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

Cdn economy stagnant in Q2

The latest G-D-P report showing the economy contracted at an annualized rate of 0.2 per cent in the second quarter may signal an end to the Bank of Canada's rate hiking campaign.

Cdn economy stagnant in Q2

Gasoline prices up from a year ago as drivers head into holiday weekend

Canadians planning to hit the road for the last long weekend of summer can expect to pay more for gasoline than they did last Labour Day. The national average gasoline price as of Friday was $1.67 cents per litre, according to fuel price tracking website GasBuddy.com.

Gasoline prices up from a year ago as drivers head into holiday weekend

Almost half of Canadians living paycheque to paycheque as Tory support grows: poll

A new poll suggests nearly half of Canadians are living paycheque to paycheque as the cost of living crisis continues to squeeze household budgets, and young people are more likely to say their finances are in poor shape. It also suggests the Conservatives, who are hammering home a message about affordability, are gaining popularity, with 38 per cent of respondents saying they'd vote for the Tories if an election were held today.

Almost half of Canadians living paycheque to paycheque as Tory support grows: poll

B.C. boosts childcare funding for preschool and school-aged kids

The British Columbia government is expanding measures to lower the cost of child care by introducing fee reductions for preschool and school-aged children. Premier David Eby says families with children in eligible half-day preschool, as well as before- and after-school programs, could save an additional $145 per month, per child, as the program gets underway in September.

B.C. boosts childcare funding for preschool and school-aged kids

Two key fires in Okanagan, B.C., are under control, but winds pose challenge to north

Two of the three fires making up a devastating wildfire complex that destroyed almost 200 homes around Lake Okanagan in the B.C. Interior are now under control. But the BC Wildfire Service says the region's most destructive fire, the McDougall Creek blaze in West Kelowna, continues to defy suppression efforts.

Two key fires in Okanagan, B.C., are under control, but winds pose challenge to north

Review finds at least 120 CRA employees claimed COVID benefits while employed

The Canada Revenue Agency says 120 people have been fired for claiming a federal COVID-19 benefit while employed there. The CRA is reviewing approximately 600 cases in which current employees received the Canada Emergency Response Benefit — or CERB — during the COVID-19 pandemic.