Close X
Wednesday, October 2, 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

Wind shifts have fire-threatened villages on edge

Wind shifts have fire-threatened villages on edge
Winds in the area are known to change constantly and their unpredictability has firefighters and emergency officials preparing for the worst, said Tim Roberts, the area's elected regional director. Much of wildfire was concentrated in steep, mountainous terrain on Friday, and was less threatening to Olalla's estimated 400 properties, but that could change, Roberts said.

Wind shifts have fire-threatened villages on edge

2 men hurt during a stabbing in the Metrotown area

2 men hurt during a stabbing in the Metrotown area
Two men were leaving a nearby restaurant when they got into a physical fight with a third man, who was not known to them, in a parking lot. A knife was pulled during the incident. Via release, Mounties say two of the men allegedly involved in the fight fled the area in a vehicle that was boxed in by police near Kingsway and Sussex Avenue.

2 men hurt during a stabbing in the Metrotown area

B.C. judge instructs jury in 'sextortion' case

B.C. judge instructs jury in 'sextortion' case
Justice Martha Devlin said because Todd died in October 2012 and didn't testify and wasn't able to be cross-examined at Aydin Coban's trial, the jury needs to be aware of the limitations of evidence given.

B.C. judge instructs jury in 'sextortion' case

Government speeds up ban on handgun imports

Government speeds up ban on handgun imports
The change will last until a permanent freeze is passed in Parliament and comes into force. The government tabled gun control legislation in May that includes a national freeze on the importation, purchase, sale and transfer of handguns in Canada.

Government speeds up ban on handgun imports

More evacuation orders near B.C. wildfire

More evacuation orders near B.C. wildfire
The orders and alerts were issued by the Regional District of Okanagan-Similkameen as the 42-square kilometre wildfire flared in what fire information officer Bryan Zandberg says is a "problematic corner" of the blaze.

More evacuation orders near B.C. wildfire

Retired elementary school teacher arrested for indecent assault spanning 4 decades

Retired elementary school teacher arrested for indecent assault spanning 4 decades
Over a month ago, Mounties received the initial complaint about the man who is now 82. A total of 7 victims have come forward. Police believe there are additional victims, and are asking them to contact police.   

Retired elementary school teacher arrested for indecent assault spanning 4 decades