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

Storms ease severe drought for B.C.'s south coast

The province's online drought map shows most of southern B.C., including east Vancouver Island and Metro Vancouver, is now ranked at drought Level 3, which means adverse drought impacts are possible. That's a drop from the most severe Level 5 rating, which covered much of the Island and inner south coast until this week.

Storms ease severe drought for B.C.'s south coast

Health Canada greenlights updated Moderna booster

It comes two months after Health Canada authorized a bivalent booster from Moderna that targeted the Omicron BA.1 subvariant and the original strain. Health Canada says a bivalent booster triggers "a strong immune response" against both of the more recent Omicron subvariants,as well as the original SARS-CoV-2 virus strains.

Health Canada greenlights updated Moderna booster

Feds to permanently end interest on student loans

Interest rates will still apply on the provincial portion of a student’s loan. While this move is helpful for students graduating, said Rebekah Young, director of fiscal and provincial economics at Scotiabank, it is ultimately relief for interest payments on debt rather than money toward tuition or other post-secondary school expenses.

Feds to permanently end interest on student loans

Care home changes aim to give families more say

Mable Elmore, parliamentary secretary for senior services, says changes to the residential care regulation will strengthen the voices of resident and family councils. The councils, which she likened to residential stratas, are groups of people who meet regularly to promote the collective interests of residents and discuss concerns.

Care home changes aim to give families more say

Five highlights from the fall fiscal update

The word “inflation” appears more than 100 times in the document, making clear the government's primary economic concern. But beyond the top-line debt projections and the analysis of how Canada seeks to soften the impact of a potential recession, the fiscal update offers key details that shed light on Liberal priorities.

Five highlights from the fall fiscal update

Man dies in B.C. prison 40 years after sentencing

Darcy Sidoruk was 18 years old in 1982 when he pleaded guilty and was sentenced for the shooting two years earlier of family friend Yvonne Doucette in Dawson Creek. Sidoruk also admitted to shooting 19-year-old James Pitt, who picked him up hitchhiking outside Dawson Creek, shortly after the murder of Doucette.