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

Surrey man charged with 17 criminal offences, gets 15 years imprisonment

Brandon Nandan has pleased guilty to various charges including possession of controlled substances (Fentanyl, Cocaine and Methamphetamine) for the  purpose of trafficking and counselling person A to commit the Indictable Offence of Discharging a Firearm with intent to  endanger life, and possession of a loaded 9mm caliber Beretta model 92FS Semi automatic pistol.

Surrey man charged with 17 criminal offences, gets 15 years imprisonment

Woman attacked in unprovoked stranger assault on a bus in June

As soon as the bus stopped, the suspect approached the victim as she was speaking with the bus operator. Then, without provocation, allegedly punched her in the head and face several times, causing her to fall to the ground. He was last seen exiting the bus at Main Street and 64thAvenue.

Woman attacked in unprovoked stranger assault on a bus in June

B.C. ending immigration detention deal with CBSA

The groups released a report in June 2021 saying immigrants with no criminal charges against them are detained in holding centres, federal prisons or provincial jails for "indeterminate amounts of time." They launched a campaign calling on B.C. to end its contract last October, and later expanded their push to Quebec and Nova Scotia.

B.C. ending immigration detention deal with CBSA

Highest court agrees B.C. man guilty of 1st-degre

The Supreme Court of Canada decision released Thursday agrees with a B.C. Court of Appeal ruling last year that raised the conviction of Darren Sundman from second-degree murder to first-degree and imposed a minimum 25-year prison term before being eligible for parole.

Highest court agrees B.C. man guilty of 1st-degre

B.C. announces consumer protection for homebuyers

Finance Minister Selina Robinson says the consumer protection policy effective Jan. 1 is aimed at providing people with peace of mind as unconditional offers are common and could later end up costing buyers thousands of dollars in repairs.

B.C. announces consumer protection for homebuyers

Darpan's 10 with City of Surrey Councillor Mandeep Nagra

There are number of things that I am always going to be very proud of that we achieved in last four years as a team. We are building Newton Recreation Centre which is going to have an Olympic size pool, volleyball courts, badminton courts, and a number of other facilities on 7 acres. 150 million dollars for this project has already been allocated in the budget.