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 skips COP27 for Tunisia, Asia visits

The Prime Minister's Office says Trudeau will attend the Association of Southeast Asian Nations summit on Nov. 12 in Phnom Penh, Cambodia, before heading to the the G20 Summit in Bali, Indonesia.

Trudeau skips COP27 for Tunisia, Asia visits

Foot injury may not result in fractures: witness

Dennis Chimich, an expert in the biomechanics of bone fractures, testified for Doug McCallum's defence team, which is presenting evidence to suggest their client was not lying when he told police a woman ran over his foot in a grocery store parking lot.

Foot injury may not result in fractures: witness

Housing prices remain soft, sales flat, throughout the Fraser Valley

Prices continued to soften, with month-over-month Benchmark prices down slightly across all property categories. For detached homes, prices are on par with October 2021 levels, while townhomes and apartments are up 7.7 per cent and 11.5 per cent, respectively, over 2021.

Housing prices remain soft, sales flat, throughout the Fraser Valley

Funeral honours RCMP officer in Richmond, B.C.

The 31-year-old mental health and homeless outreach officer was stabbed to death two weeks ago while she and a City of Burnaby employee attempted to issue an eviction notice to a man who had been living in a tent at a local park. Jongwon Ham is accused of first-degree murder in Yang's death and is expected to return to a Vancouver court again today for remand.

Funeral honours RCMP officer in Richmond, B.C.

Hundreds attend Halloween melee in Delta, B.C.

The injured teen suffered burns to her arm and shoulder when her jacket was set ablaze, the two officers received minor injuries and firefighters had to douse several bush and dumpster fires.

Hundreds attend Halloween melee in Delta, B.C.

Vancouver home sales down 46% from last year

Last month sales totalled 1,903 and were 33.3 per cent below the 10-year October sales average. The board attributed the slowdown's continuation to inflation and rising interest rates, which have led many buyers and sellers to reassess purchasing or listing a home.