Close X
Tuesday, October 1, 2024
ADVT 
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
  • Changes to minimum tax to add $2.6 billion over five years for feds: PBO

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.

MORE National ARTICLES

Canadians reflect about residential schools on Truth and Reconciliation Day

Canadians reflect about residential schools on Truth and Reconciliation Day
The federal statutory holiday, also known as Orange Shirt Day, was established last year to remember children who died while being forced to attend residential schools, as well as those who survived, and the families and communities still affected by lasting trauma.  

Canadians reflect about residential schools on Truth and Reconciliation Day

Driver in custody after fatal B.C. crash

Driver in custody after fatal B.C. crash
Abbotsford police say the 51-year-old driver of the other vehicle is in custody as part of an impaired driving investigation. Officers responded to a crash at the intersection of Wells Line Road and McDermott Road at 6:25 p.m.  

Driver in custody after fatal B.C. crash

Parts of B.C. at second-most severe drought rating

Parts of B.C. at second-most severe drought rating
A statement from the ministry says those regions are ranked at Drought Level 4, meaning conditions are extremely dry and will likely have unfavourable impacts on everything from jobs to ecosystems.

Parts of B.C. at second-most severe drought rating

B.C. expanding power of pharmacists to prescribe

B.C. expanding power of pharmacists to prescribe
Pharmacists will be able to administer more vaccines and renew prescriptions for people who have lost their family doctors starting Oct. 14. Next spring, they will begin prescribing drugs for minor ailments like urinary tract infections, allergies and indigestion, meaning patients won't have to visit a doctor first.

B.C. expanding power of pharmacists to prescribe

Vancouver gas prices pass $2.39, setting new high

Vancouver gas prices pass $2.39, setting new high
Gas prices in Vancouver hit a new high of more than $2.39 a litre at some stations Thursday, blowing past the previous peak set this summer. One gas analyst said that's a new all-time record for North America, and expects prices to continue to rise this week.  

Vancouver gas prices pass $2.39, setting new high

Canada boosts Pakistan flood donation match to $5M

Canada boosts Pakistan flood donation match to $5M
That matching campaign was due to end on Wednesday. In an interview, Sajjan says the campaign will go on and the amount is now capped at $5 million.  

Canada boosts Pakistan flood donation match to $5M