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

Most Canadians indifferent to monarchy: poll

The poll from Leger and the Association of Canadian Studies also found that while some Canadians are happy about King Charles III taking the throne and others are not, most are largely indifferent to Canada’s new head of state.

Most Canadians indifferent to monarchy: poll

Liberals announce cost-of-living help

Until now, the government has said it is helping through existing policies, such as child care agreements with the provinces and automatic annual increases to programs like the GST rebate and Canada Child Benefit, as well as 2021 budget promises to increase benefits for seniors and low-income workers.

Liberals announce cost-of-living help

Canada donates up to $28 million for Pakistan

Emergency food, water, sanitation and health services are badly needed after monsoon rains over the last three months have left more than one-third of the country underwater. More than 33 million people are affected by the floods and with much of the country's agricultural land underwater, the Pakistani government is warning of an impending food shortage.

Canada donates up to $28 million for Pakistan

Warmer fall expected across much of Canada

The network says in its fall forecast that much of Canada can expect warmer-than-normal conditions throughout September before temperatures start to drop in October. It says the amount of precipitation will vary across the country, though most parts will see fewer storms than usual.

Warmer fall expected across much of Canada

Monday is federal holiday for Queen's funeral

Speaking at a caucus retreat in New Brunswick today, Trudeau says "declaring an opportunity for Canadians to mourn on Monday is going to be important." He says the government will be working with provinces and territories to ensure they're "aligned."

Monday is federal holiday for Queen's funeral

Smoke from B.C. wildfires spreads to Alberta

Environment Canada is maintaining advisories for a portion of northeast B.C. and the southern half of the province and has extended air quality statements across southern Alberta. It warns that fine particulates contained in the smoke are likely to increase through the day.