returns from Ukraine talks without tank deal

The Ukrainian government says it needs tanks to protect its troops and launch counter-offensives against Russian forces, particularly in the eastern part of the country. The Liberal government has not said whether Canada is open to sending some of its German-made Leopard 2 tanks.

Anand returns from Ukraine talks without tank deal

Police to release findings in B.C. bank shootout

A report released last month by B.C.'s police watchdog said officers fired as many as 100 rounds at Mathew and Isaac Auchterlonie, who had semi-automatic rifles and were wearing body armour. Six officers were wounded, three of them with life-threatening injuries.

Police to release findings in B.C. bank shootout

Richmond RCMP execute search warrant for a fake lab, seize items such as blank ID cards and numerous computers

Richmond RCMP executed a search warrant at a residence of a suspected forgery lab. Items seized during the search included high end printers and laminators including those capable of forging security features in governmental identification and thousands of blank ID cards, and numerous electronic devices and computers.

Richmond RCMP execute search warrant for a fake lab, seize items such as blank ID cards and numerous computers

B.C. promises $50M to get at fire-damaged wood

The premier says the money would be funnelled through the Forest Enhancement Society of B.C., with the goal of keeping those in the industry working. The premier says the forestry industry is "clearly in crisis" and that means industry and government need to "find new ways of doing business."

B.C. promises $50M to get at fire-damaged wood

Feds to repatriate 19 Canadians from Syria: lawyer

Family members of the women and children, as well as four men, have been arguing in Federal Court that the government must arrange for their return, saying that refusing to do so violates the Charter of Rights and Freedoms.

Feds to repatriate 19 Canadians from Syria: lawyer

No deal without pharmacare bill, says NDP leader

New Democrat Leader Jagmeet Singh says if the Liberal government does not introduce a pharmacare bill in the House of Commons this year, he will consider it a deal-breaker. Both parties signed a confidence-and-supply agreement last March, in which the NDP agreed to support the minority Liberal government in key votes until 2025.