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

BC Port strike now a week long

The association says it has learned of the layoffs as well as cargo diversions as the labour dispute drags on, calling on the International Longshore and Warehouse Union to enter a voluntary arbitration process to end the strike.

BC Port strike now a week long

Airbnb wins Vancouver privacy ruling, as court quashes order to release host data

Justice Jasvinder Basran's ruling says the privacy commissioner must reconsider its findings after notifying Airbnb hosts about the potential release of the information.

Airbnb wins Vancouver privacy ruling, as court quashes order to release host data

Ministerial adviser, Gurveen Dhaliwal, won't be charged in election rule violation probe

The service had tapped a special prosecutor in May to give legal advice on the investigation of Gurveen Dhaliwal, who served as a trustee in New Westminster before being named as an adviser to Health Minister Adrian Dix on May 1. The investigation stemmed from Dhaliwal's presence as a scrutineer during the same election last November in which she was running for a second term.

Ministerial adviser, Gurveen Dhaliwal, won't be charged in election rule violation probe

Run Surrey Run 2023 takes place Sept 8-10

Just before the rains kickstart again in September take advantage of the sunshine and go for a jog or 5K & 10K run and lace up. The road race is taking place on September 10th. The virtual race is gonna take place from Sept 8-Sept 10th, 2023.

Run Surrey Run 2023 takes place Sept 8-10

Mother-in-law of B.C. knife victim says 'monster' robbed son of woman he loved

The murdered woman's mother-in-law has told the British Columbia Supreme Court in New Westminster that her son and the victim had been planning to build a life together in Canada, and her death devastated everyone who knew the young woman.

Mother-in-law of B.C. knife victim says 'monster' robbed son of woman he loved

New process for multiple offers on a home

In a market that has been characterized by limited properties for sale and multiple bids for those listings, realtors say the new form will "bring comfort" to prospective buyers that their offer was fairly presented.