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

Bank of Canada hikes rate to 2.5%, biggest jump since 1998

Our goal is to get inflation back to its 2% target with a soft landing for the economy. To accomplish that, we are increasing our policy interest rate quickly to prevent high inflation from becoming entrenched. If it does, it will be more painful for the economy—and for Canadians—to get inflation back down.

Bank of Canada hikes rate to 2.5%, biggest jump since 1998

Rogers to credit customers 5 days service after massive network outage

The widespread Rogers service outage began on Friday morning and lasted at least 15 hours, knocking out access to many health-care, law enforcemen, 911, passport, and banking services. Rogers CEO Tony Staffieri has attributed the outage to a network system failure after a maintenance update, adding that the "vast majority" of customers were back online.

Rogers to credit customers 5 days service after massive network outage

Woman violently assaulted by two strangers early Monday morning

Residents near West 10th and Waterloo Street may see additional officers patrolling and knocking on doors. The suspects were men in their 20s who had their faces covered.

Woman violently assaulted by two strangers early Monday morning

Provinces still waiting on $2B for surgery backlog

Health Minister Jean-Yves Duclos announced the one-time top-up to "expedite" surgeries on March 25, and he and Finance Minister Chrystia Freeland introduced a bill in the House of Commons the same day to enable the funding.

Provinces still waiting on $2B for surgery backlog

Feds still not set on dental-care model

As part of a confidence and supply deal with the NDP to avoid an election until 2025, the Liberals pledged to launch a federal dental-care program for low- and middle-income kids before the end of the year and aim to expand its eligibility over the next several years.

Feds still not set on dental-care model

Premiers tell feds to stop 'quibbling' over health

It's been eight months since Prime Minister Justin Trudeau promised to meet with the premiers to address their request for stable, long-term health-care funding, and that meeting is overdue, Horgan told a news conference at the start of the final day of the premiers' Council of the Federation gathering in Victoria.