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

Use of plastic straws, grocery bags already down

The Canadian government is looking to curb domestic plastic pollution by the end of the decade as negotiations toward a formal plastics management treaty begin this week in Uruguay. Canada is one of nearly three dozen countries lobbying heavily for an international agreement that would end global plastic pollution by 2040.

Use of plastic straws, grocery bags already down

Forecast predicts snowy, front-loaded winter ahead

But for those lamenting the season ahead, chief meteorologist Chris Scott says January and February will offer some respite from a front-loaded winter as spells of milder weather transition between Western and Eastern Canada.

Forecast predicts snowy, front-loaded winter ahead

Indo-Pacific strategy 'good news' for farmers

While no specific targets or benchmarks are included in the strategy, and questions remain over how effectively the dollars will be spent, the heightened focus on the region is being celebrated by agriculture groups in Canada.

Indo-Pacific strategy 'good news' for farmers

Police liaison program back in Vancouver schools

A statement from the two trustees says the Vancouver police department hasn't adequately addressed the issue of racism within its ranks, so "cannot be trusted to seriously consider and address the safety and well-being of Black and Indigenous students" in area schools.

Police liaison program back in Vancouver schools

Snowfall warnings for parts of coastal B.C.

Nanaimo, Port Alberni and West Vancouver could see accumulations of nearly 25 centimetres by Wednesday morning while about 15 centimetres is expected for Greater Vancouver and Interior communities including Williams Lake and Lytton.

Snowfall warnings for parts of coastal B.C.

Vancouver rally reflects Chinese COVID protests

Protests broke out over the weekend in at least 10 Chinese cities, including Beijing, Shanghai, Nanjing and Guangzhou, a scale that is highly unusual. Xi's government faces mounting anger at its zero-COVID policies that have shut down access to areas throughout China in an attempt to isolate every case at a time when other countries are easing controls.